Norton headquarters to be in Kalgoorlie
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.