2023-06-15 12:57:18 ET
South Africa's production of platinum group metals should rebound in 2024 as the country begins to recover from a power crisis that will cut its output by as much as 20% this year, Sibanye Stillwater ( NYSE: SBSW ) CEO Neal Froneman told Reuters on Thursday.
Froneman said he expects a newly forged collaboration between the government and business leaders to address South Africa's infrastructure problems and reverse the slide.
"I think you will start seeing an improvement in load shedding, moving into next year. I think the operational disruptions next year will be lower," Froneman said, adding that the electricity minister recently appointed by South African President Cyril Ramaphosa was doing "a great job."
Sibanye ( SBSW ) expects its PGM output this year will fall by 5%-10%, Froneman said, while South Africa's overall production declines by 15%-20%.
The company's PGM production declined 10% in the January-March from a year earlier, while production at peers Anglo American Platinum and Impala Platinum reported similar declines during the same period.
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Sibanye Stillwater CEO sees rebound ahead for South African platinum output