BUSINESS MAVERICK 168: Commodity price boom doesn’t change SA’s shoddy investment case, says Sibanye’s Froneman

📆 17/05/2021 00:05:00
📰 dailymaverick

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Neal Froneman, CEO of diversified precious metals producer Sibanye-Stillwater, has had public spats with minerals and energy minister Gwede Mantashe. Both are renowned for their bluntness, and they have rankled each other in the past. But the two remain on speaking terms.

During a webinar this week with fund manager Ninety One, Froneman revealed that he had had a chat on the phone earlier that day with Mantashe.

Sibanye earlier this month unveiled record quarterly earnings in the first three months of this year. Group adjusted Ebitda soared in Q1 by 78%, compared with the same period last year, to $1.3-billion. And gold remains perky at more than $1,800 an ounce, supported by low interest rates and lingering uncertainties about the global economy. AngloGold Ashanti’s Q1 attributable profits were 51% higher at $203-million compared to the same period last year, despite production declining 7%.

“The country could do so much more under a different environment … We are proudly South African, we are not leaving South Africa. But we do need to grow our business in a way that mitigates some of the risks,” he said.

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