Westgold Resources

Last updated

Westgold Resources
ASX:  WGX
IndustryGold mining
Founded27 July 1987
Headquarters
Perth, Western Australia
,
Australia
Key people
Products Gold
Production output
245,066 ounces (2020–21) [1]
Revenue
  • Increase2.svg A$571,100,000 (2020–21)
  • A$492,300,000 (2019–20)
[1]
Website www.westgold.com.au

Westgold Resources is an Australian-based, Australian Securities Exchange-listed (ASX) gold producer and explorer based in Perth, Western Australia.

Contents

Formed in 1987, the company briefly lost its independence and was delisted from the ASX after it merged with Metals X in 2012, but the two companies de-merged in 2016 and Westgold was re-listed.

2022, Westgold operates three mining centres in Western Australia, the Fortnum Gold Mine, the Meekatharra Gold Operation centred around the Bluebird Gold Mine, and the Cue Gold Operation, which includes the historic Big Bell Gold Mine.

History

Gold mines in the Mid West region, with Westgold Resources mines located at Fortnum, Meekatharra (Bluebird) and Cue (Big Bell) Gold mines Meekathara Leinster 2.svg
Gold mines in the Mid West region, with Westgold Resources mines located at Fortnum, Meekatharra (Bluebird) and Cue (Big Bell)

Westgold Resources was incorporated in Western Australia on 27 July 1987 and listed on the Australian Securities Exchange under the code of WGX. [2] The company underwent a number of name changes in its early years, originally being formed as Jenwood Resources NL, becoming Poverty Gold NL in April 1990, Gold and Resource Holdings NL in August 1993, Westgold Resources NL in January 1994 and Westgold Resources Limited in January 2008. [3]

Metals X acquired a 27 percent interest in Westgold in 2006. In May 2011, Westgold merged with Aragon Resources Limited, which owned a number of non-operational gold mining assets in the Murchison Goldfields, among them the historic Big Bell Gold Mine. Historically, the gold tenements Aragon brought to the merger had produced 5 million ounces of gold. [2]

In 2012, Metals X took complete control of Westgold, at a reported cost of A$67 million, [4] and de-listed the company from the ASX but maintained it as a subsidiary. In October 2013, Westgold purchased the Australian gold assets of Alacer Gold Corporation, thereby acquiring the operational South Kalgoorlie Gold Mine and the Higginsville Gold Mine, thereby becoming a gold producing company. [2] [5]

The South Kalgoorlie remained with Westgold after the de-merger, [6] but the company sold the mine in March 2018 for A$80 million to Northern Star Resources, of which A$20 minion was paid in cash and the remainder in shares. [7] The Higginsville mine was sold in June 2019 to Canadian company RNC Minerals for A$50 million, half of which was paid in cash and the remainder in shares. RNC Minerals, at the time, already owned the nearby Beta Hunt Mine. [8]

In June 2014, Westgold acquired the Meekatharra Gold Operation, centered around the Bluebird Gold Mine, from the administrators of GMK Exploration, recommencing mining at Meekatharra in June 2015. [2]

In October 2015, Westgold acquired the Fortnum Gold Mine. [2]

Metals X and Westgold de-merged in December 2016 and the latter was subsequently re-listed on the ASX. While a number of Metals X board members initially remained on the board of both companies, Peter Cook became the managing director of Westgold, with the intention of resigning from the Metals X board in the following year. [9]

Cook, a director of the company since 2004, retired from his position as chairman in March 2022, being replaced by Cheryl Edwardes. [10]

Production

Annual production of the company since becoming a gold producer in late 2013: [11] [12] [13] [14] [15] [16] [1]

YearGold production
2013–14138,193 ounces Increase2.svg
2014–15150,902 ounces Increase2.svg
2015–16173,596 ounces Increase2.svg
2016–17266,906 ounces Increase2.svg
2017–18253,210 ounces Decrease2.svg
2018–19255,221 ounces Increase2.svg
2019–20235,196 ounces Decrease2.svg
2020–21245,066 ounces Increase2.svg

Related Research Articles

The Paulsens Gold Mine is a gold mine located 105 km south of Pannawonica, Western Australia, within the pastoral lease of the Mount Stuart Station. It is fully owned by Northern Star Resources, having purchased the mine from Intrepid Mines Limited in July 2010. Production at the mine was halted in December 2017 and is currently in care and maintenance.

The Carosue Dam Gold Mine is a gold mine located south of Laverton, Western Australia.

The Wattle Dam Gold Mine is a gold mine located 25 km south west of Kambalda, Western Australia and is owned by Maximus Resources.

The Coolgardie Gold Mine is a gold mine located at Coolgardie, Western Australia, currently owned by Focus Minerals Limited. The mine and its Three Mile Hill Processing Plant has been in care and maintenance since June 2013.

The Higginsville Gold Mine is a gold mine located near Higginsville, 45 km north of Norseman, Western Australia.

The Kanowna Belle Gold Mine is a gold mine 19 kilometres (12 mi) north-east of Kalgoorlie, Western Australia, near the ghost town of Kanowna.

The South Kalgoorlie Gold Mine is a gold mine located south-west of Kalgoorlie, Western Australia. The mine is sometimes also referred to as "South Kal Mines - New Celebration", being a merger of the former New Celebration Gold Mine and the Jubilee Gold Mine, which were combined in 2002.

The Frog's Leg Gold Mine is a gold mine located 19 km west of Kalgoorlie, Western Australia, owned and operated by Australian company Evolution Mining Limited, who purchased the mine in 2015.

The BrightStar Gold Mine is a gold project located 35 km south-east of Laverton, Western Australia. Operations at Brightstar are suspended with the processing plant under care and maintenance.

Bluebird Gold Mine Gold mine in Western Australia

The Bluebird Gold Mine is a gold mine located 15 km south-south-west of Meekatharra, Western Australia.

Hill 50 Gold Mine Gold mine in Western Australia

The Hill 50 Gold Mine, now referred to as the Mount Magnet Gold Mine, is a gold mine located 4 km north-west of Mount Magnet, Western Australia. The mine was, until July 2010, owned by Harmony Gold and had been placed in care and maintenance since 2007. In July 2010, Harmony sold the mine to Ramelius Resources, owner of the Wattle Dam Gold Mine, for A$40 million.

The Thunderbox Gold Mine is a gold mine 41 km south-east of Leinster, Western Australia. It was formerly owned by Norilsk Nickel, which placed it in care and maintenance in 2007, but is now owned by Northern Star Resources.

Big Bell Gold Mine Gold mine in Western Australia

The Big Bell Gold Mine is a gold mine located at Big Bell, 24 km north-west of Cue, Western Australia. The mine was owned and operated by Harmony Gold at the time of its closure in June 2003, having produced 2.6 million ounces of gold during its lifetime, but was sold to Aragon Resources Limited in January 2010.

Avoca Resources Limited Australian gold mining company

Avoca Resources Limited was an Australian gold mining company, based in Perth, Western Australia. It merged in with Anatolia Minerals Development Limited in 2011 to form Alacer Gold.

The Kirkalocka Gold Mine is an active gold mine located 70 km south of Mount Magnet, Western Australia. The mine had been placed in care and maintenance in 2008 but reopened for a brief period between 2018 and 2021. The mine's owner, Adaman Resources, was placed into administration in May 2021.

Evolution Mining is an Australian gold mining company with projects across Australia and in Ontario, Canada.

Northern Star Resources Gold mining company

Northern Star Resources is an Australian gold mining company with operations in Western Australia and Alaska.

The Duketon Gold Project is a gold mining operation located between 100 km (62 mi) and 130 km (81 mi) north of Laverton. It is owned by the Australian mining company Regis Resources.

Regis Resources is an Australian-based, Australian Securities Exchange-listed (ASX) gold producer and explorer based in Subiaco, Western Australia.

References

  1. 1 2 3 "Westgold Resources Annual Report 2021". www.asx.com.au. Westgold Resources. 28 October 2021. Retrieved 20 May 2022.
  2. 1 2 3 4 5 "Demerger Information Memorandum" (PDF). www.asx.com.au. Westgold Resources. 31 October 2016. Retrieved 20 May 2022.
  3. ↑ "JENWOOD RESOURCES NL (JWR)". www.delisted.com.au. Retrieved 20 May 2022.
  4. ↑ Latimer, Cole (14 May 2012). "Westgold to merge with Metals X". Australian Mining. Retrieved 20 May 2022.
  5. ↑ Latimer, Cole (24 September 2013). "Alacer Gold sells off all its Australian mines". Australian Mining. Retrieved 20 May 2022.
  6. ↑ Evans, Nick (24 November 2016). "Nod for Metals X's gold spin-off". The West Australian . Retrieved 20 May 2022.
  7. ↑ Hosie, Ewen (8 March 2018). "Westgold Resources to sell South Kalgoorlie Operations to Northern Star for $80m". Australian Mining. Retrieved 20 May 2022.
  8. ↑ Hosie, Ewen (12 June 2019). "RNC Minerals completes $50m Higginsville acquisition". Australian Mining. Retrieved 20 May 2022.
  9. ↑ "Demerger Effective" (PDF). www.asx.com.au. Metals X. 1 December 2016. Retrieved 20 May 2022.
  10. ↑ "Board changes at Westgold". www.asx.com.au. Westgold Resources. 25 March 2022. Retrieved 20 May 2022.
  11. ↑ "Metals X Annual Report 2014" (PDF). www.asx.com.au. Metals X. 24 October 2014. Retrieved 21 May 2022.
  12. ↑ "Metals X Annual Report 2015" (PDF). www.asx.com.au. Metals X. 23 October 2015. Retrieved 21 May 2022.
  13. ↑ "Metals X Annual Report 2016" (PDF). www.asx.com.au. Metals X. 17 October 2016. Retrieved 21 May 2022.
  14. ↑ "Westgold Resources Annual Report 2017" (PDF). www.asx.com.au. Westgold Resources. 20 October 2017. Retrieved 20 May 2022.
  15. ↑ "Westgold Resources Annual Report 2018" (PDF). www.asx.com.au. Westgold Resources. 26 October 2018. Retrieved 20 May 2022.
  16. ↑ "Westgold Resources Annual Report 2019" (PDF). www.asx.com.au. Westgold Resources. 18 October 2019. Retrieved 20 May 2022.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.