Normandy Mining

Normandy Mining was an Australian mining company whose principal business was the exploration, development, and operation of gold mines. For much of the late twentieth century, it ranked as Australia's largest gold producer and built a substantial portfolio concentrated in Western Australia, with additional operations and interests in the Northern Territory, Queensland, and selected international locations. Its assets included interests in major Australian mines such as Boddington and the Kalgoorlie Super Pit, as well as wholly or partly owned operations including Bronzewing, Jundee, Wiluna, Golden Grove, and Big Bell at different points in its history. The company began in 1954 as Northwest Tantalum NL, founded by J. G. Donaldson. It subsequently changed names as its activities and corporate strategy evolved: it became Amad NL in 1966, Normandy Resources NL in 1985, Normandy Poseidon Limited in 1991, and Normandy Mining Limited in 1995. The company was listed on the Australian Securities Exchange and also had listings in Canada. The 1991 merger with Poseidon NL was an important step in the formation of the Normandy business that later became a major Australian gold producer. Robert Champion de Crespigny joined the board in 1981 and later became chairman. Under his leadership, Normandy developed from a relatively small exploration company into a large, acquisitive mining group. A central part of its growth strategy was the purchase of producing mines and the consolidation of gold assets. In 1996, Normandy acquired Posgold Limited. In 1999 and 2000, it pursued and completed the acquisition of Great Central Mines through Yandal Gold, in which Normandy held a 49.9 percent interest. That transaction added the Bronzewing, Jundee, and Wiluna mines to the company's portfolio and materially strengthened its Western Australian position. In 1998, Western Australian mines generated approximately half of Normandy's production, while mines in the Northern Territory and Queensland each contributed roughly 15 percent. International production accounted for less than 10 percent of the company's output at that time. Although gold dominated the business, Normandy also held the Golden Grove operation, which produced zinc as well as gold and represented a diversification from its principal commodity. Normandy became the subject of a major corporate contest in late 2001 and early 2002. AngloGold made an offer for the company, but Newmont ultimately outbid it with a higher proposal. Newmont acquired Normandy through Delta Acquisition LLC in February 2002. Normandy was delisted from the Australian Securities Exchange on 1 July 2002 and its business was incorporated into Newmont Australia. The acquisition, made alongside Newmont's purchase of Franco-Nevada, helped create what was then the world's largest gold-producing company. Normandy therefore survives primarily as a historical corporate brand and predecessor to assets later managed by Newmont rather than as an independent operating company.

Normandy Mining originated in 1954 as Northwest Tantalum NL, a company founded by J. G. Donaldson. It was renamed Amad NL in August 1966 and later Normandy Resources NL in December 1985. The company developed from an exploration-oriented resources business into a major mining group as its portfolio shifted increasingly toward gold. A major corporate turning point came in 1981, when Robert Champion de Crespigny joined the board. He subsequently served as chairman until Normandy's takeover by Newmont. During this period, the company expanded substantially through exploration, mine development, corporate mergers, and acquisitions. The 1991 merger with Poseidon NL resulted in the name Normandy Poseidon Limited, and the company adopted the name Normandy Mining Limited in June 1995. It was listed on the Australian Securities Exchange and also maintained listings on the Toronto Stock Exchange and Montreal Exchange. Normandy's expansion accelerated in the 1990s. It acquired Posgold Limited in October 1996 and accumulated interests in a number of significant Australian mining operations. Its portfolio was concentrated in Western Australia, although the company also produced in the Northern Territory and Queensland and maintained a smaller international production contribution. Gold was the dominant commodity, while Golden Grove provided zinc exposure alongside gold production. The most contentious stage of Normandy's expansion involved Great Central Mines. In early 1999, Normandy pursued the company through Yandal Gold, in which it held a 49.9 percent interest. The Australian Securities and Investments Commission intervened and sought termination of the offer. Subsequent court proceedings found that Gutnick and de Crespigny had acted unlawfully and deceptively in relation to the structure of the bidding activity. The court determined that Gutnick, rather than de Crespigny, had received the relevant benefit and ordered Gutnick to repay A$28.5 million to investors. Despite the controversy, the transaction proceeded and brought the Bronzewing, Jundee, and Wiluna gold mines into Normandy's operating portfolio. At its peak, Normandy was regarded as Australia's largest gold miner. In 1998, approximately half of its production came from Western Australia, with the Northern Territory and Queensland each contributing about 15 percent and international operations contributing less than 10 percent. Its interests included a stake in Boddington and a 50 percent interest in Kalgoorlie Consolidated Gold Mines, operator of the Super Pit gold mine. Normandy became the focus of a takeover battle at the end of 2001. AngloGold initially offered A$1.43 per Normandy share and later increased its offer, but Newmont made a superior proposal of A$1.70 per share. AngloGold's offer closed in January 2002 after it failed to secure sufficient acceptances. Newmont completed its acquisition through Delta Acquisition LLC in February 2002. Normandy was delisted from the Australian Securities Exchange on 1 July 2002 and reorganized as part of Newmont Australia. The acquisition, combined with Newmont's contemporaneous acquisition of Franco-Nevada, created the world's largest gold producer at that time. Normandy's independent corporate existence ended, although several of its former assets continued under subsequent ownership or Newmont management.

• 2002

  Acquired by Newmont and subsequently delisted

  [1]Normandy Miningen.wikipedia.org

  Newmont completed the acquisition in February, and Normandy was delisted from the ASX on 1 July 2002.

• 2000

  Great Central Mines assets entered Normandy's portfolio

  [1]Normandy Miningen.wikipedia.org

  The transaction brought the Bronzewing, Jundee, and Wiluna gold mines into the group.

• 1999

  Pursued Great Central Mines through Yandal Gold

  [1]Normandy Miningen.wikipedia.org

  Normandy used its 49.9 percent interest in Yandal Gold in an ultimately successful but legally contested bid for Great Central Mines.

• 1996

  Acquired Posgold Limited

  [1]Normandy Miningen.wikipedia.org

  Normandy took over Posgold Limited in October 1996.

• 1995

  Adopted Normandy Mining name

  [1]Normandy Miningen.wikipedia.org

  The company changed its name to Normandy Mining Limited on 20 June 1995.

• 1994

  Acquired Jubilee Gold Mine

  [1]Normandy Miningen.wikipedia.org

  Normandy acquired the Jubilee Gold Mine from Hampton Australia in January 1994.

• 1991

  Merged with Poseidon NL

  [1]Normandy Miningen.wikipedia.org

  The merger led to the name Normandy Poseidon Limited and marked an important stage in the company's consolidation.

• 1985

  Renamed Normandy Resources NL

  [1]Normandy Miningen.wikipedia.org

  The company adopted the name Normandy Resources NL on 12 December 1985.

• 1981

  Robert Champion de Crespigny joined the board

  [1]Normandy Miningen.wikipedia.org

  Robert Champion de Crespigny became a director and later led the company as chairman.

• 1966

  Renamed Amad NL

  [1]Normandy Miningen.wikipedia.org

  The company changed its name to Amad NL on 12 August 1966.

• 1954

  Company founded as Northwest Tantalum NL

  [1]Normandy Miningen.wikipedia.org

  J. G. Donaldson founded the company under the name Northwest Tantalum NL.

A large Australian gold-mining and resources company built through mine development, exploration, and acquisitions, with a portfolio centered on Western Australian gold production.

• Precious metals

  Gold

  Gold was Normandy Mining's principal commodity and the foundation of its identity as a major Australian resources company. Production came primarily from Western Australian mines, supplemented by operations and interests in the Northern Territory, Queensland, and smaller international activities. The portfolio included both standalone gold mines and gold produced as a by-product or alongside other minerals.

• Base metals

  Zinc

  Zinc was a secondary commodity for Normandy and was associated principally with the Golden Grove Mine in Western Australia. Golden Grove was described as Normandy's only zinc mine, although the operation also produced gold. The asset provided some commodity diversification within a business otherwise dominated by gold.

• Gold mine interest

  Boddington Gold Mine interest

  Normandy held a 33.33 percent interest in the Boddington Gold Mine. The asset later became fully owned by Newmont after Newmont acquired additional interests from Newcrest and AngloGold Ashanti.

• Gold mine interest

  Kalgoorlie Super Pit interest

  Normandy held 50 percent of Kalgoorlie Consolidated Gold Mines, the company operating the Super Pit gold mine. The interest passed to Newmont in the takeover and was retained by Newmont.

• Gold mines · 2000

  Bronzewing, Jundee, and Wiluna mines

  These Western Australian gold assets entered Normandy's portfolio through the Great Central Mines transaction. They subsequently followed different ownership paths: Jundee remained with Newmont, while Bronzewing and Wiluna were later sold to other companies.

• 1999

  Great Central Mines takeover controversy

  The proposed Great Central Mines takeover through Yandal Gold was investigated by the Australian Securities and Investments Commission. Court proceedings found that Joseph Gutnick and Robert Champion de Crespigny had unlawfully and deceptively structured their joint bidding activity. Gutnick was ordered to return A$28.5 million to investors.

  Source

Read more

• 2002

  Accept Newmont takeoverM&A

  Background

  Normandy faced competing takeover proposals from AngloGold and Newmont during a contest that could determine which company became the world's largest gold producer.

  Action taken

  Newmont acquired Normandy through Delta Acquisition LLC in February 2002 after offering superior consideration to AngloGold.

  Aftermath

  Normandy was delisted from the ASX and its operations were integrated into Newmont Australia.

  Newmont offer value per Normandy share. A$1.70 per share (Late 2001 to February 2002)

  • AngloGold — AngloGold increased its offer but closed the bid in January 2002 after failing to obtain sufficient acceptances.

  Source

• 1999

  Proceed with Great Central Mines acquisitionM&A

  Background

  Normandy pursued Great Central Mines through Yandal Gold while the proposed transaction was under regulatory scrutiny.

  Action taken

  Despite the investigation and subsequent court findings concerning the bidding structure, the transaction proceeded and added Bronzewing, Jundee, and Wiluna to Normandy's portfolio.

  Aftermath

  The acquisition strengthened Normandy's Western Australian gold position but remained associated with one of the company's most significant corporate controversies.

  Source

1. 1Normandy Miningen.wikipedia.org