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Sibanye-Stillwater looking to buy gold mines outside SA

In a bid to diversify its geographical exposure.
Image: Bloomberg

Sibanye-Stillwater CEO Neal Froneman said on Monday he wanted to increase the mining company’s exposure to gold, but added that it was a difficult time to do deals.

“We really do like gold,” Froneman told the Gold Forum Americas conference. The precious metal which has surged 27% this year only accounts for about 10% of Sibanye’s earnings at the moment.

Sibanye, the world’s largest producer of platinum and rhodium, aims to acquire gold mines outside South Africa, Froneman said, in a bid to diversify its geographical exposure.

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Sounds great! in theory. Foreign currency hedge etc..but then again…we knew about Woolies,Ina Moir, Australia.

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