New positive wind blowing through South African mining – Sibanye – by Martin Creamer ( – July 28, 2016)

WESTONARIA ( – A new positive wind is blowing through South African mining with government and industry engagement taking a turn for the better, Sibanye CEO Neal Froneman said on Thursday.

Updating visiting mining analysts and journalists on strategy during the first of two investor days, Froneman remarked that the positive interaction to avoid the ratings downgrade had extended to the minerals sector, where new Mineral Resources Minister Mosebenzi Zwane was surprising the industry on the upside.

He expressed Sibanye’s commitment to the modernisation of the mining industry and disclosed that the company’s significant expenditure on research and development had the high level support of the Mining Phakisa, the government-led initiative to boost the resources sector.

“We do find that there are areas of government that are very receptive to the advances being made by the mining industry,” he responded to Mining Weekly Online during question time.

Sibanye outlined at the investor conference that the company had gold projects in development with a post-tax net present value (NPV) of R7-billion at a gold price of R600 000/kg.

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