Gold Bargains Gone as Sibanye Sees Few Chances for a Deal

by Kevin Crowley

The gold market shot up so fast that opportunities to make a big acquisition are now scarce, according to Sibanye Gold Ltd.

The South African miner said just two months ago that it wanted to buy a gold-producing asset this year. Now, those doors have closed, according to Chief Executive Officer Neal Froneman. He is no longer considering acquiring Acacia Mining Plc or Barrick Gold Corp.’s stake in the company.

“That was pre-Brexit. What Brexit did was make it very difficult to find value,” said Froneman in an interview with Bloomberg News. “Where there was an opportunity to pay industry norms, that’s now gone.”

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