Latest news with #SML
New Indian Express
8 hours ago
- Business
- New Indian Express
Niger announces nationalisation of its only gold mine
NIAMEY: Niger's military government has announced the nationalisation of the country's sole industrial gold mine, accusing its Australian operator of "serious breaches" as the junta seeks greater control of natural resources. The military junta has ruled the West African nation since seizing power in a 2023 coup, promising to crack down on Niger's myriad security issues. Juntas in Niger, neighbouring Burkina Faso and Mali have ramped up pressure on foreign mining companies in recent years, with Niger nationalising the local branch of French uranium giant Orano in June. Australian group McKinel Resources Limited took control of the Societe des mines du Liptako (SML) gold mine, situated on the bank of the River Niger, in 2019 after purchasing a majority stake from a public firm. "In view of serious breaches (and) with a view to saving this highly strategic company, the state of Niger has taken the decision to nationalise SML," said an order from junta leader, General Abdourahamane Tiani, read on state television on Friday.
Eyewitness News
8 hours ago
- Business
- Eyewitness News
Niger announces nationalisation of its only gold mine
NIAMEY - Niger's military government has announced the nationalisation of the country's sole industrial gold mine, accusing its Australian operator of "serious breaches" as the junta seeks greater control of natural resources. The military junta has ruled the West African nation since seizing power in a 2023 coup, promising to crack down on Niger's myriad security issues. Juntas in Niger, neighbouring Burkina Faso and Mali have ramped up pressure on foreign mining companies in recent years, with Niger nationalising the local branch of French uranium giant Orano in June. Australian group McKinel Resources Limited took control of the Societe des mines du Liptako (SML) gold mine, situated on the bank of the River Niger, in 2019 after purchasing a majority stake from a public firm. "In view of serious breaches (and) with a view to saving this highly strategic company, the state of Niger has taken the decision to nationalise SML," said an order from junta leader, General Abdourahamane Tiani, read on state television on Friday. "This measure is in line with the vision of the president of the republic, which is to promote the full appropriation of its natural resources by the Nigerien people," it said. In 2023, industrial gold production at the mine amounted to 177 kilograms, while artisanal production in the country totalled 2.2 tonnes, according to a report by the Extractive Industries Transparency Initiative. Niger's junta said since McKinel's takeover of SML, the mine has fallen into an "alarming economic situation". It criticised the Australian firm for failing to implement a $10 million investment plan which the junta said has led to tax and wage arrears, worker layoffs and "significant increased debt", as well as production stoppages. In May, a bomb blast in jihadist-riven west Niger killed at least eight workers at the SML mine in the Tillaberi region. The army has deployed more than 2,000 soldiers to fight the jihadist groups in the surrounding region, at the epicentre of the violence wracking the country.
Al Arabiya
8 hours ago
- Business
- Al Arabiya
Niger announces nationalization of its only gold mine
Niger's military government has announced the nationalization of the country's sole industrial gold mine, accusing its Australian operator of 'serious breaches' as the junta seeks greater control of natural resources. The military junta has ruled the West African nation since seizing power in a 2023 coup, promising to crack down on Niger's myriad security issues. Juntas in Niger, neighboring Burkina Faso and Mali have ramped up pressure on foreign mining companies in recent years, with Niger nationalizing the local branch of French uranium giant Orano in June. Australian group McKinel Resources Limited took control of the Societe des mines du Liptako (SML) gold mine, situated on the bank of the River Niger, in 2019 after purchasing a majority stake from a public firm. 'In view of serious breaches (and) with a view to saving this highly strategic company, the state of Niger has taken the decision to nationalize SML,' said an order from junta leader, General Abdourahamane Tiani, read on state television on Friday. 'This measure is in line with the vision of the president of the republic, which is to promote the full appropriation of its natural resources by the Nigerien people,' it said. In 2023, industrial gold production at the mine amounted to 177 kilograms, while artisanal production in the country totaled 2.2 tons, according to a report by the Extractive Industries Transparency Initiative. Niger's junta said since McKinel's takeover of SML, the mine has fallen into an 'alarming economic situation.' It criticized the Australian firm for failing to implement a $10 million investment plan which the junta said has led to tax and wage arrears, worker layoffs and 'significant increased debt,' as well as production stoppages. In May, a bomb blast in extremist-riven west Niger killed at least eight workers at the SML mine in the Tillaberi region. The army has deployed more than 2,000 soldiers to fight the extremist groups in the surrounding region, at the epicenter of the violence wracking the country.
Canada News.Net
6 days ago
- Automotive
- Canada News.Net
Mahindra & Mahindra completes acquisition of 58.96% controlling stake in SML Isuzu
New Delhi [India], August 2 (ANI): Mahindra & Mahindra Ltd. (M&M) have acquired 58.96 per cent stake in SML Isuzu Ltd. (SML) from Sumitomo Corporation, Japan and Isuzu Motors Limited, the company said in a statement on Saturday. As part of the transaction, M&M would also launch a mandatory open offer for acquisition of up to 26 per cent stake from eligible public shareholders of SML in accordance with the SEBI Takeover Regulations. Consequent to the above, the Board of Directors of SML has been reconstituted. The board of Directors of SML has appointed Vinod Sahay, President - Aerospace & Defence, Trucks, Buses & CE - Mahindra Group, as Executive Chairman of SML Isuzu, effective August 3, 2025. Dr Venkat Srinivas has been appointed as the Executive Director & Chief Executive Officer of SML Isuzu Ltd, effective August 01, 2025. The Board of Directors of SML has also approved a change in the name of the company to 'SML Mahindra Limited'- subject to approvals from RoC, Central Registration Centre, MCA and shareholders of the Company or any other authority as may be necessary. In April 2025, M&M agreed to acquire a 58.96 per cent equity stake in SML at Rs 650 per share, representing a total investment of Rs 555 crore. It is a big step for M&M towards establishing a strong presence in the >3.5T CV segment, where the company has a 3 per cent market share presently, as compared to a 54.2 per cent market share in the Sub-3.5 tonne LCV segment. M&M's Trucks and Buses Division has made meaningful progress over the past few years. This acquisition will double the market share to 6 per cent, with a plan to increase this to 10 - 12 per cent by FY31 and 20 per cent + by FY36. SML, established in 1983, is a listed company with well-recognised brands, strong heritage and pan-India presence in the 'Trucks & Buses 'segment. The company has a market-leading position in the 'ILCV [Intermediate and Light Commercial Vehicles] Buses segment, 'with around 16 per cent market share. Vinod Sahay is a member of the Group Executive Board of Mahindra Group. In addition to his new role in SML Isuzu Ltd, he will continue to serve as President - Aerospace & Defence, Trucks, Buses and Construction Equipment sector of Mahindra Group. He brings 27 years of extensive business leadership experience in Automotive, Aerospace and Defence industry with vast leadership experience in Commercial vehicle industry. In over 10 years with the Mahindra Group, he has previously served as President & Chief Purchase Officer at Mahindra & Mahindra Ltd, CEO of Mahindra Truck & Bus and Construction Equipment business, and CEO of Mahindra Two Wheelers businesses. Dr Venkat Srinivas, in addition to his new role, will continue to serve as the Business Head for Mahindra Truck & Bus (MTB) and Construction Equipment (CE). He brings 35 years of extensive R&D and leadership experience in the Aerospace and Automotive Engineering domains. Over the 11 years with the Mahindra Group, he has led key initiatives in the Commercial Vehicle (CV) space, including the development of Blazo, Furio, Cruzio, Bolero Maxx Pikup, Zeo EV and strategic platforms like Veero and Global Pik Up. (ANI)
India.com
6 days ago
- Automotive
- India.com
Mahindra & Mahindra Buys 59% Stake In SML Isuzu For Rs 555 Crore
Mumbai: Mahindra and Mahindra (M&M) has completed the acquisition of a 58.96 per cent controlling stake in SML Isuzu Limited for Rs 555 crore. Following regulatory approvals, the company will be renamed 'SML Mahindra Limited'. In April 2025, M&M had signed an agreement to buy this stake at Rs 650 per share. The acquisition includes the entire 43.96 per cent stake held by Sumitomo Corporation, the promoter of SML, and a 15 per cent stake held by Isuzu Motors Limited. M&M will also launch a mandatory open offer to acquire up to 26 per cent from eligible public shareholders, as per SEBI Takeover Regulations. The company said the move is a significant step towards building a strong presence in the above 3.5-tonne commercial vehicle (CV) segment, where it currently has a 3 per cent market share. In comparison, it enjoys a 54.2 per cent share in the sub-3.5-tonne light commercial vehicle (LCV) segment. "It is a big step for M&M towards establishing a strong presence in the >3.5T Commercial vehicles (CV) segment, where the company has a 3 per cent market share presently, as compared to a 54.2 per cent market share in the Sub-3.5 tonne LCV segment," the company said. M&M expects this acquisition to double its CV market share to 6 per cent immediately, with plans to grow it further to 10-12 per cent by FY31 and over 20 per cent by FY36. As part of the leadership changes, M&M has appointed Vinod Sahay as Executive Chairman of SML Isuzu from August 3. Dr Venkat Srinivas will take charge as Executive Director and Chief Executive Officer from August 1. Both leaders will continue to hold their existing positions within the Mahindra Group alongside their new responsibilities. SML has a nationwide presence in the trucks and buses segment and holds a 16 per cent market share in the intermediate and light commercial vehicle (ILCV) bus segment. On August 1, shares of Mahindra & Mahindra closed at Rs 3,160.20 on the Bombay Stock Exchange (BSE).
