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Corruption erodes investment opportunities - mining CEO

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The closed Blyvooruitzicht gold mine near Carletonville. (PDean Hutton/Bloomberg)
The closed Blyvooruitzicht gold mine near Carletonville. (PDean Hutton/Bloomberg)

Johannesburg – To attract investment, mining companies can build a solid business, however, investors are most perturbed by corruption.

This is according to Steve Phiri, CEO of Royal Bafokeng Platinum, who was speaking at the Joburg Indaba, held in Sandton on Wednesday. Phiri was part of a panel discussion with CEOs Neal Froneman of Sibanye Gold, Chris Griffith of Anglo American Platinum and Nick Holland of Gold Fields.

“If you do not have a good relationship with government and a sustainable regulatory environment, investors run fast from you,” said Phiri. He explained that investors are concerned when they see “morality collapsing”. “People are concerned if their investment is not protected and safe.”

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