Normandy Mining
Encyclopedia
Normandy Mining was an Australia
n mining
company which predominantly mined gold
. Normandy was, during much of the late 20th century, Australia's largest gold miner.
Normandy ceased to exist when it was taken over by the Newmont Mining Corporation in February 2002, and became Newmont Australia instead.
The company produced gold mainly from its Western Australia
n mines, which, in 1998, provided approximately 50% of its production, followed by the Northern Territory
and Queensland
with approximately 15% each. International gold production contributed for less than 10% of the overall company production.
under the code NDR. The company changed its name once more on 9 May 1991, now to Normandy Poseidon Limited, and was now listed under the code NPL. The last name change occurred on 20 June 1995, now to Normandy Mining Limited and under the stock code of NDY.
The company was also listed on the Toronto Stock Exchange
and the Montreal Exchange
.
was appointed a company director, later to serve as the chairman of the company until its take over by Newmont. Crespigny transformed the exploration company Amad, valued at A$3 million, to Australia's largest gold miner, valued at A$4.9 billion by Newmont, earning an estimated A$160 million in the process.
In October 1996, Normandy took over Posgold Limited.
, a company led by the ordained Rabbi Joseph Gutnick
, through Yandal Gold, a company it owned a 49.9% interest in. This offer came under investigation from the Australian Securities and Investments Commission
, which demanded a termination of the offer on 23 March 1999. Gutnick and Crespigny were found to have illegally structured a takeover of the company and Gutnick was ordered to return $28.5 million to investors. The court found that their behaviour in jointly bidding $450 million earlier that year for Great Central Mines was unlawful and deceptive. Both Gutnick and Crespigny had shareholdings in GMC before this bid was launched, and they agreed together to form the Yandal Gold company. The court found however, that it was only Gutnick who received any benefit and it was therefore him who had to pay the $28.5 million.
The deal nevertheless went ahead and brought the Bronzewing
, Jundee
and Wiluna Gold Mine
's to the company.
made an offer for Normandy, valued at A$1.43 per Normandy share. It subsequently increased this offer by 30 cents per share, but was outbid by Newmont, which offered A$1.70 per share. AngloGold closed its offer on 21 January 2002, not having found sufficient acceptance to warrant an extension. AngloGold's offer was valued at A$3.2 billion, 30% above Normandy's share price at the time.
Normandy was then taken over by Delta Acquisition LLC, a fully owned subsidiary of the Newmont Mining Corporation in February 2002. The company was delisted from the ASX on 1 July 2002, and became Newmont Australia instead. Newmont had also, at the same time, taken over the Franco-Nevada Mining Corporation Limited
, making the company the worlds largest gold producer. Had AngloGold succeeded in its bit, they would have become the worlds largest producer instead.
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
n mining
Mining
Mining is the extraction of valuable minerals or other geological materials from the earth, from an ore body, vein or seam. The term also includes the removal of soil. Materials recovered by mining include base metals, precious metals, iron, uranium, coal, diamonds, limestone, oil shale, rock...
company which predominantly mined gold
Gold
Gold is a chemical element with the symbol Au and an atomic number of 79. Gold is a dense, soft, shiny, malleable and ductile metal. Pure gold has a bright yellow color and luster traditionally considered attractive, which it maintains without oxidizing in air or water. Chemically, gold is a...
. Normandy was, during much of the late 20th century, Australia's largest gold miner.
Normandy ceased to exist when it was taken over by the Newmont Mining Corporation in February 2002, and became Newmont Australia instead.
The company produced gold mainly from its Western Australia
Western Australia
Western Australia is a state of Australia, occupying the entire western third of the Australian continent. It is bounded by the Indian Ocean to the north and west, the Great Australian Bight and Indian Ocean to the south, the Northern Territory to the north-east and South Australia to the south-east...
n mines, which, in 1998, provided approximately 50% of its production, followed by the Northern Territory
Northern Territory
The Northern Territory is a federal territory of Australia, occupying much of the centre of the mainland continent, as well as the central northern regions...
and Queensland
Queensland
Queensland is a state of Australia, occupying the north-eastern section of the mainland continent. It is bordered by the Northern Territory, South Australia and New South Wales to the west, south-west and south respectively. To the east, Queensland is bordered by the Coral Sea and Pacific Ocean...
with approximately 15% each. International gold production contributed for less than 10% of the overall company production.
Names and listings
Normandy Mining started its existence under the name of Northwest Tantalum NL, changing it to Amad NL on 12 August 1966. Amad NL became Normandy Resources NL on 12 December 1985 and was listed on the Australian Securities ExchangeAustralian Securities Exchange
The Australian Securities Exchange was created by the merger of the Australian Stock Exchange and the Sydney Futures Exchange in July 2006. It is the primary stock exchange group in Australia....
under the code NDR. The company changed its name once more on 9 May 1991, now to Normandy Poseidon Limited, and was now listed under the code NPL. The last name change occurred on 20 June 1995, now to Normandy Mining Limited and under the stock code of NDY.
The company was also listed on the Toronto Stock Exchange
Toronto Stock Exchange
Toronto Stock Exchange is the largest stock exchange in Canada, the third largest in North America and the seventh largest in the world by market capitalisation. Based in Canada's largest city, Toronto, it is owned by and operated as a subsidiary of the TMX Group for the trading of senior equities...
and the Montreal Exchange
Montreal Exchange
The Montreal Exchange or MX is a derivatives exchange, located in Montreal, that trades futures contracts and options on equities, indices, currencies, ETFs, energy and interest rates. Since 1965, it has been located in the Tour de la Bourse , Montreal's third-tallest building...
.
Early history
On 1 July 1981, Robert Champion de CrespignyRobert Champion de Crespigny
Robert James Champion de Crespigny, AC is an Australian businessman.-Early life and education:Champion de Crespigny was educated at Melbourne Grammar School and the University of Melbourne, from which he graduated with a Bachelor of Commerce degree.-Accounting:Upon completing his studies, he...
was appointed a company director, later to serve as the chairman of the company until its take over by Newmont. Crespigny transformed the exploration company Amad, valued at A$3 million, to Australia's largest gold miner, valued at A$4.9 billion by Newmont, earning an estimated A$160 million in the process.
In October 1996, Normandy took over Posgold Limited.
Great Central Mines takeover
In early 1999, Normandy made an offer for Great Central MinesGreat Central Mines
Great Central Mines was an Australian gold mining company.The company lost its independence in 1999, when it was taken over by Normandy Mining, and was renamed Normandy Yandal Operations Limited in 2000. The company's takeover however led to lengthy court proceedings, initiated by the Australian...
, a company led by the ordained Rabbi Joseph Gutnick
Joseph Gutnick
Joseph Isaac Gutnick is an Australian businessman and mining industry entrepreneur. He is also an ordained rabbi and is well known for his philanthropy in the Jewish world.-Business holdings:Among Gutnick's business holdings:...
, through Yandal Gold, a company it owned a 49.9% interest in. This offer came under investigation from the Australian Securities and Investments Commission
Australian Securities and Investments Commission
The Australian Securities & Investments Commission is an independent Australian government body that acts as Australia's corporate regulator...
, which demanded a termination of the offer on 23 March 1999. Gutnick and Crespigny were found to have illegally structured a takeover of the company and Gutnick was ordered to return $28.5 million to investors. The court found that their behaviour in jointly bidding $450 million earlier that year for Great Central Mines was unlawful and deceptive. Both Gutnick and Crespigny had shareholdings in GMC before this bid was launched, and they agreed together to form the Yandal Gold company. The court found however, that it was only Gutnick who received any benefit and it was therefore him who had to pay the $28.5 million.
The deal nevertheless went ahead and brought the Bronzewing
Bronzewing Gold Mine
The Bronzewing Gold Mine is a gold mine located approximately 83 km north-east of Leinster, Western Australia. The mine, owned by Navigator Resources Limited, was, until early 2010, in care and maintenance after its previous owner, View Resources Limited went into administration.The mine is...
, Jundee
Jundee Gold Mine
The Jundee Gold Mine is an active gold mine in Western Australia, approximately 55 km north east of the town of Wiluna, owned by Newmont Mining.-History:...
and Wiluna Gold Mine
Wiluna Gold Mine
The Wiluna Gold Mine is an active gold mine in Western Australia near the town of Wiluna. The mine was active from 1984 till its closure in 2007; when it was put into care and maintenance; and again since late 2008....
's to the company.
Newmont takeover
In late 2001, AngloGoldAngloGold
AngloGold was a gold mining company based in South Africa and majority-owned by the Anglo American group. In 2004 it merged with the Ashanti Goldfields Corporation to create the world's second-largest gold producer, AngloGold Ashanti. It's a big company....
made an offer for Normandy, valued at A$1.43 per Normandy share. It subsequently increased this offer by 30 cents per share, but was outbid by Newmont, which offered A$1.70 per share. AngloGold closed its offer on 21 January 2002, not having found sufficient acceptance to warrant an extension. AngloGold's offer was valued at A$3.2 billion, 30% above Normandy's share price at the time.
Normandy was then taken over by Delta Acquisition LLC, a fully owned subsidiary of the Newmont Mining Corporation in February 2002. The company was delisted from the ASX on 1 July 2002, and became Newmont Australia instead. Newmont had also, at the same time, taken over the Franco-Nevada Mining Corporation Limited
Franco-Nevada
Franco-Nevada Corporation is a Canadian company that owns royalties in gold mining and other commodity and natural resource investments. It is traded on the Toronto Stock Exchange and NYSE Arca stock exchange....
, making the company the worlds largest gold producer. Had AngloGold succeeded in its bit, they would have become the worlds largest producer instead.
Western Australia
- Big Bell Gold MineBig Bell Gold MineThe Big Bell Gold Mine is a gold mine located at Big Bell, 24 km north-west of Cue, Western Australia. The mine was owned and operated by Harmony Gold at the time of its closure in June 2003, having produced 2.6 million ounces of gold during its lifetime, but was sold to Aragon Resources...
: The mine was owned by Normandy until October 1999, when New Hampton Goldfields Limited acquired it for A$12 million in cash and A$17 million in shares. - Boddington Gold MineBoddington Gold MineThe Boddington Gold Mine is a gold and copper mine located 17 km northwest of Boddington, Western Australia.Officially reopened on 3 February 2010, the mine is expected to become Australia's largest gold mine once it reaches full production.-History:...
: Partly owned by Normandy, Boddington is now fully owned by Newmont, having bought out AngloGold AshantiAngloGold AshantiAngloGold Ashanti Limited is a global gold mining company. It was formed in 2004 by the merger of AngloGold and the Ashanti Goldfields Corporation.AngloGold Ashanti Limited is now a global gold producer with 21 operations on four continents...
in early 2009. - Bronzewing Gold MineBronzewing Gold MineThe Bronzewing Gold Mine is a gold mine located approximately 83 km north-east of Leinster, Western Australia. The mine, owned by Navigator Resources Limited, was, until early 2010, in care and maintenance after its previous owner, View Resources Limited went into administration.The mine is...
: Bronzewing was acquired in June 2000 when Normandy took over Great Central Mines, the mine stayed with the company until the Newmont takeover. In July 2004, View Resources purchased the mine from Newmont for A$9.0 million. - Golden Grove MineGolden Grove MineThe Golden Grove Mine is a copper, lead, silver, zinc and gold mine located 52 km south-south-east of Yalgoo, Western Australia.It is operated by Minerals and Metals Group, which was formed after its parent company, China Minmetals, bought the mine from OZ Minerals in June 2009...
: Golden Grove was acquired in November 1991 from Australian Consolidated Minerals Pty Ltd and stayed with Newmont until its sale to Oxiana LimitedOxiana LimitedOxiana Limited was an Australia-based copper and gold miner and exploration company. The company's operations were located in Laos, Australia, Cyprus and the Philippines...
in June 2005 for A$265 million. Golden Grove was Normandy's only zinc mine, but also produced gold. - Jubilee Gold Mine: Jubilee was acquired from Hampton Australia in January 1994. In April 1996, it was acquired by New Hampton Goldfields Limited.
- Jundee Gold MineJundee Gold MineThe Jundee Gold Mine is an active gold mine in Western Australia, approximately 55 km north east of the town of Wiluna, owned by Newmont Mining.-History:...
: Jundee was part of the GMC deal in 2000 and continues to be operated by Newmont. - Super Pit gold mineSuper Pit gold mineThe Fimiston Open Pit, colloquially known as the Super Pit, is Australia's largest open cut gold mine. The Super Pit is located off the Goldfields Highway on the south-east edge of Kalgoorlie-Boulder, Western Australia. The pit is oblong in shape and is approximately 3.5 kilometres long, 1.5...
: Normandy held 50% of the Kalgoorlie Consolidated Gold Mines Pty Ltd, operator of the Super Pit gold mine, a stake Newmont has retained. The other 50% are held by Barrick GoldBarrick GoldBarrick Gold Corporation is the largest pure gold mining company in the world, with its headquarters in Toronto, Ontario, Canada; and four regional business units located in Australia, Africa, North America and South America...
. - Wiluna Gold MineWiluna Gold MineThe Wiluna Gold Mine is an active gold mine in Western Australia near the town of Wiluna. The mine was active from 1984 till its closure in 2007; when it was put into care and maintenance; and again since late 2008....
: Like Jundee and Bronzewing, Normandy acquired Wiluna in the GMC take over and brought it to Newmont. Agincourt Resources purchased the mine on 10 December 2003 from Newmont for shares and $3.65 million in cash.
Gold
| Year | Production | Cost per ounce |
| 1997-98 | 1,737,231 ounces 1 | A$321 |
| 1998-99 | 1,670,674 ounces | A$329 |
| 1999-2000 | 1,972,800 ounces | A$303 |
| 2000-01 | 2,302,038 ounces | A$301 |
| 2001-02 |
- 1 Of which 1,433,900 ounces were attributable to Normandy.
Zinc
| Year | Production |
| 1997-98 | 132,800 tonnes |