Latest news with #R18.6bn
TimesLIVE
23-06-2025
- Business
- TimesLIVE
Harmony on track to meet production guidance
Harmony Gold, SA's biggest gold producer by volume, said it remains on track to deliver its production and cost guidance as the gold price continues to add shine to its performance. Harmony, which paid a record R1.4bn dividend in the six months ended December 2024, said it expects to meet the 2025 financial year guidance of between 1.4m ounces and 1.5m ounces 'comfortably' between the guided range of R1.02m/kg to R1.1m/kg. CEO Beyers Nel said underground recovered grades will be higher than the guided 6g/t while total capital expenditure for the year will be slightly below the guided R10.8bn. 'We have a firm grip on our costs, which are predominantly rand based and comprise mainly labour, consumables and electricity. We continue to benefit from the high rand per kilogram gold price and maintain a high level of certainty and predictability as it relates to our planning parameters,' Nel said. Harmony, which operates some of SA's deep level gold mines, also has operations in Papua New Guinea and Australia. The company has been on an acquisition path and last month announced the potential $1.03bn (R18.6bn) acquisition of MAC Copper in New South Wales, Australia, which is expected to produce more than 40 000 tonnes of copper annually and contribute immediately towards increasing free cash flow generation. 'Over the past three years, Harmony has transformed into a geographically diversified specialist mining company with a compelling gold and copper story. We continue creating meaningful value for our stakeholders through safe, profitable ounces and improving margins by delivering on our strategic objectives,' Nel said. He said Harmony will continue to allocate most of its project capital to its higher-grade, higher-quality, and lower-risk assets. 'This includes the extension projects at Hidden Valley, Moab Khotsong and Mponeng. We are also finalising the Eva Copper project's feasibility study and will provide an update on the outcome thereof when we release our year-end results in August 2025,' he said. The company is scheduled to release its 2025 financial results on August 28.
TimesLIVE
26-05-2025
- Business
- TimesLIVE
Collapsed Australian hospital operator Healthscope receives 10 non-binding offers, CEO says
Australia's Healthscope has received 10 non-binding indicative offers in a sale process that would take eight to 10 weeks to complete, its CEO said after the nation's second-largest private hospital operator was put into receivership on Monday. Creditors are seeking a sale of Healthscope's business aimed at recouping what local media said was about A$1.6bn (R18.6bn) in debt. CEO Tino La Spina told a press conference there was buyer interest in taking over the business as a whole, while assuring its hospital operations would continue as usual. 'We're confident there is interest in taking Healthscope business as a whole. We have 10 non-binding indicative offers,' he said. 'There will be a change of ownership. Receivers have been appointed to sell off Healthscope hospital assets. But from the point of view of doctors, nurses, staff and patients, there's nothing to worry about. It's business as usual.' In a separate press conference, Australia's health minister said he sought assurances from Healthscope that medical operations would proceed. 'I had a conversation in the past half an hour with the CEO and I sought an assurance from him that the thousands of Australians who have a birth plan or knee reconstruction booked can be confident the procedure will go ahead as planned and is booked,' said health minister Mark Butler said. 'I received the assurance from the CEO and I will hold the company and the receivers and administrators to the commitment given to me and to Australian patients and staff,' Butler said. He said there would be no taxpayer-funded bailout for the company. Healthscope operates 37 hospitals across the country. Its lenders voted to place the company into receivership after being given control earlier by private equity owner Brookfield. La Spina said the 'core issues' facing Healthscope included too much secured debt and high rentals. Commonwealth Bank of Australia has also provided receivers McGrathNicol with a new A$100m (R1,1bn) funding package to support operations during the sale process, Healthscope said.
