SIBANYE Gold is certainly the standout company to watch in a mining sector beset by doom and gloom. Never one to sit on his hands, CEO Neal Froneman has been using the distress in fellow companies and industries to map out extraordinary growth.Consider the foray into platinum. From a standing start, Sibanye, SA’s largest producer of local gold, will vault into third place in rankings of the world’s leading platinum producers. Sibanye is finalising deals to buy three mines from Anglo American Platinum and the whole of Aquarius Platinum.Mr Froneman wants to add more platinum to the Sibanye portfolio once regulatory approvals have been granted in the first two deals. The platinum sector is in trouble, with the platinum price falling and remaining low. Sibanye will not shy away from closing loss-making ounces in its new purchases, says Mr Froneman.Sibanye will, assuming its platinum aspirations are realised, be in the unique situation among its peers of having to negotiate wages every s...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.