Mines must rectify apartheid injustices - Sibanye CEO | Fin24
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Mines must rectify apartheid injustices - Sibanye CEO

Oct 05 2016 08:38
Kevin Crowley


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Last Updated: 01/01/0001 at 12:00. Prices are delayed by 15 minutes. Source: McGregor BFA

Sibanye Gold Limited [JSE:SGL]

Last traded 31
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Johannesburg - The failure of South Africa’s mining industry to rectify the injustices of its apartheid-era past is in large part to blame for today’s difficult operating environment, where mines face changing government regulations and labour strife, according to Sibanye Gold [JSE:SGL] chief executive officer Neal Froneman.

"We need to critically and honestly acknowledge the role of our industry where it acted against the interests of the vast majority of South Africans if we wish to secure full reconciliation with our broader society," Froneman said at a dinner in Johannesburg on Tuesday night before the start of Joburg Indaba, an annual mining conference.

"We have, ladies and gentlemen, a past that continues to taint our present."

South Africa’s mining industry, which has the world’s biggest reserves of platinum, third-largest stores of gold and is the biggest manganese producer, has been hit by frequent labour strikes and an uncertain regulatory environment.

The Chamber of Mines, which represents mining companies, took the government to court earlier this year over plans to force mines to cede 26% stakes to black investors even if they had already done so. The two sides are still negotiating a solution.

Froneman last month joined Sipho Pityana, the chairperson of AngloGold Ashanti [JSE:ANG] and a prominent member of the African National Congress, in calling for President Jacob Zuma to step down because a series of scandals involving him is deterring investors.

Rather than complain and fight their corner, mining companies need to "change the way we think and act" if they are to build better relationships with government and workers, said Froneman, who is also vice president of the chamber.

This means agreeing to a plan for the future with relevant stakeholders and making sure more people benefit from the profit generated by mining, he said.

"This ambitious vision can be realised through a renewed collective will and rebooted relationships that are not contaminated with historical perceptions and legacies," Froneman said.

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