News Formal

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

  • 📰 dailymaverick
  • ⏱ Reading Time:
  • 37 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 18%
  • Publisher: 84%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in MY

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Business Maverick: Central Banks Keep Lid on Rate Bets as Commodity Prices SoarThe surge in commodities prices is failing to trigger some of the traditional responses in bonds and currencies.
Source: dailymaverick - 🏆 3. / 84 Read more »

BUSINESS MAVERICK 168: ‘Ethical lapses’ by Insure Group Managers CEO now linked to VBS investigationInsure Group Managers CEO Charl Cilliers failed to disclose he was debarred from the financial industry when asked by accountancy body Saica to explain suspicious VBS Mutual Bank money flows. This omission itself may raise questions around issues of honesty and integrity. It looks like this story is written merely to prove a point that you not only focus investigative work on black enterprises but exercise impartiality when it comes to malfeasance which is not the case. Gone is the vilification, character assassination, insinuations and innuendos.
Source: dailymaverick - 🏆 3. / 84 Read more »