Anglo's Platinum Miner Flies Solo With Long-Term Demand in Flux
Anglo American Plc will spin off its platinum business next week, in a test of both its restructuring strategy and the viability of a standalone firm facing headwinds over long-term demand.
The London-based mining giant will distribute its controlling interest in Johannesburg-listed Valterra Platinum Ltd. to shareholders as part of a streamlining announced last May to fend off a $49 billion approach from BHP Group. Anglo is also exiting coal, nickel and diamonds.
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Washington Post
an hour ago
- Washington Post
Peru allows miners to seek permits in area removed from Nazca Lines protection
BOGOTA, Colombia — Peru announced Tuesday that miners who had been operating illegally in a large protected archaeological reserve around the famous Nazca Lines will now be able to start the process of obtaining mining permits, after the government reduced the protected area by 42%. Energy and Mines Minister Jorge Montero said those working in the area must now legalize their mining activities since the zone is no longer designated as archaeological heritage.
Associated Press
an hour ago
- Associated Press
Peru allows miners to seek permits in area removed from Nazca Lines protection
BOGOTA, Colombia (AP) — Peru announced Tuesday that miners who had been operating illegally in a large protected archaeological reserve around the famous Nazca Lines will now be able to start the process of obtaining mining permits, after the government reduced the protected area by 42%. Energy and Mines Minister Jorge Montero said those working in the area must now legalize their mining activities since the zone is no longer designated as archaeological heritage. 'You're fully illegal when you operate in a place where mining is banned ... but since that cultural heritage restriction no longer exists, they're no longer in violation — they'll need to formalize their operations,' Montero said in a press conference in Lima on Tuesday for correspondents working for the international media. He added that the government does not yet know how many miners are currently active there. The area in question forms part of a UNESCO-recognized World Heritage Site, home to the Nazca Lines — massive geoglyphs etched into the desert thousands of years ago — and one of Peru's most fragile desert ecosystems. Last week, the Ministry of Culture issued a resolution reducing the protected area around the Nazca Lines by 2,397 square kilometers (925 square miles). The reserve, created in 1993, was set at 5,633 square kilometers (2,175 square miles) in 2004. 'It's incredible how the government is not even interested in the heritage of our ancestors that is unprotected, and will be destroyed without any control,' Peruvian environmental lawyer, Cesar Ipenza, told The Associated Press. Ipenza said once the miners enter, they will create huge environmental impacts, and will not assume responsibility. 'And now that the government has released the area from its protection, mining petitions have already started to appear,' he said. Culture Minister Fabricio Valencia said the reduction was based on 'over 20 years of rigorous studies' and that the true archaeological reserve is about 3,200 square kilometers (1,235 square miles). On Saturday, he acknowledged on local Peruvian media that mining was taking place within the reserve. Valencia said the UNESCO World Heritage site that contains the Nazca Lines themselves, covering about 450 square kilometers (174 square miles), was not affected by the change. The AP reviewed the resolution but found no details about the studies justifying the reduction. Requests for those studies went unanswered and UNESCO told AP it had not been notified by Peru of the change and that it will seek information from the government. In past years, Peru's Culture Ministry, prosecutors, and media reported illegal mining inside the protected reserve, including the destruction of mining machinery and camps. ___ The Associated Press' climate and environmental coverage receives financial support from multiple private foundations. AP is solely responsible for all content. Find AP's standards for working with philanthropies, a list of supporters and funded coverage areas at
New York Post
2 hours ago
- New York Post
Why NYC's most exclusive social clubs are hot with investors
Not since the 19th century have New Yorkers been so keen on clubs. Suddenly, everybody who is anybody has joined up with a schmoozy society outlet catering to seemingly every interest and income bracket — from Casa Cipriani for the social set, to the Leash Club for canine parents. Even the old guard along West 44th Street, aka Club Row, as well as other yesteryear organizations like the National Arts Club, Lotos Club and University Club, are attracting fresh faces anew. 'I'm a wonderful guest at most of the city's clubs, but I tend to be drawn to the old-school clubs of New York where you are stepping back in time,' said residential broker Mike Fabbri of the Agency, who lives in Gramercy Park and is joining the nearby National Arts Club. 'After COVID, there's been a resurgence of people wanting to belong and have a community.' 5 Even heritage haunts like the National Arts Clubs are booming. Getty Images for The National Arts Club But it's not just a spirit of bonhomie or overcrowded restaurants that are driving New Yorkers into exclusive sets — it's smart money. Unlike a typical restaurant, bar or gathering space, a membership model allows founders and operators to avoid taxes. That's because social clubs are considered nonprofits, where the Benjamins remain in the club's pockets and fund member benefits. As long as earnings aren't used to the private benefit of any particular person, a club is in the clear per the IRS. Better still, 35% of a social club's revenue can even come from non-member sources, including investment income. But taxes must be paid on up to 15% of the income from non-members who are not a guest of members — i.e. public walk-ins. And there's absolutely nothing on this earth that real estate investors love more than saving on taxes. Financier John Paulson, who recently purchased the storied Princeton Club's defaulted mortgage, told Page Six he may turn it into a place for 'vibrant 20- and 30-year-olds' as 'their place to go.' And no wonder Jeff Klein dropped $130 million to build out the new 'it' club, the San Vicente West Village in the Jane Hotel. 5 The new San Vicente West Village club cost $130 million. Helayne Seidman Initiation costs a reported $3,200 to $15,000 with annual dues of $1,800 to $4,200 depending on age. 'We've gotten a lot of inquiries from social clubs for properties we represent,' said Lee Block of RTL (previously Winick). 'There's a lot of activity for that in the city.' London's celebrity haunt Anabelle's opened in 1963 and has had several iterations. But the founder's son, Robin Brierly, has now collaborated with stateside owners the Reuben Brothers on Maxime's, which opened in March in the former Westbury Hotel at 848 Madison Ave. The Twenty Two, another London-based club, opened late last year in the Reuben Brothers' 16 E. 16th St. in the Flatiron District by Union Square and includes a public restaurant and hotel along with the private club and rooftop nightclubs. Meanwhile, Miami hotspot Casa Tua opened at the new Surrey hotel at 20 E. 76th St. It has an annual fee of $4,300 that rises to $7,000 if you want to visit its other locations in Aspen and Miami (after initiation fees). But the restaurant is open to non-members. 5 It costs $3,400 a year to party at Casa Tua in the Upper East Side. Olga Ginzburg for NY Post 'Casa Tua is the new hot spot,' said Lisa Simonsen, a residential broker with Brown Harris Stevens who belongs to 'a lot' of clubs. 'I join the ones that fit me and my family.' Social clubs hunting for a house have been eyeing 26 Little W. 12th St. in the Meatpacking District, brokers said. 'There's a lot of action on it from various member clubs looking to expand here or coming here from overseas,' said Jared Epstein of Aurora Capital Associates. 'It makes a lot of sense because it looks over the Hudson River.' 5 Thank city real estate players who see private clubs like Jean-Georges Vongerichten's Chez Margaux as surefire assets with guaranteed revenue. WWD via Getty Images Nearby, Jean-Georges Vongerichten turned his former Spice Market restaurant at 403 W. 13th St. into the elegant Chez Margaux dining club. Fees range from $1,800 to $2,600 annually, depending on age, with an initiation of $1,000 to $2,000. Chez Margaux is not far from where the now publicly traded global Soho House and its celebrity-packed rooftop heated pool became the club du jour when it opened in 2003 at 29-35 Ninth Ave. Fittingly, Vongerichten's partner in the club is developer Michael Cayre of Midtown Equities who bought Soho House from Ron Burkle in 2012. He's also a partner in the luxurious redevelopment of the Lower Manhattan Battery Maritime Building into the private and successful Casa Cipriani. 'If you travel a lot, Soho House has sites globally but it went public and doesn't feel as exclusive and culturally relevant anymore and has lost its luster,' opined Brandon Charnas, a commercial broker with Current Real Estate Advisors. 5 Zero Bond helped prove the club business model to investors. dzobel Charnas rebranded and leased Zero Bond and then helped prominent night club founder Scott Sartiano launch the club during COVID in 2020. Zero Bond's 'no photos' policy helped it become a celebrity haunt for Taylor Swift and Leonardo DiCaprio. Elon Musk threw a party here in 2021, the same year frequent late-night Zero Bond flier, Mayor Eric Adams, held his Election Day night victory party and hosted folks in a VIP room unlocked with a fingerprint scanner. Midtown building owner Craig Deitelzweig of Marx Realty is currently negotiating leases with two different social clubs for his office properties in New York and DC. 'Our buildings have a social club kind of feel and there is a natural gravitation to them by the clubs that adds to the cache of the building,' Deitelzweig said. 'The clubs like buildings that have some heritage and a cool vibe.' 'Being in a real members club is like belonging to a community — it's not selling immediate access but selling relationships.' Brandon Charnas, commercial broker with Current Real Estate Advisors Each of the clubs will have their own restaurant, Deitelzweig said, while the DC club will allow all tenants to use their terrace. 'People love them in the post-COVID world because they want to be social and form their own networks,' he said. Most building owners believe social clubs are a 'solid amenity,' explained Robert Gilman, a CPA with the accounting firm Anchin. For instance, at Hudson Yards, Gilman says ZZ's Club has been 'a standout.' Operated by Major Food Group, in 37 Hudson Yards, its moniker comes from founder Jeff Zalaznick's nickname. It includes a Japanese restaurant, a cigar terrace, a lounge with music programming and has a private location for its restaurant Carbone. The website shows $20,000 for initiation and $10,000 in annual fees. Developer Rabina's hot new residential and office tower in Midtown at 520 Fifth Ave. will also open a five-story social club, Moss, that will have a sauna, a cold plunge pool and a hammam plus spaces for podcasting, dining and events. But the sheer number of new clubs has some in the biz worried. Charnas warns members clubs are swelling into a 'dotcom bubble.' 'Everyone is launching them,' Charnas said. 'Not all of them will survive. They are getting their upfront dues while restaurants are calling themselves 'member clubs.' Being in a real members club is like belonging to a community — it's not selling immediate access but selling relationships.'
