Sibanye CEO Slams Illegal South African Gold Mining

In an interview with Mining Weekly, Neal Froneman, CEO of Sibanye Gold Ltd. (NYSE:SBGL), said that illegal gold mining has become such an issue in South Africa that it might be a good idea to let the South African National Defence Force handle it.

As quoted in the market news:

‘It’s literally war,’ said the highly regarded head of the JSE- and NYSE-listed Sibanye.

‘It’s at a level where I don’t think it would be inappropriate to bring in the SANDF. It’s way out of control,’ he said, recounting incidents of 150-plus illegal miners attacking plants.

Sibanye was having to spend R300-million on security, made up of former high-ranking Hawks.

The South African Police Services was unable to help because of their lack capacity to go underground.

Click here to read the full Mining Weekly report.