Sibanye stands firm in union fight
As Capitec and Sanlam’s bancassurance joint venture brings in the big bucks
Neal Froneman, CEO of Sibanye-Stillwater, was as diplomatic as possible in dealing with questions about the protracted strike at the company’s gold mines, but his frustration with the leadership of the Association of Mineworkers and Construction Union (Amcu) is palpable. “Amcu chose the wrong fight,” Froneman says, referring to the cash-generation at its platinum mines and its ability to sit out a long strike at its gold mines where half of employees are still reporting for work. He also speaks of the need for a change at the top of Amcu, accusing it of not being a democratically elected leadership and that it is “abusing” its members in calling a strike that had more to do with Sibanye’s takeover bid for Lonmin. Sibanye will take care of Amcu members when they return to work, helping them get back on their feet after four months without a salary, but “we will not create a back door for Amcu’s leadership to claim some credibility. We’ll absolutely not do that,” Froneman says. The ec...