News

HopgoodGanim advises Norton Gold Fields on Kalgoorlie Mining Company takeover

18 April 2013

HopgoodGanim has advised Western Australian gold company Norton Gold Fields on its friendly multi-million dollar off-market takeover of Kalgoorlie Mining Company.

The two companies have signed a Bid Implementation Deed under which Norton Gold Fields will offer to acquire all Kalgoorlie Mining Company shares at an offer price of 0.054 Norton shares and 0.054 Norton options for each Kalgoorlie Mining Company share.

According to HopgoodGanim partner Michele Muscillo, who led the team advising Norton Gold Fields on the transaction, the deal offers a number of advantages for both parties, who are neighbouring gold companies in Western Australia’s Kalgoorlie Goldfields region.

“This acquisition will allow Norton Gold Fields and Kalgoorlie Mining Company to streamline production processes and improve cost efficiencies, providing benefits for the shareholders of both companies.

“Norton Gold Fields’ parent company, Zijin Mining Group, is China's largest gold producer, and has made a number of significant investments in Australia’s resources sector in recent times. We continue to see strong interest from Chinese miners and investors in our mining industry generally, which is an encouraging sign for local explorers and producers.”

The directors of Kalgoorlie Mining Company have unanimously recommended that their shareholders accept the offer, in the absence of a superior proposal.

HopgoodGanim also advised Norton Gold Fields on its $229.4 million takeover by Zijin Mining Group in 2012.

Contact:
Esther Cohen, Senior Communications Advisor
Tel: 07 3024 0192