Neal Froneman, chief executive of Sibanye Gold, will no doubt be accused of being a white monopoly capitalist or whatever after his blunt warnings on Tuesday 25th April to the government about the future of the mining industry. He will no doubt ignore the abuse. He will no doubt also ignore all those in the African National Congress (ANC) who tell him "good riddance" just as they applauded the recent downgrades of the government's international credit ratings.
Speaking at his shareholders' meeting, Mr Froneman said that his company would be "very careful" with any further investment in South Africa until it was clear that mining had a future here. Sibanye, which is a major producer of gold and platinum, has previously shown an interest in buying coal mines. Asked whether his company was still interested in such purchases, Mr Froneman said that he did not see any company being able to make further investments until South Africa "gets its house in order".
The company had cut back on capital projects to preserve cash. Also, however, "we do not know what the cost of doing business is here or if there will be business to be done here... Until there is clarity on the future and proper governance in place, I cannot convince shareholders to invest [in South Africa] any more. We really do not know if we have a future here."
Although Mr Froneman said his company was not planning to leave South Africa, it would for the moment look for investments elsewhere "in jurisdictions where we can defend our decisions to shareholders". The shareholders' meeting indeed approved the purchase of an American palladium and platinum producer, Stillwater Mining, for $2.2 million. This is the newish South African company's first offshore investment.
Mr Froneman's remarks are exactly what the ANC and the government need to hear. They are what other captains of industry need to hear. They are what the public needs to hear.
For too long mining, like many other South African industries, has pursued a policy of appeasement in the expectation that this will reduce political pressures upon it. That policy, as Mr Froneman observed some months ago, is a luxury that neither the country nor the industry can afford any longer.