At the beginning of October, I used this column to lament the lack of capital allocation skills in SA boardrooms, when management teams full of operators suddenly become valuation experts because someone had a bright idea to try out this "M&A thing" — after all, you can become a global group almost overnight!
My point was that the combination of capital allocation and operational skills is rare. Neal Froneman’s track record with Sibanye-Stillwater suggests that this mining group is an exception. After a flurry of announcements last week, I haven’t seen anything that has changed my mind...
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