Industry Resources Products Gold, Zinc Type of business NDY (Public, ASX) | Defunct 2002 Headquarters Adelaide, Australia Ceased operations 2002 | |
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Predecessor Northwest Tantalum NL
Amad NL
Normandy Resources NL
Normandy Poseidon Limited Key people Robert Champion de Crespigny
(Chairman of the Board) Production output Gold: 2,302,038 ounces
(2000-01) Key person Robert Champion de Crespigny | ||
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.
Contents
- Names and listings
- Early history
- Great Central Mines takeover
- Newmont takeover
- Western Australia
- Production
- Gold
- References
Normandy ceased to exist when it was taken over by the Newmont Mining Corporation in February 2002, and became Newmont Asia Pacific instead.
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.
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.
The company was also listed on the Toronto Stock Exchange and the Montreal Exchange.
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. 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 Mines, 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.
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. 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 world's largest gold producer. Had AngloGold succeeded in its bid, they would have become the world's largest producer instead.
Western Australia
Production
Annual production figures of the company: