Sibanye Gold CEO says New York listing possible in 2021

In this Thursday, Aug. 29, 2019 photo, Neal Froneman, Chief Executive Officer of mining company Sibanye-Stillwater, speaks about the expansion of the company’s platinum and palladium mines in Montana’s Beartooth Mountains in Billings, Mont. Sibanye Gold Ltd. Chief Executive Officer Neal Froneman is considering moving the South African miner’s primary listing to New York from 2021, after he curbs the company’s debt. (AP Photo/Matthew Brown )
JOHANNESBURG – Sibanye Gold Ltd. Chief Executive Officer Neal Froneman is considering moving the South African miner’s primary listing to New York from 2021, after he curbs the company’s debt.
The surge in palladium and rhodium prices has put Sibanye on track to meet its debt-to-earnings target by the end of 2020, Froneman said in an interview at Bloomberg’s office in Johannesburg on Friday. While the rally has strengthened South Africa’s platinum industry, power and water shortages, rising crime and onerous regulations are deterring investment, the CEO said.
The plan to move Sibanye’s primary listing isn’t immediate and could still be two years out, after the company has sufficiently paid down its debt. The move is driven by commercial considerations and shouldn’t be construed as leaving South Africa, where some of Sibanye’s platinum mines could operate for more than 40 years, Froneman said.

Source: iol.co.za