Norton’ssolidstart
One year in and making the grade
Norton Gold Fields is an established, mid-tier gold producer with
production guidance for 2013 of 163,000 to 167,000 ounces
of gold. Norton’s primary asset is its 678 square kilometre
mining and exploration tenement package within the Kalgoorlie
gold province, centred around the strategically located
Paddington mill, 35 kilometres north-west of Kalgoorlie.
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When Norton announced Zijin Mining Group’s successful
acquisition of a majority stake in the company at the 2012
Diggers & Dealers Forum, the clear mandate from the new
largest shareholder and China’s largest gold producer was to
double production to 300,000 ounces of gold within three to five
years”. These were the opening words from Dr Dianmin Chen,
Chief Executive of Norton Gold Fields at the 2013 Diggers &
Dealers conference. He accepted the mission and reported
on progress over the past year – a period which has not been
without its challenges for the gold sector.
A former Barrick Gold executive, Dr Chen wants the Zijin
acquisition to be a showcase for successful Chinese investment
in Australian miners. Following the acquisition, the company
set up a new corporate structure with clear objectives to
improve safety, grow production, reduce costs and invest in
future growth.
Norton has made a solid start to achieving its objectives. The
lost time injury frequency rate has been halved, although work
remains to achieve the goal of Zero Harm. Half year (January to
June 2013) gold production of 85,517 ounces was well above
guidance of 76 to 80,000 ounces and C1 cash costs of
A$1,031, significantly below guidance of A$1,060-1,140.
Dr Dianmin Chen
Chief Executive Officer
Norton Gold Fields Ltd
Process plant at the Paddington operations
Minesite 2013
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