SIMEC_Group

SIMEC Group

SIMEC Group

British international energy and mineral resources group; part of GFG Alliance

SIMEC Group Ltd is a British international energy and natural resources business focused on resources, sustainable power, infrastructure, and commodities trading.[2] In 2016 it had an annual turnover of almost USD2.5 billion and net assets of USD350 million. It is part of the Gupta Family Group ("GFG") Alliance, owned by members of the Gupta family, which had a combined turnover of more than USD13 billion and combined net assets of more than USD2.3 billion. Its activities span renewable energy generation, mining, shipping, and commodities trading.[3]

Quick Facts Company type, Industry ...

The group was founded in 1996 by Parduman K. Gupta,[4] whose son, Sanjeev Gupta, had established Liberty House Group in 1992.[5] Both SIMEC Group and Liberty House Group are independent companies within the GFG Alliance, of which Sanjeev Gupta became executive chairman.[6]

SIMEC Group in Australia

In 2013, SIMEC Group refocused itself – mainly on to sustainable power, mining and infrastructure. Among many developments since then, in 2017 it acquired Arrium Mining and OneSteel operations in South Australia[4] for USD750 million.[1] The mining assets of the former company included iron ore (magnetite and haematite) mines in the Middleback Range[7][8] and a dolomite mine (to supply blast furnace flux) at Ardrossan, South Australia.[9]

In 2017, GFG Alliance purchased Arrium's Whyalla Steelworks in South Australia, announcing that a new AUD600 million investment would lift production to 1.8 million tonnes a year. In 2018 the company announced it would build a new steel manufacturing plant next to the existing one. It would be capable of producing 10 million tonnes a year – making it the largest in the western world – and have infrastructure to eventually double that capacity.[10]

SIMEC Mining acquired mining leases in 2018 for the Iron Sultan and Iron Warrior mines in the Middleback Range, 50 km (30 mi) south-west of Whyalla, reflecting the need for significant sources of iron ore for its expanding capacity.[10]

Another member of GFG Alliance, SIMEC Energy Australia Pty Ltd, acquired a controlling stake in South Australian renewable energy and storage technologies company, ZEN Energy Pty Ltd, in 2017 and formed a joint venture named SIMEC Zen Energy. Sanjeev Gupta said his company was investing in large-scale power projects to meet its own industrial requirements. Describing the high cost of energy for Australian consumers as "a crying shame for a country so rich in resources", he said "it has been a priority for us to take decisive remedial steps."[6]

References

  1. [1]
    John, Nevin (1 July 2018). "Stress reliever". Business Today. Retrieved 20 November 2020.
  2. [2]
    "SIMEC Group". SIMEC Group. 2020. Retrieved 20 November 2020.
  3. [3]
    "About us". SIMEC Group. 2020. Retrieved 20 November 2020.
  4. [4]
    "Our History". GFG Alliance. 2020. Retrieved 20 November 2020.
  5. [5]
    "Company Overview of Liberty House Ltd". Bloomberg. Bloomberg. Retrieved 7 April 2016.
  6. [6]
    "Whyalla steelworks owner Sanjeev Gupta buys majority stake in renewable firm Zen Energy". 20 September 2017. Retrieved 20 November 2020.
  7. [7]
    "Arrium Acquired by GFG Alliance". 1 September 2017. Retrieved 11 December 2018. GFG Alliance has completed the acquisition of the Arrium Mining and Steel businesses ... the former Arrium Mining has been renamed SIMEC Mining and OneSteel re-branded as Liberty OneSteel
  8. [8]
    "Middleback Ranges". Mines and Quarries. Government of South Australia Department for Energy and Mining. Retrieved 11 December 2018.
  9. [9]
    "Ardrossan Dolomite Operation" (PDF). Retention Lease Proposal. SIMEC Mining. March 2018. Retrieved 11 December 2018 – via Government of South Australia.
  10. [10]
    Hosie, Ewen (11 December 2018). "GFG Alliance drives SA iron ore sector with Whyalla steel expansion". Australian Mining. Retrieved 11 December 2018.


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