South Africa Hit by Investment Strike, Key Mining Employer Says
- Sibanye CEO says investors have lost faith in government
- Froneman says power outages post risk to mines, jobs
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Investors have lost faith in South Africa’s government and have halted investment despite a wealth of opportunities, the head of the country’s biggest employer in the crucial mining industry said.
More than 200 days of power cuts last year and blackouts every day so far in 2023 have dented confidence, as has the poor performance of the state transport utility and a plethora of other problems. Pledges to enact reforms to spur the economy have come to little, said Neal Froneman, chief executive officer at Sibanye Stillwater Ltd.