Political strife puts SA’s mining sector on a knife edge, says Sibanye CEO
Sibanye Gold CE Neal Froneman warns of the danger of SA’s mining industry collapsing under the weight of political unrest and labour stability
SA’s key mining industry is at risk of collapse due to the negative effect on investment of political unrest and labour instability, says Sibanye Gold CE Neal Froneman. Political ructions, including scandals involving President Jacob Zuma and the Gupta family, worry investors, putting credit ratings at risk. The mining sector, which accounts for about 7% of GDP, has opposed regulations and laws that could increase the mining minister’s powers and social capital commitments of companies. "Right now is the worst sentiment I’ve seen from an investment perspective," Sibanye Gold’s Neal Froneman said on Monday on the sidelines of the Investing in African Mining seminar in London.
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