Westgold Resources
{{Short description|Gold-mining company in Australia}}
{{Multiple issues|
{{Notability|1=Companies|date=April 2025}}
{{Cleanup press release|1=article|date=April 2025}}
{{No significant coverage|date=April 2025}}
{{Self-published|date=April 2025}}
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{{Use Australian English|date=May 2022}}
{{Use dmy dates|date=May 2022}}
{{Infobox company
| name = Westgold Resources
| logo =
| type =
| traded_as = {{ASX|WGX}}
{{TSX|WGX}}
| genre =
| foundation = 27 July 1987
| founder =
| location_city = Perth, Western Australia
| location_country = Australia
| location =
| locations =
| area_served =
| key_people = {{Unbulleted list|
Cheryl Edwardes (chairman)|Debbie Fullarton (CEO)}}
| industry = Gold mining
| products = Gold
| production = 257,116 ounces (2022–23)
| services =
| market cap =
| revenue = {{Unbulleted list|{{Increase}} A$654.4 million (2022–23)|A$647.6 million (2021–22)}}
| operating_income =
| net_income =
| assets =
| equity =
| owner =
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| subsid =
| homepage = [https://www.westgold.com.au www.westgold.com.au]
| footnotes =
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}}
Westgold Resources is a gold producer and explorer based in Perth, Western Australia.
Listed on the Australian Securities Exchange (ASX), it was 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.
As of 2022, Westgold operated 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.
On August 1, 2024, it was announced that Westgold and Karora Resources had completed the merger of their operations.{{Cite web|url=https://finance.yahoo.com/news/westgold-karora-complete-merger-123000494.html/|title=WESTGOLD AND KARORA COMPLETE MERGER|work=Yahoo! Finance|access-date=2024-11-07|language=en}} The entity created following this process is expected to be listed on the ASX and the Toronto Stock Exchange.
History
File:Gold mines Meekathara Leinster 2.svg 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.{{cite web|title= Demerger Information Memorandum |url=https://www.asx.com.au/asxpdf/20161202/pdf/43dg35b7cl9zd8.pdf |date=31 October 2016 |website=asx.com.au |publisher=Westgold Resources |accessdate=20 May 2022}} 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.{{cite web|title=JENWOOD RESOURCES NL (JWR) |url=https://www.delisted.com.au/company/jenwood-resources-nl/ |date= |website=delisted.com.au |publisher= |accessdate=20 May 2022}}
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.
In 2012, Metals X took complete control of Westgold, at a reported cost of A$67 million,{{cite news |last=Latimer |first=Cole |date=14 May 2012 |title=Westgold to merge with Metals X |url=https://www.australianmining.com.au/news/westgold-to-merge-with-metals-x/ |work=Australian Mining |location= |access-date=20 May 2022 }} 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.{{cite news |last=Latimer |first=Cole |date=24 September 2013 |title=Alacer Gold sells off all its Australian mines |url=https://www.australianmining.com.au/news/alacer-gold-sells-off-all-its-australian-mines/ |work=Australian Mining |location= |access-date=20 May 2022 }}
The South Kalgoorlie remained with Westgold after the de-merger,{{cite news |last=Evans |first=Nick |date=24 November 2016 |title=Nod for Metals X's gold spin-off |url=https://thewest.com.au/news/wa/nod-for-metals-xs-gold-spin-off-ng-ya-124210 |work=The West Australian |location= |access-date=20 May 2022 }} 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.{{cite news |last=Hosie |first=Ewen |date=8 March 2018 |title=Westgold Resources to sell South Kalgoorlie Operations to Northern Star for $80m |url=https://www.australianmining.com.au/news/westgold-resources-sell-south-kalgoorlie-operations-northern-star-80m/ |work=Australian Mining |location= |access-date=20 May 2022 }} 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.{{cite news |last=Hosie |first=Ewen |date=12 June 2019 |title=RNC Minerals completes $50m Higginsville acquisition |url=https://www.australianmining.com.au/news/rnc-minerals-completes-50m-higginsville-acquisition/|work=Australian Mining |location= |access-date=20 May 2022 }}
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.
In October 2015, Westgold acquired the Fortnum Gold Mine.
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.{{cite web|title=Demerger Effective |url=https://www.asx.com.au/asxpdf/20161201/pdf/43ddr65z8p9b7j.pdf |date=1 December 2016 |website=asx.com.au |publisher=Metals X |accessdate=20 May 2022}}
Cook, a director of the company since 2004, retired from his position as chairman in March 2022, being replaced by Cheryl Edwardes.{{cite web|title=Board changes at Westgold |url=https://www.westgold.com.au/site/PDF/601bed1b-e901-4747-9caa-8c81e7a8866c/BoardChangesatWestgold |date=25 March 2022 |website=asx.com.au |publisher=Westgold Resources |accessdate=20 May 2022}}
Production
Annual production of the company since becoming a gold producer in late 2013:{{cite web|title=Metals X Annual Report 2014 |url=https://www.asx.com.au/asxpdf/20141024/pdf/42t4xk9t9nhfgm.pdf |date=24 October 2014 |website=asx.com.au |publisher=Metals X |accessdate=21 May 2022}}{{cite web|title=Metals X Annual Report 2015 |url=https://www.asx.com.au/asxpdf/20151023/pdf/432bh8kg4wwyr9.pdf |date=23 October 2015 |website=asx.com.au |publisher=Metals X |accessdate=21 May 2022}}{{cite web|title=Metals X Annual Report 2016 |url=https://www.asx.com.au/asxpdf/20161013/pdf/43byvk7s773yq8.pdf |date=17 October 2016 |website=asx.com.au |publisher=Metals X |accessdate=21 May 2022}}{{cite web|title=Westgold Resources Annual Report 2017 |url=https://www.asx.com.au/asxpdf/20171020/pdf/43nfdh465q0b1r.pdf |date=20 October 2017 |website=asx.com.au |publisher=Westgold Resources |accessdate=20 May 2022}}{{cite web|title=Westgold Resources Annual Report 2018 |url=https://www.asx.com.au/asxpdf/20181026/pdf/43zp6htz9mbqsz.pdf |date=26 October 2018 |website=asx.com.au |publisher=Westgold Resources |accessdate=20 May 2022}}{{cite web|title=Westgold Resources Annual Report 2019 |url=https://www.asx.com.au/asxpdf/20191010/pdf/449c92wwvlpnvq.pdf |date=18 October 2019 |website=asx.com.au |publisher=Westgold Resources |accessdate=20 May 2022}}{{cite web|title=Westgold Resources Annual Report 2021 |url=https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02443609-6A1059328?access_token=83ff96335c2d45a094df02a206a39ff4 |date=28 October 2021 |website=asx.com.au |publisher=Westgold Resources |accessdate=20 May 2022}}{{cite web|title=Westgold Resources Annual Report 2022 |url=https://www.westgold.com.au/annualreport/2022/ |date= |website=www.westgold.com.au |publisher=Westgold Resources |accessdate=4 March 2023}}{{cite web|title=Westgold Resources Annual Report 2023 |url=https://www.westgold.com.au/pdf/c2ac79dc-573c-4b63-b830-c551ad64e6e1/Annual-Report.pdf |date= |website=www.westgold.com.au |publisher=Westgold Resources |accessdate=25 February 2024}}
| class="wikitable" |
| style="text-align:center; background:#daa520;"
! Year ! Gold production |
| style="text-align:center;"
| 2013–14 | 138,193 ounces {{Increase}} |
| style="text-align:center;"
| 2014–15 | 150,902 ounces {{Increase}} |
| style="text-align:center;"
| 2015–16 | 173,596 ounces {{Increase}} |
| style="text-align:center;"
| 2016–17 | 266,906 ounces {{Increase}} |
| style="text-align:center;"
| 2017–18 | 253,210 ounces {{Decrease}} |
| style="text-align:center;"
| 2018–19 | 255,221 ounces {{Increase}} |
| style="text-align:center;"
| 2019–20 | 235,196 ounces {{Decrease}} |
| style="text-align:center;"
| 2020–21 | 245,066 ounces {{Increase}} |
| style="text-align:center;"
| 2021–22 | 270,884 ounces {{Increase}} |
| style="text-align:center;"
| 2022–23 | 257,116 ounces {{Decrease}} |
References
{{Reflist}}
External links
- {{Official website|https://www.westgold.com.au/}}
- [https://minedex.dmirs.wa.gov.au/Web/owners/details/3a0668a6-cbbc-40df-a77e-ab705265d46e MINEDEX website: Westgold Resources Limited] Database of the Department of Mines, Industry Regulation and Safety
{{Gold mining companies of Australia}}
{{Mining companies of Australia}}
{{S&P/ASX 200}}
Category:Gold mining companies of Australia
Category:Companies listed on the Australian Securities Exchange
Category:Companies listed on the Toronto Stock Exchange
Category:Gold mining in Western Australia
Category:Companies based in Western Australia