Latest news with #Sumitomo
Nikkei Asia
6 hours ago
- Business
- Nikkei Asia
Sumitomo's Madagascar nickel mine transforms into $3bn money pit
TOKYO -- A Madagascar nickel mining operation has generated over 430 billion yen ($3 billion) in net losses for Sumitomo Corp. since the Japanese trading house joined the project two decades ago. Sumitomo acquired a stake in the Ambatovy mine in 2005 that has grown to just over 54% with Korea Mine Rehabilitation and Mineral Resources (KOMIR) owning the rest.
&w=3840&q=100)
Business Standard
7 hours ago
- Business
- Business Standard
MMRDA allots BKC plots to Sumitomo, Brookfield for Rs 3,840 crore
The Mumbai Metropolitan Region Development Authority (MMRDA) allotted plots in Mumbai's Bandra Kurla Complex (BKC) to entities related to Japan's Sumitomo Corporation and the US-based Brookfield for Rs 3,840.49 crore via competitive bidding. The government agency handed over allotment letters for plots C-13, C-19 and C-80 to the concerned entities in the presence of the Chief Minister of Maharashtra, Devendra Fadnavis, on Tuesday, 3 June. Goisu Realty, a group company of Sumitomo Realty & Development, has been allotted plot C-13 and C-19 for Rs 1,360.48 crore (39.61 per cent above the base price) and Rs 1,177.86 crore (40.20 per cent above the base price), respectively. The lease for plot C-80 has been awarded to Schloss Bangalore, the operator of a luxury hotels and resorts chain under the 'The Leela' brand name, for Rs 1,302.16 crore (12.34 per cent above the base price). Meanwhile, Goisu already has two office projects in BKC, with one of them scheduled for completion after 2026. The developments follow the Memoranda of Understanding (MoUs) signed by MMRDA at the World Economic Forum 2025, Davos (Switzerland), where investments of USD 12 billion were committed by Brookfield and USD 5 billion by Sumitomo for infrastructure development in the Mumbai Metropolitan Region (MMR). The total built-up area of all three plots is 86,321.80 square metres. MMRDA is expecting 15,000 high-tech jobs to be created through the developments on the plots. Recently, Sumitomo entered into an office building development project in BKC through a three-way partnership with Hines, a US-based global real estate investment manager and developer, Japan's Mitsubishi Estate Company, and Mumbai-based real estate developer Kanakia Group. The project's gross development value (GDV) is estimated to be around USD 1 billion, according to a source familiar with the matter. The consortium will develop a premium office project in Mumbai's BKC, India's costliest office hub, with an investment of Rs 3,000 crore.
Yahoo
12 hours ago
- Business
- Yahoo
AMEA Power commissions 500MW Amunet wind plant in Egypt
Renewable energy provider AMEA Power has commissioned a 500MW wind power plant in Ras Ghareb, in Egypt's Red Sea Governorate. The facility is the largest operational wind farm in Africa and a joint venture between AMEA Power (60%) and Sumitomo (40%). It is expected to generate 2,500 gigawatt hours (GWh) of clean electricity annually, sufficient to power 500,000 homes and reduce CO₂ emissions by 1.4 million tonnes per year. The construction phase of the project created significant local economic benefits, employing 800 workers at its peak and highlighting AMEA Power's dedication to job creation and inclusive growth. Completed 2.5 months ahead of schedule, the wind farm exemplifies the company's ability to efficiently execute complex renewable energy projects. AMEA Power chairman Hussain Al Nowais stated: 'The commissioning of the 500MW wind power plant in the Red Sea Governorate marks a significant milestone for AMEA Power and for Egypt. Bringing 1GW of clean energy online in such a short period is a tremendous achievement and a reflection of our deep commitment to delivering impactful renewable energy solutions. This is the future of power generation in Africa – clean, inclusive and transformational.' Financing for the wind farm was secured through a consortium of international financial institutions: IFC, JBIC, Standard Chartered Bank, Sumitomo Mitsui Banking and Sumitomo Mitsui Trust Bank. The commercial tranche received insurance from NEXI, with additional support from the Commercial International Bank of Egypt. The commissioning follows the recent launch of AMEA Power's 500MW Solar PV plant in Aswan, bringing the company's total capacity in Egypt to 1GW in six months. In a further expansion of its renewable energy portfolio, AMEA Power secured two BESS projects in South Africa in January 2025. The Gainfar and Boitekong projects, each with more than 300MW capacity, will provide critical power to the national grid. "AMEA Power commissions 500MW Amunet wind plant in Egypt" was originally created and published by Power 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. Sign in to access your portfolio
Time of India
4 days ago
- Business
- Time of India
Kanakia, hines tie up for ₹3,000 crore office project in Mumbai
Mumbai: US-headquartered real estate investment manager Hines and Mumbai-based property developer Kanakia Group have entered into an alliance to develop a commercial office project on a 3-acre land parcel near Bandra-Kurla Complex (BKC) with a total investment of around ₹3,000 crore. The alliance has further partnered with Japanese conglomerate Sumitomo Corporation and real estate firm Mitsubishi Estate for the development spanning 1.5 million sq ft premium office spaces. Of the total investment, the equity investment will be about ₹1,025 crore. "This project marks a significant milestone in our journey in India," said Amit Diwan, senior managing director and head of India at Hines. "It reflects our commitment to deepening our presence in Mumbai and highlights our strategic partnerships with MEC and Sumitomo." As per the terms of the joint development agreement, landowner Kanakia Group will be responsible for the approvals, while the investment will be made by Hines and the Japanese entities. In addition to their investment, Hines, Sumitomo and Mitsubishi Estate will execute the development. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Perdagangkan CFD Emas dengan Broker Tepercaya IC Markets Mendaftar Undo "This formation of this alliance with Hines, Mitsubishi and Sumitomo has allowed us to deleverage our balance sheet in a significant manner. The approvals for the project have already been secured and we expect the development to be completed by the end of 2028," said Rasesh B Kanakia, chairman, Kanakia Group. The project, comprising 12 upper floors and seven basements in Mumbai's business district, will see Mitsubishi holding a 50% stake in the development, marking its maiden project in the city and fifth in India. Diwan, Kanakia and property consultant JLL India, which acted as the advisor for the transaction, declined to comment on the project's investment specifics. Live Events The project is located on a corner site facing the Santacruz-Chembur Link Road and a connecting road to the BKC district. "Given India's strong demographic tailwinds, along with the right fundamentals and market conditions, we've been seeing more investor interest in the country and continued demand for our office and residential projects," said Diwan.
News.com.au
23-05-2025
- Business
- News.com.au
Barry FitzGerald: Hammer returns to take a swing at one of WA's hottest gold prospects
'Garimpeiro' columnist Barry FitzGerald has covered the resources industry for 35 years. Now he's sharing the benefits of his experience with Stockhead readers. Investors would be hard pressed to find a modestly capitalised junior explorer with stronger newsflow in coming months than Hammer Metals (ASX:HMX). There's plenty of potential game changing stuff too for a company that has a hard asset backstop to its current $26.6 million market cap at 3c a share. The backstop is the Kalman copper-gold-molybdenum-rhenium project in the Mt Isa region. It is a 429,000t copper equivalent resource which Garimpeiro reckons more than covers Hammer's market cap. It will be developed one day, probably wrapped into a consolidated copper play, with its moly component coming into its own following China – the world's main producer of the steel alloying agent – moving it into its basket of export-controlled metals. But enough on Kalman. It is nice to have but it is on the exploration front that Hammer could generate some near-term excitement. It has got loads of exploration results to come from exploration joint ventures in the Mt Isa district with big names like Sumitomo and South 32 where the targets are very much of the tier-1 type, as well as a bunch of results from 100% owned project in and around the district. Again, newsflow from all the activity (completed and planned) will be as good as it gets for a junior explorer with Hammer's modest market cap. Leverage to success is extreme, remembering there is always the backstop of Kalman should a meaningful discovery prove to be elusive this time around. But wait, there's more! In a back to the future moment, Hammer is returning to the Yandal gold belt near Wiluna in Western Australia, specifically its Bronzewing South project next door to Northern Star Resources' (ASX:NST) Bronzewing project. The latter was acquired by the gold major in 2019, and is a former producer of more than three million ounces of gold. There was a time when Bronzewing South was hotly contested exploration ground thanks to its proximity to Bronzewing, discovered by a joint venture between Joe Gutnick's Great Central Mines (GCM) and prospecting billionaire Mark Creasy in 1992. Competing applications for the Bronzewing South ground prompted the Mining Warden to decide the matter in a ballot, much to the annoyance of Creasy in his private capacity. He took the dispute all the way to the High Court. No luck there for him, with the Bronzewing South ground eventually going to a no longer with us company in 1997. In the meantime, drilling by GCM in 1995 identified a high-grade mineralised zone (2m at 20.8g/t gold at 450m depth) just inside the boundary from Bronzewing South. Newmont Corporation (ASX:NEM) (it acquired Bronzewing when it took over Normandy Mining in 2002, with Normandy having acquired GCM in 1999), followed up the hit in 2003 drilling, targeting a position 150m lower than the GCM intercept. Hidden gems The drilling confirmed the continuation of mineralisation at lower grades. But Newmont later exited the project, which changed hands a couple of times before Hammer picked it up in 2019 and drilled a single RC hole down to 135m. At 120m, it hit 1m at 1.2 g/t gold, which demonstrated the zone was present. But Hammer got distracted at the time by copper exploration success in the Mt Isa region and hasn't been back since. The zone literally starts on the tenement boundary less than 150m from the original Bronzewing discovery. So it could be a nice deep hidden zone that has effectively had no drilling into it whatsoever. That's the focus of a drilling program planned for late June/early July by Hammer. In the words of Hammer managing director Dan Thomas, 'we're going to give it a good shake.'
