Kenmare Resources to take $125m impairment on assets, one month after buyout deal rejected
Kenmare Resources, the Irish mining group whose operations are in Mozambique, is taking a maximum $125m (€107m) impairment charge against its assets due to uncertain future market conditions.
The company said that while demand for all the products it extracts from its Moma mine is stable, the medium- term outlook could impact the firm.
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RTÉ News
14 minutes ago
- RTÉ News
Historic Swedish church arrives at new home after two-day journey
A landmark Swedish church in the Arctic has arrived at its new home after a two-day move across the town of Kiruna to allow Europe's biggest underground mine to expand. The red wooden Kiruna Kyrka, which dates from 1912 and weighs 672 tonnes, completed its five-kilometre journey around 2.30 pm (1.30pm Irish time). A musical fanfare celebrated its arrival after a complex, meticulously choreographed relocation that began yesterday on two remote-controlled flatbed trailers inching forward at a pace of half a kilometre an hour. Kiruna's entire town centre is being relocated because of the giant LKAB iron ore mine, whose ever deeper burrowing over the years has weakened the ground. A stone's throw from where the structure was inching into place next to the town's cemetery, Lutheran vicar Lena Tjarnberg held a church service for dignitaries in a tent resembling a "laavu", the traditional tent of the region's Indigenous Sami people. "Our beloved, beloved church began its journey yesterday from its unbelievably beloved location. Now it is on its way home," she said. The journey went smoothly for the 1,200-tonne convoy, despite some tricky narrow passages and 90 degree turns, officials said. "Everything has gone so incredibly well," project manager Roy Griph told Swedish television SVT, which broadcast the entire move live. The relocation has generated widespread interest, with large crowds thronging the streets of the town of 18,000 people. The country's King Carl XVI Gustaf took part in festivities, exchanging a few words with driver Sebastian Druker of Argentina who controlled the trailers remotely with a joystick. The 79-year-old king was also expected to take part in an attempt to break the world record for the number of people attending a "kyrkkaffe", a church coffee break. The town's relocation process began almost two decades ago and is expected to continue for years to come. The new town centre was inaugurated in September 2022. Criticism The company offered to financially compensate those affected by the town's relocation, or rebuild their homes or buildings. A total of 23 historic buildings, including the church, were moved. Yet many Kiruna residents are unhappy. Alex Johansson and Magnus Fredriksson, who host a podcast on local Kiruna news, were critical of the mining company. "LKAB maybe didn't read the room so well when they destroyed the whole town and then they stage this huge street party for the people," Mr Fredriksson told television broadcaster SVT, watching as the church rolled slowly down the road. "It's like they said 'Here's some storage space for you, Kiruna. Now we're going to continue raking in the billions from here'," Mr Johansson added. They were happy the church had at least been saved. "It's good that it didn't end up as woodchips like the rest of Kiruna," Mr Fredriksson said. Iron ore, rare earths LKAB, which is extracting iron ore at a depth of 1,365 metres, announced in 2023 that it had discovered Europe's largest known deposit of rare earth elements right next to the Kiruna mine. Rare earths are essential for the green transition, used in the manufacturing of electric vehicles. LKAB chief executive Jan Mostrom said the deposit was "very important for Europe", as the continent seeks to reduce its dependence on imports from China. "We are quite focused to see how we will continue to expand our operations in Kiruna," he said. Activists argue the mining operations destroy the area's pristine forests and lakes and disturb traditional Sami reindeer herding in the area. The relocation of the church alone was expected to cost LKAB some 500 million kronor (over €44 million). Designed by Swedish architect Gustaf Wickman, the church, which measures 40m tall, is a mix of influences and includes designs inspired by the region's Indigenous Sami people on the pews. The neo-Gothic exterior features slanting roofs and windows on each side, while its dark interior has elements of national romanticism as well as an Art Nouveau altarpiece and an organ with more than 2,000 pipes. The church's handblown glass windows were removed ahead of the move, replaced with painted plywood. The belltower, which stood separately next to the church, will be moved next week.
Agriland
an hour ago
- Agriland
Govt must 'lead a strong push' in Brussels for focus on food production
The government "will have to lead a strong push in Brussels" to focus the debate around food production, a farm organisation has said. Securing a "workable" Nitrates Derogation along with a strong Common Agricultural Policy (CAP) must be major priorities for the government, the Irish Farmers' Association (IFA) is urging. IFA deputy president Alice Doyle, speaking at the Virginia Show in Cavan today (Wednesday, August 20), said that farmers have "worked tirelessly to improve water quality and have adopted sustainability measures which will serve further improvements". However, they "need to be provided with certainty, and most importantly clarity on retaining the nitrates derogation", Doyle said. 'The recent issue regarding the Habitats Directive has served to further frustrate and confuse farmers on the current position of our nitrates derogation. 'IFA made it clear to the minister last month that we need far more clarity on this aspect of the government's plan, which farmers see as moving the goalposts." Doyle said CAP "remains absolutely vital" to the future of Irish farming, and the proposed CAP reforms announced by the EU Commission last month "cannot be allowed to become reality". Recent IFA analysis shows that in the counties of Cavan, Leitrim, Longford, Meath, Monaghan and Westmeath, CAP payments of €321m were received in 2024, "playing a pivotal role in the rural economy of the Ulster/North Leinster region". 'The government will have to lead a strong push in Brussels to focus the debate around food production and the two-pillar approach," Doyle added. 'Here at the Virginia Show, we see the importance of farming to the region with the best of what Irish agriculture has to offer being put on display. "It is vital we are able to maintain this, and the formation of the next CAP is pivotal to being able to do so." The deputy president said that the importance of food security is "not being grasped seriously by wider society". "Farmers can see the risks, the next generation are not returning to farming, and that will continue to have a negative effect on food production and people are beginning to see the effects of falling output with rising prices," she concluded.
The Irish Sun
an hour ago
- The Irish Sun
New €23 or €16.74 hourly wage hike for thousands of Irish people after rule shake-up in major boost for two sectors
Some seen a boost in their wages from last month CASH BOOST New €23 or €16.74 hourly wage hike for thousands of Irish people after rule shake-up in major boost for two sectors THOUSANDS of workers across Ireland's construction and security industries will be handed pay increases this month. Construction staff will also notice improved pension contributions and sick pay benefits. 2 The minimum rate of pay is increasing for construction workers and security staff Credit: Getty Images - Getty Some 46,600 construction workers will benefit from the shake-up. Advertisement From August 1, the minimum rate of pay increased by 3.4 per cent with pension and sick pay also amended. In the construction sector, a craftsperson will now see their pay hiked to €23 per hour, which kicked in August 1. A Category A worker will see their pay rise to €22.32 per hour and a Category B worker will now get €20.71 per hour. New Entrant Operative Workers will see their hourly rate go from €16.19 to €16.74. Advertisement While apprentice pay rates have also increased from the start of the month. A new Employment Regulation Order has been launched for the security sector. Around 16,000 security guards will have already seen the boost in their wages, which kicked in last month. SIPTU Security Sector Organiser, Ed Kenny, said: 'This new ERO will see the basic pay for a worker rise from €14.50 to €15.41 per hour. Advertisement 'It also sets out basic terms and conditions for workers in the sector. 'While our members welcome these increases, the implementation of this new ERO was delayed for several months. 'This was during a cost-of-living crisis that disproportionately affected workers in the security industry because of their low rates of pay.' He added: 'We will now seek to engage with employers on a successor to this ERO through the Joint Labour Committee for the industry.' 'PAID PROPORTIONATELY' Mr Kenny stressed the aim is to ensure these workers are 'paid proportionately' for the vital services they provide. Advertisement Security Officer and Senior SIPTU Activist, Christy Waters, said: 'Workers in this industry have undergone significant professionalisation in recent years which requires them to have training and qualification requirements. 'Our members believe that this has yet to be fully recognised in their renumeration.' He added: 'This new ERO has now established the legally enforceable minimum pay rates for the industry and SIPTU will continue to negotiate collective agreements with higher payments in individual companies.' Employers cannot give wages less than that outlined by the ERO. Aany breaches of an ERO are to be reported to the Workplace Relations Commission. Advertisement
