Latest news with #R7.3bn
TimesLIVE
12-05-2025
- Business
- TimesLIVE
Trump set to accept luxury 747 from Qatar to use as Air Force One, ABC News says
US President Donald Trump's administration intends to accept a Boeing 747-8 plane as a gift from the Qatari royal family that would then be outfitted to serve as Air Force One, ABC News reported on Sunday, citing unnamed sources familiar with the matter. The luxury plane, which would be one of the most valuable gifts ever received by the US government, would be donated to Trump's presidential library after he leaves office, ABC said. A new commercial 747-8 costs about $400m (R7.3bn). Democrats and good government advocates condemned the reported plan, saying it raised massive ethical and legal concerns. 'Nothing says 'America First' like Air Force One, brought to you by Qatar,' Senate Democratic Leader Chuck Schumer wrote on X. 'It's not only bribery, it's premium foreign influence with extra legroom.' The White House did not immediately respond to a request for comment on the report. Qatari spokesperson Ali Al-Ansari told the New York Times news reports about the gift were 'inaccurate' because the possible transfer of the aircraft was under consideration and 'no decision has been made', the newspaper reported. Trump has expressed frustration about delays in delivering two new 747-8 aircraft to serve as an updated Air Force One. During his first term, Trump had reached a deal with Boeing to deliver the jets in 2024. A US air force official told Congress last week Boeing had proposed finishing the planes by 2027. Trump toured the Qatari-owned 747-8 in February when it was parked at Palm Beach International Airport in Florida, near Trump's Mar-a-Lago resort. At the time, the White House said the president did so to get a better understanding of how the updated Air Force One planes would be configured. A spokesperson for Citizens for Responsibility and Ethics, a good government organisation based in Washington, questioned whether the transfer might violate the constitution's ban on US officials accepting gifts from foreign governments without congressional approval. 'This sure looks like a foreign country where the president has personal business dealings giving the president a $400m gift before he meets with their head of state,' Jordan Libowitz said. Trump is set to visit Qatar during a trip to the Middle East this week. ABC reported, citing sources, that lawyers for the White House counsel's office and the department of justice had prepared an analysis concluding it would be legal and constitutional for the defence department to accept the plane as a gift and later transfer it to Trump's presidential library.
Yahoo
06-03-2025
- Business
- Yahoo
Harmony Gold sees 33% increase in net profit and strong cash flow
South Africa's largest gold mining operator, Harmony Gold Mining Company, has reported a 33% increase in net profit to R7.9bn in the six months ended 31 December 2024 (H1 FY25). The company's balance sheet has strengthened, with a net cash position of R7.3bn. This financial growth is underpinned by a 19% rise in group gold revenue, which soared to R35.4bn from R29.7bn in the previous period. Total operating free cash flow increased by 46% to R10.4bn in H1 FY25. Earnings per share (EPS) also saw a 32% increase, reaching 1,265 SA cents per share ($0.71), up from a comparative EPS of 956 SA cents per share. Shareholders have benefitted from a record interim dividend of 227 SA cents per share, and R1.4bn has been returned to them in H1 FY 2025. The company reported a 4% decrease in total gold production, aligning with the company's plans. Furthermore, a 2% increase in underground recovered grades to 6.40 grams per tonne was reported. Harmony Gold is also exploring copper optionality, with CEO Beyers Nel expressing eagerness to bring value to shareholders through the Wafi-Golpu project in Papua New Guinea, reported Mining Weekly. Negotiations for the special mining lease at Wafi-Golpu continue, with the project pipeline designed to avoid financial strain on the balance sheet. Nel said: 'While we have historically been a gold producer, we are on the cusp of introducing near-term copper, which will further de-risk and diversify our production profile. 'Harmony continues to generate stellar cash flows, and our balance sheet is robust, flexible and in a significant net cash position. The gold price has continued to rally since the beginning of the 2025 calendar year, enhancing our strong financial position.' Harmony Gold is also progressing with the Eva Copper feasibility study in Queensland, Australia, with production forecast to reach up to 60,000 tonnes of copper annually. The company is expecting to start copper production from its Eva Copper project by 2028. Nel also highlighted the company's growth trajectory, with more than R2bn directed towards high-grade underground gold mining projects and more than R1bn towards high-margin surface operation projects. These investments are expected to extend the life of major mines such as Moab Khotsong and Mponeng to at least 20 years. "Harmony Gold sees 33% increase in net profit and strong cash flow" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
