Sibanye suffers amid PGM slump
The drinks have dried up in the PGM party and there’s a feeling that Sibanye-Stillwater’s best days may be behind it — but the stock remains an interesting medium- to long-term prospect
A memorable commentary by the ex-CFO of former miner Royal Bafokeng Platinum graphically described in 2021 how the platinum group metals (PGM) market felt like “the early stages of another bull market cocktail party”.
“And we’ve all been to such a party before, with alcohol — sorry, I mean cash — starting to flow freely and the DJ playing old-time favourites such as ‘Champagne Supercycle’ and ‘What Doesn’t Kill you Makes You Stronger … For Longer’,” said Hanré Rossouw, now CFO of Sasol. “At any party, there are those who need to drink excessively or take a puff on a growth pipeline to have a good time, while making bold claims and plans of what they still want to do in their intoxicated state.”..
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