Normandy Mining

Normandy Mining

Type	Public, ASX: NDY
Industry	Resources
Predecessor	Northwest Tantalum NL Amad NL Normandy Resources NL Normandy Poseidon Limited
Defunct	2002
Headquarters	Adelaide, Australia
Key people	Robert Champion de Crespigny (Chairman of the Board)
Products	Gold, Zinc
Production output	Gold: 2,302,038 ounces (2000-01)
Website	http://www.normandy.com.au (offline)

Normandy Mining was an Australian mining company which predominantly mined gold. Normandy was, during much of the late 20th century, Australia's largest gold miner.^[1][2]

Normandy ceased to exist when it was taken over by the Newmont Mining Corporation in February 2002,^[3] and became Newmont Asia Pacific instead.^[4]

The company produced gold mainly from its Western Australian 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.^[5]

Overview

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 Exchange 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.^[6]

The company was also listed on the Toronto Stock Exchange and the Montreal Exchange.^[7]

Early history

On 1 July 1981, Robert Champion de Crespigny was appointed a company director, later to serve as the chairman of the company until its take over by Newmont.^[8] 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.^[9]

In October 1996, Normandy took over Posgold Limited.^[10]

Great Central Mines takeover

In early 1999, Normandy made an offer for Great Central Mines, a company led by the ordained Rabbi Joseph Gutnick,^[11][12] through Yandal Gold, a company it owned a 49.9% interest in.^[13] This offer came under investigation from the Australian Securities and Investments Commission, which demanded a termination of the offer on 23 March 1999.^[14] 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.^[15]

The deal nevertheless went ahead and brought the Bronzewing, Jundee and Wiluna Gold Mine's to the company.

Newmont takeover

In late 2001, AngloGold 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.^[16] AngloGold's offer was valued at A$3.2 billion, 30% above Normandy's share price at the time.^[1]

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,^[3][17] and became Newmont Australia instead. Newmont had also, at the same time, taken over the Franco-Nevada Mining Corporation Limited, making the company the world's largest gold producer.^[4] Had AngloGold succeeded in its bid, they would have become the world's largest producer instead.^[18][19]

Operations

Western Australia

• Big Bell Gold Mine: 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.^[20]
• Boddington Gold Mine: 33.33% owned by Normandy, Boddington is now fully owned by Newmont, having bought out Newcrest Mining's 22.22% in 2006^[21] and the remainder from AngloGold Ashanti in early 2009.
• Bronzewing Gold Mine: 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.^[22]
• Golden Grove Mine: Golden Grove was acquired in November 1991 from Australian Consolidated Minerals Pty Ltd and stayed with Newmont until its sale to Oxiana Limited in June 2005 for A$265 million.^[23] 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.^[24]
• Jundee Gold Mine: Jundee was part of the GMC deal in 2000 and continues to be operated by Newmont.^[25]
• Super Pit gold mine: 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% is held by Barrick Gold.^[26]
• Wiluna Gold Mine: 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.^[27]

Production

Annual production figures of the company:

Gold

• ¹ Of which 1,433,900 ounces were attributable to Normandy.

Zinc

References

External links

• MINEDEX website