Wikipedia

Westgold Resources

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

Westgold Resources
ASX: WGX
TSX: WGX
IndustryGold mining
Founded27 July 1987
Headquarters
Perth, Western Australia
,
Australia
Key people
ProductsGold
Production output
257,116 ounces (2022–23)[1]
Revenue
  • Increase A$654.4 million (2022–23)
  • A$647.6 million (2021–22)
[1]
Websitewww.westgold.com.au

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

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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 per cent 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

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Annual production of the company since becoming a gold producer in late 2013:[11][12][13][14][15][16][17][18][1]

Year Gold production
2013–14 138,193 ounces  
2014–15 150,902 ounces  
2015–16 173,596 ounces  
2016–17 266,906 ounces  
2017–18 253,210 ounces  
2018–19 255,221 ounces  
2019–20 235,196 ounces  
2020–21 245,066 ounces  
2021–22 270,884 ounces  
2022–23 257,116 ounces  

References

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  1. ^ a b c "Westgold Resources Annual Report 2023" (PDF). www.westgold.com.au. Westgold Resources. Retrieved 25 February 2024.
  2. ^ a b c d e "Demerger Information Memorandum" (PDF). asx.com.au. Westgold Resources. 31 October 2016. Retrieved 20 May 2022.
  3. ^ "JENWOOD RESOURCES NL (JWR)". 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). asx.com.au. Metals X. 1 December 2016. Retrieved 20 May 2022.
  10. ^ "Board changes at Westgold". asx.com.au. Westgold Resources. 25 March 2022. Retrieved 20 May 2022.
  11. ^ "Metals X Annual Report 2014" (PDF). asx.com.au. Metals X. 24 October 2014. Retrieved 21 May 2022.
  12. ^ "Metals X Annual Report 2015" (PDF). asx.com.au. Metals X. 23 October 2015. Retrieved 21 May 2022.
  13. ^ "Metals X Annual Report 2016" (PDF). asx.com.au. Metals X. 17 October 2016. Retrieved 21 May 2022.
  14. ^ "Westgold Resources Annual Report 2017" (PDF). asx.com.au. Westgold Resources. 20 October 2017. Retrieved 20 May 2022.
  15. ^ "Westgold Resources Annual Report 2018" (PDF). asx.com.au. Westgold Resources. 26 October 2018. Retrieved 20 May 2022.
  16. ^ "Westgold Resources Annual Report 2019" (PDF). asx.com.au. Westgold Resources. 18 October 2019. Retrieved 20 May 2022.
  17. ^ "Westgold Resources Annual Report 2021". asx.com.au. Westgold Resources. 28 October 2021. Retrieved 20 May 2022.
  18. ^ "Westgold Resources Annual Report 2022". www.westgold.com.au. Westgold Resources. Retrieved 4 March 2023.
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