Zijin Mining Group subsidiary Jinyu International Mining has received acceptances for the off-market takeover of Norton Gold Fields, making Zijin’s share greater than 50%. The takeover has prompted a reconstitution of the Norton Board of Directors, with its managing director Andre Labuschagne and two other non-executive directors resigning. Andre Labuschagne will remain chief executive officer.
Three Zijin members have been appointed as additional directors to the Norton board, with Jinghe Chen replacing Tim Prowse as chairman, Dianmin Chen as an executive director and Hanjing Xu as a non-executive director.
Norton’s outgoing chairman Tim Prowse says he welcomes the Zijin nominees to the board. “I wish the newly constituted board and its chairman Mr Jinghe Chen great success as Norton moves into the next phase. I would also like to thank the outgoing directors, Andre Labuschagne, Allen Wu and Xianhui Zeng, for their hard work during their tenure on the Norton board and during my tenure as chairman.”
Jinghe Chen is a professor grade senior engineer, a delegate to the 10th People’s Congress of Fujian Province and vice president of China Gold Association. He has been the chairman of Zijin since 2000 and he also served as president from August 2006 to November 2009.
Dr Dianmin Chen joined Rio Tinto’s Northparkes Mines in Central West New South Wales in Australia in 1994. He has worked with Barrick Gold Corporation for 10 years in various projects and operations in Australia. Dr Chen has held the positions of executive director and general manager in Sino Jinfeng Mining a subsidiary of Sino Gold Corporation (now Eldorado Gold Corp), where he was responsible for all aspects of mining operations and management for the Jinfeng Gold Mine in Guizhou province, China. He has worked with CITIC Pacific Mining Management, in which he responsible for the development of a large iron ore mine in Western Australia, and also most recently was the vice president of operations at Minco Silver.
Hanjing Xu has more than 25 years of experience in the natural resources industry, working in Chinese state-owned conglomerates and internationally listed mining companies, including as president of the Australian branch office of China National Nonferrous Metals Import and Export Corporation (CNIEC), executive director of Sino Gold and most recently as managing director of Eldorado Gold China. He is currently a director of Bligh Resources.