Today's Labour News

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FronemanMiningmx reports that two years ago Neal Froneman thought Sibanye-Stillwater might be in financial trouble following a series of fatal accidents in his company’s gold mines.  

“It was the safety issues in 2018 that really put us on the back foot,” he said in response to a question during the Joburg Indaba PGM day, an online conference.  Twenty one miners died in Sibanye-Stillwater’s Driefontein and Kloof mines west of Johannesburg in 2018 following seismic events.  At the time it represented half of all fatalities in SA’s mining sector and, whilst the company’s production was not heavily disrupted, the safety incidents contributed towards a 42% decline in the firm’s share price, which was already weighed down by high debt and uncertainty about a merger with Lonmin.  “My advice would be that in taking on debt make sure you have got enough capacity to deal with it,” Froneman told the conference.  Today, having bedded down the acquisitions, including Lonmin, and reduced net debt, the firm’s share price has all but matched its previous record high.  Sibanye-Stillwater has also reinstated the dividend as part of a strategy to reward shareholders for their patience as the firm repositioned itself as a platinum group metal (PGM) and gold producer.

  • Read the full original of the informative report in the above regard by David McKay at Miningmx


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