Page 18 - bne IntelliNews monthly magazine November 2024

18 I Companies & Markets bne November 2024
technological systems, ensuring efficiency in mining and processing. In 2022, the NMMC produced over 94 tonnes of gold, generating substantial revenue for the Uzbek economy.
In addition to gold, the NMMC is a major producer of uranium. Uzbekistan ranks among the top ten uranium producers globally, with a significant portion of the production exported to various countries. The company operates several uranium mines, employ- ing in-situ leaching technology, which is considered more envi- ronmentally friendly compared to traditional mining methods.
The uranium extracted by NMMC is primarily sold to international markets, including countries like China and Russia where the ore is enriched. Uzbekistan has no enriching facilities of its own. This positions the company as a strategic player in the global nuclear fuel market.
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The NMMC is not only a significant contributor to Uzbekistan's GDP but also one of the largest employers in the country. It provides jobs to tens of thousands of workers in the
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Navoi region, including engineers, miners and various other specialists.
The combine contributes heavily to the social and economic development of the Navoi region. It funds various infrastruc- ture projects, including housing, schools, and healthcare facili- ties, which benefit the local population.
As a company that deals with resource extraction, NMMC faces environmental challenges. The vast scale of the Muruntau Gold Mine, uranium production and its Soviet industrial legacy calls for significant measures to mitigate environmental impact. The combine has taken steps to reduce its carbon footprint and minimise waste, though environmental concerns still persist, particularly regarding the long-term impacts of opencast mining.
On the social responsibility front, the company has launched several initiatives aimed at improving living standards for its employees and local communities. These include investment in education, health care and housing.
Polish travel platform eSky to acquire Thomas Cook from Chinese Fosun for €35.6m
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Polish travel company Grupa eSky has announced its acquisition of Thomas Cook, the world's oldest travel brand, marking a significant milestone in the 180-year history of the British travel icon. This strategic move will allow eSky to enhance its presence in the United Kingdom and Western Europe.
eSky will acquire Thomas Cook from Chinese group Fosun for a total of £30m (€35.6m). Thomas Cook, a travel company founded in the UK in 1841, went bust in 2019 after failing to clear a debt burden of £1.1bn.
The acquisition aims to leverage Thomas Cook's extensive experience to support its growth in existing markets. eSky's platform operates in over 50 countries across Europe, the Americas, and Africa, and has been rapidly expanding its dynamic package offerings, which provide integrated flight and accommodation options.
Łukasz Habaj, CEO of Grupa eSky, said: "The synergy between Thomas Cook's nearly two-century heritage and eSky's technology and understanding of contemporary consumer needs will strengthen our position in Western Europe and
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enhance the flexibility of our offerings. This acquisition will propel us into the forefront of dynamic package sales in the UK, representing a significant promotion of Polish business on the international stage."
The decision to acquire Thomas Cook aligns with eSky's broader strategy of investing in dynamic packages over the past few years. These packages offer a viable alternative to traditional tour operators and qualify as organised trips under legal regulations, providing consumer protection. As a result, eSky is transitioning from being primarily an airline platform to a Virtual Travel Orchestrator.
Founded in 1841, Thomas Cook briefly ceased operations in 2019 but re-emerged as an online travel agency under China’s Fosun Tourism Group. This acquisition provides eSky access to Thomas Cook's portfolio, which includes over 500 airlines, enhancing its competitive edge in the travel market.
The acquisition agreement excludes Thomas Cook's opera- tions in China, and the transaction is subject to approval by the UK's Civil Aviation Authority. The financial details of the deal have not been disclosed.