Normandy Mining

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Normandy Mining
Type Public, ASX: NDY
Industry Resources
Predecessors 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[edit]

Names and listings[edit]

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[edit]

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[edit]

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[edit]

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[edit]

Western Australia[edit]

Production[edit]

Annual production figures of the company:

Gold[edit]

Year Production Cost per ounce
1997-98 [28] 1,737,231 ounces 1 A$321
1998-99 [29] 1,670,674 ounces A$329
1999-2000 [30] 1,972,800 ounces A$303
2000-01 [31] 2,302,038 ounces A$301
2001-02
  • 1 Of which 1,433,900 ounces were attributable to Normandy.

Zinc[edit]

Year Production
1997-98 [32] 132,800 tonnes

References[edit]

  1. ^ a b Normandy Mining takeover ABC, published: 5 September 2001, accessed: 11 February 2010
  2. ^ COMPANY NEWS; NORMANDY MINING GETS AMERICAS STAKE IN TVX GOLD DEAL The New York Times, published: 27 April 1999, accessed: 11 February 2010
  3. ^ a b View Project Owners: Jundee - Nimary accessed: 19 December 2009
  4. ^ a b Unveils new global image to reflect Normandy/Franco Acqs Newmont ASX announcement, published: 6 June 2002, accessed: 13 February 2010
  5. ^ Fourth Quarter Activities Report - Part C Normandy ASX announcement, published: 21 July 1998, accessed: 11 February 2010
  6. ^ NORMANDY MINING LIMITED (NDY) delisted.com.au, accessed: 11 February 2010
  7. ^ Second Quarter Activities Report Normandy ASX announcement, published: 19 January 1998, accessed: 11 February 2010
  8. ^ Initial Director`s Interest Notice x 7 Normandy ASX announcement, published: 8 January 2002, accessed: 11 February 2010
  9. ^ Old miners never die The Age, published: 23 June 2005, accessed: 11 February 2010
  10. ^ POSGOLD LIMITED (PGO) delisted.com.au, accessed: 11 February 2010
  11. ^ Minerals boom leads to Bronzewing revival Australian Broadcasting Corporation, broadcast: 27 November 2006, accessed: 15 December 2009
  12. ^ Chairman Argus has a little bet each way The Age, published: 8 February 2008, accessed: 11 February 2010
  13. ^ Notice re: Takeover Offer for Great Central Mines Normandy ASX announcement, published: 11 January 1999, accessed: 11 February 2010
  14. ^ Yandal Gold Part A T/O Offer for GCM - ASIC Investigation Normandy ASX announcement, published: 23 March 1999, accessed: 11 February 2010
  15. ^ Miners found to have illegally restructured company, ABC radio, 16 June 1999 accessed: 12 February 2010
  16. ^ Anglogold closes its offer for Normandy Normandy ASX announcement, published: 21 January 2002, accessed: 11 February 2010
  17. ^ Search results: Company announcements for NORMANDY MINING LIMITED (NDY) ASX website, accessed: 11 February 2010
  18. ^ Australian authorities okay Newmont Mining bid for Normandy Mining The Financial Express, published: 15 January 2002, accessed: 14 February 2010
  19. ^ AngloGold battles for pole position in global gold mining The Independent, published: 28 November 2001, accessed: 14 February 2010
  20. ^ NDY`s ann: Sale of Big Bell Normandy Mining ASX announcement, published: 8 October 1999, accessed: 6 February 2010
  21. ^ Barry Fitzgerald (14 February 2006). "Newmont takes rest of Boddington". Sydney Morning Herald. 
  22. ^ "Bronzewing". View Resources Limited website. 2006. Archived from the original on 2009-12-16. Retrieved 2009-12-15. 
  23. ^ To Acquire Golden Grove Mine from Newmont Oxiana ASX announcement, published: 24 June 2005, accessed: 11 January 2010
  24. ^ MINEDEX website - Junilee search result accessed: 7 February 2010
  25. ^ Jundee, Western Australia Newmont website, accessed: 20 December 2009
  26. ^ MINEDEX website Golden Mile / KCGM search result, accessed: 26 January 2010
  27. ^ Delisted.com.au: Agincourt Resources accessed: 26 December 2009
  28. ^ Fourth Quarter Activities Report - Part A Normandy ASX announcement, published: 21 July 1998, accessed: 11 February 2010
  29. ^ Fourth Quarter Activities Report - Part D Normandy ASX announcement, published: 19 July 1999, accessed: 11 February 2010
  30. ^ Fourth Quarter Activities Report - Part D Normandy ASX announcement, published: 19 July 2000, accessed: 11 February 2010
  31. ^ Fourth Quarter Activities Report - Part D Normandy ASX announcement, published: 26 July 2001, accessed: 11 February 2010
  32. ^ Fourth Quarter Activities Report - Part B Normandy ASX announcement, published: 21 July 1998, accessed: 11 February 2010

External links[edit]