Future imperfect for world’s miners
Metals are set to benefit from the global move to decarbonisation. But fallout from the war in Ukraine may upend near-term expectations
Neal Froneman, CEO of SA precious metals miner Sibanye-Stillwater, is not one given to hysteria. But a presentation he gave in early March raised eyebrows for the hazards it identified. Growing inequality, angrier people, a deteriorating global climate, the threat of new pandemics as urbanisation accelerates — these are just some of the headwinds he highlighted.
Economically, the world is being slowly squeezed by shortages of fuel and component parts, as well as food and water, he said. At the same time, there’s a squeeze on skills, retirement, inflation and interest rates...