When Sibanye bought Stillwater Mining, the market thought the firm’s CEO, Neal Froneman, had lost his mind.
Stillwater would cost about R30bn, R4bn more than Sibanye’s market capitalisation, and the asset was variable in quality. And who did Froneman think he was anyway? Sibanye had already bought Rustenburg Platinum from Anglo American Platinum in 2016, which had surprised the market. Hadn’t Froneman dedicated Sibanye to paying dividends? Was this a repeat of his overreach in uranium during 2009 when his JSE-listed Uranium One crashed and burnt?..
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