Norton has actively invested in growth, with $65 million
spent on a new owner mining fleet and further funds expended
to fast track the development of the new base load at Enterprise
mine. Enterprise was approved, financed, largely constructed,
stocked with commissioned equipment and officially opened in
just five months.
Future growth will come from increased base load grade at
Enterprise mine, technological innovation, and mergers and
acquisitions (M&A) activities, such as the recent takeover of
Kalgoorlie Mining Company. Future M&A transactions could
diversify the shareholder base further and improve the liquidity
of Norton shares. Importantly, the company has access to a
low cost financial facility to fund growth. Paddington’s gold
inventory will support the project pipeline for the Paddington
operations in excess of 10 years, and includes ore reserves of
1.13
million ounces of gold with a mineral resource of 6.19
million ounces of gold. The pipeline consists of more than 80
identified projects including active mines, advanced mining
projects, resource development projects and advanced targets.
The Mt Pleasant project area, 20 kilometres south-west of
Paddington, is a current open pit and underground mining hub,
and remains the focus for exploration and resource development.
Open cut mining is in progress at the Enterprise, Navajo
Chief, Green Gum and Golden Flag deposits. With an average
grade of 1.72 grams per tonne (g/t), Enterprise is significantly
higher than that of Navajo Chief (1.0g/t) and is expected
to contribute significantly to Paddington’s increasing
production profile and decreasing
production costs in the months and
years ahead.
Underground
mining
is
currently in progress at Homestead,
also part of the Mt Pleasant project
area. With continued investigation,
it is anticipated that additional high
grade ounces will be identified from
this and neighbouring deposits.
Ongoing programs include
a review of open cut and
underground potential of the
Tuart prospect, evaluation of
high grade mineralisation at the
Golden Kilometre prospect, and
continued resource definition of
the Homestead underground high
grade mineralised veins. Smaller
open cut targets include Blue Gum
West and near surface extensions
of the Black Flag West Vein. The Kalgoorlie Mining Company
acquisition presents a strong underground opportunity at
Bullant and a nearby open cut opportunity at Wattlebird.
Norton’s exploration strategy is to expand mineral inventory
and extend mine life. Only 6% of all drill holes prior to 2007
have been drilled at depth, and key deposits remain open, either
along strike or at depth. The two-year $37 million exploration
program which commenced in January 2012 provides an
opportunity to investigate and exploit the tenement package.
None of its objectives would be achievable without a great
team, guided by an experienced Board. Norton staff have a
shared vision of growing the company and achieving targets
that deliver long-term value to stakeholders.
The dedication of employees was evidenced in November
2012
when Norton won the Chamber of Mineral and Energy’s
Underground Mine Emergency Response Competition, followed
by a third placing in the Surface Mines Emergency Response
Competition in May 2013.
Demonstrating the company’s commitment to a corporate
philosophy embracing cultural and gender diversity, in
July 2013 Norton was named NAIDOC Karlkurla Aboriginal
Employer of the Year for 2013.
Norton has an established, proven sustainable asset base.
Production is growing and is expected to continue to grow.
Costs are significantly down and are expected to continue to
decrease. The mandate is clear, and Norton has a skilled and
experienced team determined to achieve.
The Pilbara’s
Emerging
Powerhouse
www.atlasiron.com.au
Five mines in five years
Employees at Paddington wear
the value of safety on their shirts