Takeover of Norton Gold Imminent

By Bizclik Editor

The biggest shareholder in Norton Gold Fields, Zijin, has announced a $229 million indicative takeover offer of the Kalgoorlie-based miner, Business Spectator announced today.

The Chinese gold producer has stirred speculation of a potential takeover since becoming a 16.98 per cent stakeholder in the company last September, and talks between the two companies have been in progress since January.


Click here to read the latest issue of Business Review Australia

While the details are still being sorted out, according to a media statement released by Norton Gold today, Zijin will pay $0.27 for each remaining share of Norton until the producer owns at least 50.1 per cent of the total shares. This offer price includes a $0.02 per cent dividend.

"It makes a lot of sense to use Norton as a platform," said Norton Gold’s managing director Andre Labuschange of Zijin’s plans to increase their presence in Australia’s mining sector.

The offer has not yet been made formal.


Featured Videos

View all

Schneider Electric - Global Specialist in Energy Management

Digital Strategy

Allianz Malaysia: Closer to customers through digital