Latest news with #Harmony
TimesLIVE
a day ago
- Business
- TimesLIVE
Harmony's $1bn (R18bn) copper deal a 'sweet spot' for the company
South Africa's biggest gold producer Harmony Gold estimates that by the 2035 financial year, 45% of its production will come from Australasia after agreeing to buy Australia's Mac Copper for $1bn (R18.42bn). The MAC Copper acquisition is its second foray into copper after buying the Eva Copper project in Queensland in 2022, a mine that is likely to produce up to 60,000 tonnes of the metal a year from 2029. CEO Beyers Nel said MAC Copper's CSA Copper mine in New South Wales, which produces 40,000 tonnes of the metal a year, represented a 'sweet spot' for the group. 'There is a scramble for copper mines in the market at the moment, people pay top dollar. But we believe because this mine is a deeper mine — it is more of a mine that suits Harmony's skills set — it potentially kept other bidders out of the mine. 'It is too big for the juniors and probably too small for the majors. The 40,000 tonnes of copper from a size point of view is ideal and a sweet spot for a company like Harmony to take it. It is production from day one because it is an operating mine. It is also in a tier-one mining jurisdiction; New South Wales in Australia is a good place to mine,' said Nel. Nel said the shift enhanced profitability, reduced geographical concentration risks, and positioned Harmony to deliver sustainable long-term returns. He said the mine also presented near-term copper into Harmony's production mix as opposed to its Eva project in Australia and Walfi-Golpu, a gold/copper project in Papua New Guinea (PNG) it jointly owns with Newmont Corp. He said the Walfi-Golpu project had been frustratingly slow. However despite violence at Barrick Gold Corporation's Porgera Gold Mine in Papua New Guinea's Enga province, the area was calm. 'I would not say there are problems there. It is calm. People sometimes throw one blanket over Papua New Guinea and think what is happening at Porgera with Barrick is happening everywhere in Papua New Guinea. That is not th e case. Where our mine is, things are calm and the communities are supportive of the mine,' he said. The Harmony share traded 6% lower after the announcement this week. Nel said the market still needs to digest the deal. 'It is still $1bn, it's a lot of money. It is typical that when a big transaction takes place that the buying company's share price comes under pressure. 'We are not fixated about the day trade, we think this is a good asset for Harmony's skills set and we can add a lot of value to it, there is a lot of blue sky, upside potential beyond the current mine life. We are very bullish about the copper price long term. if you think about the global energy transition and supply and demand. We need to look at the long-term perspective.'
Yahoo
2 days ago
- Climate
- Yahoo
Weather halts search for missing boater in Georgetown County; deputies say crews will resume looking on Friday
PAWLEYS ISLAND, S.C. (WBTW) — Authorities plan to resume searching Friday for a Waccamaw River boater who disappeared 10 days ago after leaving The Reserve Marina in Pawleys Island, the Georgetown County Sheriff's Office said. Kerry Van Arsdel of Indiana left the Georgetown County marina on May 19, and employees found his unmanned vessel — a 41-foot blue and white sailboat named Harmony — several days later near Butler Island, miles away from the docks. The sheriff's office and the South Carolina Department of Natural Resources halted their search Thursday afternoon after bad weather forced crews back to the shore, but they plan to begin looking again on Friday Anyone with information is asked to call the sheriff's office at 843-546-5102. * * * Dennis Bright is the Digital Executive Producer at News13. He joined the team in May 2021. Dennis is a West Virginia native and a graduate of Marshall University in Huntington, West Virginia. Follow Dennis on Facebook, X, formerly Twitter, and read more of his work here. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Business Times
3 days ago
- Automotive
- Business Times
Changan, Huawei and CATL's luxury EV brand Avatr to be distributed by Premium Automobiles in Singapore
[SINGAPORE] China luxury electric vehicle (EV) brand Avatr will be distributed and sold by Premium Automobiles in Singapore. Lee Hoe Lone, Premium Automobiles' managing director, told The Business Times that the brand will be officially launched in the Republic in late July or early August. The brand's first model, the Avatr 11 sport utility vehicle (SUV), will debut at the same time, with another SUV, the Avatr 07, to follow in 2025. The brand will occupy a temporary showroom at Premium Automobile's facility on 281 Alexandra Road until its permanent showroom, on the fourth level of the same facility, completes renovation. Positioned as a luxury EV brand and pitting itself against the likes of Mercedes-Benz and BMW, Avatr is the result of a partnership between major players in China's automotive, battery and technology industries. Founded in 2018, Avatr is majority-owned by China state automotive group Changan, with a minority stake held by Contemporary Amperex Technology Company Limited (CATL), the world's largest producer of EV batteries. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up China tech company Huawei does not own a stake in Avatr, but is a partner and key parts supplier in the project. It develops the Harmony operating system used in the vehicles as well as other components, including the electric motors. Like other China car brands, Avatr is seeking to boost its export numbers in the region, having debuted in Thailand and the Philippines last year. The brand said it plans to expand its presence to 50 countries and regions worldwide in 2025. Premium Automobiles, owned by businessman Hadi Tanaga, is now the representative to four China brands, including Geely-owned luxury brand Zeekr, Xpeng and Deepal – which is also a Changan brand, but targets the mainstream. Premium Automobiles was the former dealer for Audi in Singapore, but ceased that operation as the German luxury brand pivoted to direct sales. It currently provides Audi's after-sales services. Avatr is positioned in the premium EV space, a segment which now has numerous competitors in Singapore, including Tesla, Xpeng and IM Motors. Lee said that its larger, more upscale models – including the Avatr 11 – will rival luxury models such as those offered by BMW or Mercedes-Benz. The Avatr 11 is a large, luxury SUV that will compete with the BMW iX and Mercedes-Benz EQE SUV. No pricing has been revealed for the car yet, but two versions will be available: standard and long range. The smaller Avatr 07, which competes with the Tesla Model Y, will be introduced in the first quarter of 2026. Abroad, the brand offers two sedans – the Avatr 06 and Avatr 12 – though it is not clear if or when they will be available in Singapore. Avatr sold 73,606 vehicles in its home market in 2024 – a 133 per cent year-on-year increase.
Entrepreneur
3 days ago
- Business
- Entrepreneur
This Meditation App Helps Busy Entrepreneurs Find Balance
Disclosure: Our goal is to feature products and services that we think you'll find interesting and useful. If you purchase them, Entrepreneur may get a small share of the revenue from the sale from our commerce partners. A survey by FasterCapital discovered that 32% of entrepreneurs include meditation in their busy day. Given how stressful entrepreneurial life can be, it might be time to join them if you're not already meditating. Harmony helps you unlock some calmness right from your smartphone, and a lifetime subscription to their premium plan is yours for $99.99, half off the usual price. Bring more clarity to your day with guided meditation If you want to tap into your inner calmness, there's now an app for that — Harmony gives you access to personalized meditation and self-hypnosis sessions so you can take a break from the hustle and find peace. With an entrepreneur's busy schedule, it's important to make sure you're taking a little time for yourself, and Harmony makes it easy to add into your daily routine. Harmony challenges you to listen to one of its free hypnotic meditations for five days in a row and see how you feel. You should experience deeper sleep, less tension and anxiety, and more focus, helping you achieve your entrepreneurial goals faster. It's won awards at The Dot Comm Awards and the Best App Ever Awards, and is even recommended by U.S. doctors for self-care on HealthTap. Millions of users already love the app, and it has garnered an impressive 4.8 stars on the App Store and 4.9 stars on the Google Play Store. This app was created by Darren Marks, an expert hypnotherapist with over 20 years of experience. It incorporates dual vocal delivery, where suggestions are delivered through both ears to enhance your hypnotic experience, and brainwave entrainment that syncs with your brain rhythm. Take time for yourself with a Harmony Premium Plan lifetime subscription, now just $99.99 (reg. $199.99) for a limited time. StackSocial prices subject to change.
IOL News
4 days ago
- Business
- IOL News
Harmony Gold's R18bn acquisition of CSA Copper mine: a strategic move into copper
A Harmony Gold local mine. Harmony Gold's acquisition of the CSA Copper mine in Australia for R18.4 billion has cemented the company's diversification strategy and foray into copper. Image: Supplied Harmony Gold's acquisition of the CSA Copper mine in Australia for R18.4 billion has cemented the company's diversification strategy and foray into copper. Copper, deemed a future proofing mineral, has been the center of merger and acquisition activity among South African and global miners. Now, Harmony Gold, with its diverse footprint of gold in South Africa, is intensifying its exposure in copper. 'The large brownfields projects being pursued by the group are all in copper, signifying Harmony Gold's strategy to diversify away from gold. However, Harmony will predominantly remain a gold producer even after the slated developments are scheduled to come on-stream,' Robbie Proctor, an investment analyst at Anchor Capital, told Business Report on Tuesday. The company entered into a binding agreement acquisition to acquire 100% of the securities in New York listed MAC Copper Limited for $12.25 (R219) per share, implying a total equity value for MAC of $1.03bn, or about R18.4bn. Despite this, shares in Harmony Gold fell by 5.75% in afternoon trade on the JSE to R256.36, erasing the previous seven days' 5.63% appreciation run. Proctor said, 'Copper has the most favourable long-term demand outlook amongst the major commodities while the supply side is just as favourable' at the moment. 'A mine of this size is relatively inconsequential for the large diversified miners like Anglo American, BHP Group and Glencore, providing the opportunity for smaller players to acquire operating copper mines at reasonable valuations. The CSA mine was actually acquired from Glencore in 2023,' added Proctor. Harmony Gold CEO Beyers Nel described the Australian mine Harmony Gold was acquiring as 'a logical fit with the portfolio' as it meets the company's 'core investment criteria, including increasing free cash flow generation while improving margins at long-term expected commodity' prices. He said the acquisition of the CSA Copper Mine in Australia was significant for the company as it introduces a high-quality, established underground producing copper asset to the Harmony portfolio and explained that the CSA mine was one of the highest-grade copper mines in Australia. It produced 41 000 tonnes of copper in calendar year 2024,' said 'We believe that Harmony is well positioned to leverage its expertise in underground mining to further enhance operations. Furthermore, the Transaction represents a significant step forward in transforming Harmony into an increasingly de-risked, higher-quality, global gold and copper producer through disciplined and effective capital allocation,' added Nel. Harmony Gold intends to fund the transaction with a $1.25bn bridge facility together with existing cash reserves. The gold miner has entered into a binding commitment letter with a number of banks that have arranged to underwrite the facility. These include Citibank as global coordinator, initial mandated lead arranger and bookrunner. J.P. Morgan Securities has also been roped in as global coordinator, initial mandated lead arranger while Macquarie Bank Limited will also be involved. The financing facility has a tenure of 364 days plus a 6-month extension, exercisable at the discretion of the company. Earlier this year, Nel said the operating environment in South Africa had started to stabilise, helping the company to lift up earnings for the half year to December although analysts had varying evaluations of the gold miner's diversification strategy into copper.
