Latest news with #Astron
IOL News
5 days ago
- Business
- IOL News
Glencore makes R2. 8bn payments to South Africa amid energy transition plans
Glencore expects to fulfil expenditure obligations related to its acquisition of Astron by September 2027 after initial payments totalling $185m as at September last year. Image: Reuters Tawanda Karombo Glencore on Thursday said it made tax, royalty and duty payments amounting to $157 million (around R2.8 billion) to South Africa in 2024 as it considers dialogue with government and other players as key for the country's energy transition. In the year to December 2024, Glencore's total payments to governments in markets in which it operates topped $3.7bn, calculated 'in line' with the UK Transparency Requirements. Over the same period, Glencore suffered about $611m worth of impairments in its South African operations, significantly contributing to the company's $1.6bn in losses to equity holder. The $157m in payments to the South African government for 2024 were accounted for by $111.5m in income taxes, $45.3m in royalties. An additional $1.2bn in 'taxes and duties relating to non-extractive activities plus other taxes' was also paid to SA during the same period, said the company. By province, the multinational commodity trading and mining company's ferroalloys project in Limpopo paid $69.7m to the government while its energy coal operation in Mpumalanga contributed $41.1m. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading The company's manganese project in the Northern Cape made payments of $2.2m, in addition to the $43.8m paid by its ferroalloys operation to the North West provincial government. Glencore expects to fulfil expenditure obligations related to its acquisition of Astron by September 2027 after initial payments totalling $185m as at September last year. Despite taking impairments to its South African operations in the past year, Glencore has committed to its 2024-2026 Climate Action Transition Plan. The company has 'determined that the relevance of a just and orderly transition for our industrial business is greatest in Colombia and South Africa' where it is focusing its efforts. 'The complexity of the energy transition in South Africa and the scale and potential significance of its impacts mean a multi-stakeholder approach is essential,' noted Glencore. 'We welcome ongoing efforts, and particularly support dialogue with all industry participants to help holistically identify and mitigate risks associated with operational changes.' It said it deemed dialogue as key to enable a transparent, predictable, and stable approach to the energy transition in South Africa. Moreover, Glencore said the predictability of the transition roadmap around planned closures of coal-powered power stations was necessary to enable a robust response that deploys actions in an effective manner supportive of communities. Some of Glencore's coal operations in South Africa are located in a designated Renewable Energy Development Zone. It said the rehabilitation plans for the coal mines created opportunities 'to investigate renewable energy generation facilities for community use as long-term alternative land use' options. 'We support the efforts by the South African government to develop the policy framework that enables the just and orderly transition, and to commence the relevant planning,' it said. Glencore is supportive of the planned implementation of virtual wheeling, which allows consumers to purchase renewable power from any producer across the country. This allows companies with multiple smaller and low-voltage loads across various geographic areas in South Africa to participate in the energy market.
Sydney Morning Herald
6 days ago
- Business
- Sydney Morning Herald
Astron plans shift back home to redomicile in Australia
Rare earths player Astron Corporation is set to bring its global operations under a fully Australian banner, unveiling plans to shift the company's corporate headquarters and share listing from Hong Kong to Australia. The redomicile move will trigger the formation of a new listed Australian entity, Aus NewCo, to take the reins as Astron's new head company, replacing its current Hong Kong-based parent. As part of the move, Australian shareholders will be asked to swap their CHESS depositary interests (CDIs) for shares in the new Australian entity on a two-for-one basis, while the Hong Kong investors' holdings will be relisted locally and remain unchanged. Astron's shares have for years traded on the ASX as CDIs, limiting shareholders' voting rights and complicating their ownership. The new structure will give shareholders direct voting power and ordinary shares, bringing the company in line with its typical Australian-listed peers. A first hearing with Hong Kong's Court of First Instance has been locked in for next week, with a crucial shareholder vote set for July 30. If approved, Astron's CDIs will cease trading on August 20, and shares in Aus NewCo will begin trading a day later. The company expects the Australian Taxation Office to issue a class ruling confirming the redomicile qualifies for capital gains rollover relief to ensure the swap won't trigger a tax bill for investors. Astron says it has always seen itself as an Australian miner and the restructure will cement that identity. The move paves the way for smoother shareholder engagement, stronger governance and closer alignment with its local investor base as it powers ahead with its Donald rare earths and mineral sands project in Victoria. Notably, the change is expected to simplify Astron's compliance burdens. Currently, even basic transactions such as buying land in Australia require Foreign Investment Review Board approval – a hurdle the company says will be swept away when it is becomes a legal Australian entity. The move is also tipped to make the company more attractive to retail and institutional investors and help attract and retain local talent.
The Age
6 days ago
- Business
- The Age
Astron plans shift back home to redomicile in Australia
Rare earths player Astron Corporation is set to bring its global operations under a fully Australian banner, unveiling plans to shift the company's corporate headquarters and share listing from Hong Kong to Australia. The redomicile move will trigger the formation of a new listed Australian entity, Aus NewCo, to take the reins as Astron's new head company, replacing its current Hong Kong-based parent. As part of the move, Australian shareholders will be asked to swap their CHESS depositary interests (CDIs) for shares in the new Australian entity on a two-for-one basis, while the Hong Kong investors' holdings will be relisted locally and remain unchanged. Astron's shares have for years traded on the ASX as CDIs, limiting shareholders' voting rights and complicating their ownership. The new structure will give shareholders direct voting power and ordinary shares, bringing the company in line with its typical Australian-listed peers. A first hearing with Hong Kong's Court of First Instance has been locked in for next week, with a crucial shareholder vote set for July 30. If approved, Astron's CDIs will cease trading on August 20, and shares in Aus NewCo will begin trading a day later. The company expects the Australian Taxation Office to issue a class ruling confirming the redomicile qualifies for capital gains rollover relief to ensure the swap won't trigger a tax bill for investors. Astron says it has always seen itself as an Australian miner and the restructure will cement that identity. The move paves the way for smoother shareholder engagement, stronger governance and closer alignment with its local investor base as it powers ahead with its Donald rare earths and mineral sands project in Victoria. Notably, the change is expected to simplify Astron's compliance burdens. Currently, even basic transactions such as buying land in Australia require Foreign Investment Review Board approval – a hurdle the company says will be swept away when it is becomes a legal Australian entity. The move is also tipped to make the company more attractive to retail and institutional investors and help attract and retain local talent.
