| 词条 | Sons of Gwalia | |||||||||||||||||||||||||||||||||||||
| 释义 |
| name = Sons of Gwalia Limited | logo = | vector_logo = | type = Public | genre = | fate = Administration | foundation = 28 August 1981 | founder = Peter & Chris Lalor | location_city = West Perth | location_country = Australia | location = | origins = | key_people = John Leevers - MD/CEO Peter Lalor - Chairman Chris Lalor - Executive director | area_served = | industry = Mining | products = Gold, Tantalum | production = Tantalum: {{convert|2290000|lb|kg|abbr=on}} Gold: {{convert|521081|ozt|kg|abbr=on}} | revenue = | operating_income = | net_income = | num_employees = | parent = | subsid = | owner = | company_slogan = | homepage = | dissolved = 2006 | footnotes = }} Sons of Gwalia was a Western Australian mining company that mined gold, tantalum, spodumene, lithium and tin. Sons of Gwalia was Australia's third-largest gold producer and also controlled more than half the world's production of tantalum,[1] before entering administration in August 2004 [2] following a financial collapse. HistoryFirst and second incarnationsThe original, Sons of Gwalia G. M. Co. was formed in 1897 by George William Hall, major investor William Pritchard Morgan and others to own and operate the Sons of Gwalia mine, which had been discovered in March 1896 by prospectors A. Glendinning, Jack Carlson and Frank White, who had named it after the Welsh homeland of the syndicate funder, Coolgardie storekeeper Thomas Tobias. The mine gave its name to the adjacent town of Gwalia.[3] In May 1897, Herbert Hoover, Manager and Inspecting Engineer of the London and Western Australian Exploration Company, an associate of the British management firm Bewick, Moreing & Co., inspected the Sons of Gwalia operation and recommended the acquisition of the mine.[4][5][6] The London and West Australian Exploration Company acquired the Sons of Gwalia property on 17 November 1897, and Bewick Moreing & Co launched Sons of Gwalia, Limited on the London Stock Exchange in January 1898.[4] Hoover was appointed Superintendent of the Sons of Gwalia Mine and managed it from May to November 1898 before moving on to China. He was later to become 31st President of the United States (1929–1933).[4] The mine operated continuously until 1963 when it closed and Sons of Gwalia, Limited was liquidated.[4] GeologyGold mineralization occurred in the Mine schist, which was up to 150 m thick. Lenticular ore bodies occurred in this schist, with the eastern limb called the Main Lode dipping 45 degrees to the east, and the western limb called the West Lode dipping 38 degrees to the east, since the surface expression was horseshoe shaped plunging to the south at a 70 degree angle. The Mine schist is bracketed by a hanging wall of basalt and a foot wall of ultramafic rock. Pyrite was the most common of the sulfide minerals in the orebody. The Gwalia lode system was developed down to 1750 m.[7] Third incarnationSons of Gwalia NL was incorporated in August 1981. It issued its initial public prospectus in 1983 to raise $2.5 million on the Perth Stock Exchange (later the Australian Securities Exchange).[8]In 1998, the company closed its Laverton Gold Mine, which it sold to Focus Technologies Limited (later Focus Minerals Limited) for A$2.68 million in July 2002.[9] The company appointed Mark Cutifani, well regarded in the mining industry,[10] as managing director on 13 March 2000.[11] On 4 September 2000, a flight to the Gwalia mine with seven SGW employees failed to land, instead continuing on to Burketown, where it eventually crashed, having run out of fuel. The pilot and the plane's seven passengers were killed.[12] In February 2001, the company announced it had consolidated its Southern Cross operations, acquiring the remaining 30% of the Yilgarn Star Gold Mine it didn't own and merging the operation with Marvel Loch, closing the Yilgarn Star mill. It also acquired other interests in the region in this transaction.[13] On 23 August 2001, SGW made a takeover offer for Pacmin Mining, owner of the Carosue Dam Gold Mine and the Tarmoola Gold Mine, valued at A$159 million.[14] At the close of offer on 16 October 2001, SGW held 98.9% of all Pacmin shares and proceeded to compulsory acquisition.[15] In retrospect, the purchase of Pacmin and Tarmoola was seen as very expensive, especially in the light of gold reserve write downs and operational difficulties at the Tarmoola mine.[16][17] In early 2003, the company started to show signs of being troubled. It had to deny reports by UBS Warburg on 13 February 2003, that one of its investment bankers had withdrawn support.[18] The following day, managing director Mark Cutifani, in a surprise move,[10] resigned from his position.[19] In July 2003, the company announced the results of a restructuring, aimed at improving the performance of SGW.[20] In October that year, the company successfully raised A$63 million by issuing new shares.[21] Almost a year after the resignation of Mark Cutifani, John Leevers was appointed managing director of the company from 27 January 2004. In April 2004, the company's chairman Peter Lalor and his brother Chris, an executive director, having founded the company 22 years earlier, resigned from their positions on the board. John Leevers was appointed managing director and CEO.[22] AdministrationThe company entered administration in August 2004 [2] following a financial collapse,[8] with debts exceeding $800 million after suffering from falling gold reserves and hedging losses.[23] Sons of Gwalia was Australia's third-largest gold producer and also controlled more than half the world's production of tantalum.[1] In March 2005, the company sold its gold mining operations, consisting of the Marvel Loch Gold Mine, the Gwalia Gold Mine, the Carosue Dam Gold Mine and the Tarmoola Gold Mine, to St Barbara Mining Limited for A$38 Million.[24][25] Talison Minerals paid $205 million to buy the Wodgina and Greenbushes tantalum business of Sons of Gwalia but temporarily closed Wodgina because of falling tantalum prices.[26] The mine re-opened, but closed again after less than a year.[27] In a landmark decision, the shareholders of Sons of Gwalia were awarded the same status as non-shareholding creditors on 27 February 2006 because the company breached continuous disclosure obligations or misled them about its financial status.[28] On 29 August 2006, Sons of Gwalia (SGW) was de-listed from the Australian Securities Exchange.[29] On 4 September 2009, the former auditors of Sons of Gwalia, Ernst & Young, agreed to a $125 million settlement over their role in the gold miner’s collapse. Ferrier Hodgson, the company's administrator, had claimed Ernst & Young was negligent over the accounting of gold and dollar hedging contracts. It is hoped the $178 million of assets will assist in bringing the long-running administration to a close in December 2009.[30] In addition to the $125 million from E & Y, SoG's former directors the Lalor brothers, agreed to a $53 million settlement over their role in the company's collapse.[31] ProductionAnnual production figures of the company: Gold
Tantalum
Timeline
References1. ^1 Sons of Gwalia's gold hedging had big holes The Sydney Morning Herald, published: 4 September 2004. Retrieved: 4 September 2009 2. ^1 2 3 4 5 6 7 8 9 10 SONS OF GWALIA LIMITED (SGW) delisted.com.au. Retrieved: 5 February 2010 3. ^{{cite news | first = John | last = Meiklejohn | title = Romantic History of a Great Mine - The Sons of Gwalia | date = 8 May 1927 | url = http://nla.gov.au/nla.news-article58318861 | work = The Sunday Times | pages = 39 | accessdate = 14 Jan 2014}} 4. ^1 2 3 {{cite web | url = http://inherit.stateheritage.wa.gov.au/Public/Content/PdfLoader.aspx?id=ff4f9ee8-e45d-474e-9e7d-3b904a5747eb&type=assessment | title = Gwalia Museum Group 6 | accessdate = 14 Jan 2014 | date = 7 September 2006 | format = pdf | work = Register of Heritage Places - Assessment Documentation | publisher = Heritage Council of Western Australia}} 5. ^{{cite book|last1=Hoover|first1=Herbert|title=The Memoirs of Herbert Hoover, Years of Adventure, 1874-1920|date=1951|publisher=The Macmillan Company|location=New York|page=33}} 6. ^{{cite book|last1=Blainey|first1=Geoffrey|title=The Rush That Never Ended|date=1963|publisher=Melbourne University Press|location=Melbourne|pages=202}} 7. ^{{cite book|last1=Kalnejais|first1=J.|title=Sons of Gwalia Gold Deposit, Leonora, in Geology of the Mineral Deposits of Australia and Papua New Guinea|date=1990|publisher=The Australasian Institute of Mining and Metallurgy|location=Melbourne|isbn=0949106429|pages=353-355|editor=F.E. Hughes}} 8. ^1 How sons of Lalor built, then sank, Sons of Gwalia The Sydney Morning Herald, published: 22 August 2005. Retrieved: 5 February 2010 9. ^Acquisition Agreement North Laverton Western Australia Focus ASX announcement, published: 16 August 2002. Retrieved: 28 January 2010 10. ^1 Geologist brings 'new eyes' to Sons of Gwalia The Sydney Morning Herald, published: 20 January 2004. Retrieved: 8 February 2010 11. ^Managing Director Appointment SGW ASX announcement, published: 13 March 2000. Retrieved: 8 February 2010 12. ^Media Release re: Aircraft Accident SGW ASX announcement, published: 5 September 2000. Retrieved: 8 February 2010 13. ^Rationalisation of Southern Cross Region of WA SGW ASX announcement, published: 23 August 2001. Retrieved: 8 February 2010 14. ^Intention to Make Takeover Bid for PacMin Mining Corporation SGW ASX announcement, published: 7 February 2001. Retrieved: 8 February 2010 15. ^1 Close of offer for PML/proceeding to compulsory acquisition SGW ASX announcement, published: 16 October 2001. Retrieved: 8 February 2010 16. ^ASX to probe Sons of Gwalia collapse ABC Australia, published: 5 September 2004. Retrieved: 8 February 2010 17. ^Gwalia sweats on review metalsplace.com, published: 8 August 2004. Retrieved: 8 February 2010 18. ^Response to UBS Warburg Statement SGW ASX announcement, published: 13 February 2003. Retrieved: 8 February 2010 19. ^1 Director Resignation SGW ASX announcement, published: 14 February 2003. Retrieved: 8 February 2010 20. ^Results of Restructuring SGW ASX announcement, published: 1 July 2003. Retrieved: 8 February 2010 21. ^Capital Raising SGW ASX announcement, published: 15 October 2003. Retrieved: 8 February 2010 22. ^Appt of MD/Non Exec Chairman&Changes to Board of Directors SGW ASX announcement, published: 19 January 2004. Retrieved: 8 February 2010 23. ^Ernst &Young agrees to $125m Sons of Gwalia settlement The West Australian, published: 4 September 2009. Retrieved: 4 September 2009 24. ^St Barbara Mines Limited - Lodgment of Open Briefing {{webarchive|url=https://web.archive.org/web/20090915073001/http://www.corporatefile.com.au/documents/OB/MD%20CEO%20on%20Outlook%20%26%20Strategy%2028.06.05.pdf |date=15 September 2009 }} published: 28 June 2005. Retrieved: 3 September 2009 25. ^The West Australian, published 16 March 2005. Retrieved: 3 September 2009 26. ^Ernst &Young agrees to $125m Sons of Gwalia settlement {{webarchive|url=https://web.archive.org/web/20110205090753/http://au.news.yahoo.com/thewest/a/-/breaking/5912273/e-y-agrees-to-125m-sons-of-gwalia-settlement |date=5 February 2011 }} The West Australian, published: 4 September 2009. Retrieved: 4 September 2009 27. ^{{cite news|url=http://au.news.yahoo.com/thewest/business/a/-/business/12702333/gam-closes-wodgina-tantalum-mine/|title=GAM closes Wodgina tantalum mine|last=Emery|first=Kate|date=24 January 2012|work=The West Australian|accessdate=8 July 2012|quote=Worldwide softening tantalum demand and delays in receiving Governmental approval for installation of necessary crushing equipment are among contributing factors in this decision|deadurl=yes|archiveurl=https://web.archive.org/web/20121204055041/http://au.news.yahoo.com/thewest/business/a/-/business/12702333/gam-closes-wodgina-tantalum-mine/ |archivedate=4 December 2012|df=dmy-all}} 28. ^IMF's ann: Sons of Gwalia Full Court Decision ASX announcement, published: 27 February 2006. Retrieved: 12 January 2010 29. ^Removal from Official List ASX announcement, published: 29 August 2006. Retrieved: 12 January 2010 30. ^Ernst &Young agrees to $125m Sons of Gwalia settlement 'The West Australian, published: 4 September 2009. Retrieved: 4 September 2009 31. ^Ernst &Young agrees to $125m Sons of Gwalia settlement The West Australian', published: 4 September 2009. Retrieved: 4 September 2009 32. ^Media Release: Highlights from Quarterly Report 30-6-98 SGW ASX announcement, published: 17 July 1998. Retrieved: 8 February 2010 33. ^Fourth Quarter Activities Report SGW ASX announcement, published: 20 July 2000. Retrieved: 8 February 2010 34. ^Fourth Quarter Activities Report/Media Release SGW ASX announcement, published: 19 July 2001. Retrieved: 8 February 2010 35. ^Fourth Quarter Activities Report SGW ASX announcement, published: 18 July 2002. Retrieved: 8 February 2010 36. ^Sons of Gwalia annual report 2003 accessed: 12 January 2010 37. ^Sons of Gwalia fourth quarter report 2004 accessed: 12 January 2010 38. ^Media Release: Highlights from Quarterly Report 30-6-98 SGW ASX announcement, published: 17 July 1998. Retrieved: 8 February 2010 39. ^Fourth Quarter Activities Report SGW ASX announcement, published: 20 July 2000. Retrieved: 8 February 2010 40. ^Fourth Quarter Activities Report/Media Release SGW ASX announcement, published: 19 July 2001. Retrieved: 8 February 2010 41. ^Fourth Quarter Activities Report SGW ASX announcement, published: 18 July 2002. Retrieved: 8 February 2010 42. ^Sons of Gwalia annual report 2003 accessed: 12 January 2010 43. ^Sons of Gwalia fourth quarter report 2004 accessed: 12 January 2010 44. ^Managing Director Appointment SGW ASX announcement, published: 13 March 2000. Retrieved: 8 February 2010 45. ^Media Release re: Aircraft Accident SGW ASX announcement, published: 5 September 2000. Retrieved: 8 February 2010 46. ^Rationalisation of Southern Cross Region of WA SGW ASX announcement, published: 23 August 2001. Retrieved: 8 February 2010 47. ^PACMIN MINING CORPORATION LIMITED (PML) delisted.com.au. Retrieved: 8 February 2010 48. ^Capital Raising SGW ASX announcement, published: 15 October 2003. Retrieved: 8 February 2010 49. ^Chairman's Summary Half Year Ended 31 December 2003 SGW ASX announcement, published: 18 February 2004. Retrieved: 8 February 2010 50. ^Appt of MD/Non Exec Chairman&Changes to Board of Directors SGW ASX announcement, published: 19 January 2004. Retrieved: 8 February 2010 External links
7 : Defunct mining companies of Australia|Companies formerly listed on the Australian Securities Exchange|Gold mining companies of Australia|Companies disestablished in 2006|Companies established in 1981|1981 establishments in Australia|2006 disestablishments in Australia |
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