Sibanye-Stillwater’s Froneman appointed chairperson of World Gold Council

Neal Froneman, CEO, Sibanye-Stillwater

NEAL Froneman, CEO of Sibanye-Stillwater has been appointed chairperson of the World Gold Council, the JSE-lsited group said today.

“In a world undergoing change, the gold industry must continue its innovative and forward-thinking approach to remain relevant,” said Froneman of the appointment. “I eagerly anticipate the challenge ahead as we build on the pioneering work the WGC has already undertaken,” he said.

The council is led by former banker David Tait who has identified improvements in the way gold is traded, especially for large financial institutions, as a key strategic goal for the organisation. Tait wants to develop a tradeable ‘unit’ of gold bringing fungibility to the metal it doesn’t currently possess.

In addition, the WGC is developing a database of gold supply in an effort to improve the metal’s provenance. Tait wants gold producers to report more comprehensively on their community and host country relationships.

Said Tait today: “I look forward to working with him [Froneman] in this new capacity, and to furthering our work to improve the gold market and demonstrate the valuable contribution responsible gold mining makes to the world and host communities.”

Froneman’s appointment follows market questions as to Sibanye-Stillwater’s long term ownership of its South African gold mines which have struggled to produce positive cash flow in the past.

Froneman said recently that efforts were underway to save about 150,000 ounces of unprofitable gold production whilst another 150,000 oz of gold output was likely to be closed in the coming months.