Nor­ton head­quar­ters to be in Kal­go­or­lie

Kalgoorlie Miner - - NEWS -

Nor­ton Gold­fields will re­lo­cate its head of­fice to Kal­go­or­lie be­fore the end of 2015.

This was one of the an­nounce­ments in a multi-lay­ered press re­lease from the com­pany yesterday, say­ing it has be­come a wholly owned sub­sidiary of Zi­jin Min­ing Group Ltd.

The changes have come im­me­di­ately af­ter Fed­eral Court ap­proval of a scheme of ar­range­ment be­tween Nor­ton Gold­fields and its share­hold­ers.

Nor­ton chief ex­ec­u­tive and man­ag­ing di­rec­tor Dian­min Chen will leave the com­pany in the next few months. He was ap­pointed to the role in Au­gust, 2012.

Un­der his con­trol, the press re­lease said, Nor­ton in­creased its gold out­put, re­duced pro­duc­tion costs, re­in­forced a strong cul­ture of safety, and gave Zi­jin an “in­valu­able bridge” into Aus­tralian mar­kets.

The Nor­ton Board will be fi­nalised shortly.

The Fed­eral Court ap­proval of the scheme of ar­range­ment, al­lows the Zi­jin Min­ing Group Co Ltd, its ma­jor­ity share­holder, to ac­quire Nor­ton.

It will be im­ple­mented by al­low­ing a wholly-owned sub­sidiary, Jinyu (HK) In­ter­na­tional Min­ing Co Ltd, to ac­quire all is­sued Nor­ton shares in Nor­ton it does not al­ready own.

The scheme be­comes ef­fec­tive once a copy of the Fed­eral Court or­ders are lodged with the Aus­tralian Se­cu­ri­ties and In­vest­ments Com­mis­sion, which was ex­pected to oc­cur yesterday af­ter­noon.

Un­der the scheme, par­tic­i­pat­ing Nor­ton share­hold­ers will re­ceive $0.25 cash for each Nor­ton share they hold on the record date of June 25, 2015.

Pic­ture: Paul Braven

Dian­min Chen

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