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{{Short description|Former Australian mining and fertiliser company}}
⚫
{{Other uses|Western Mining (disambiguation)}}
{{EngvarB|date=April 2018}}
{{EngvarB|date=April 2018}}
{{Use dmy dates|date=April 2018}}
{{Use dmy dates|date=April 2018}}
⚫
{{Other uses|Western Mining (disambiguation)}}
{{Infobox company
{{Infobox company
|name = WMC Resources
|name =
|traded_as = {{ASX|WMR}}
|logo = File:Western Mining Corporation.gif
|logo = Western Mining Corporation.gif
⚫
|defunct = {{End date|df=y|2005|06|17}}
|former_name = Western Mining Corporation
|fate = Acquired by [[BHP Billiton]]
⚫
|industry = [[Mining]]
|foundation = London, 1933
|foundation = 1933
|revenue = A$1273 million (2004)
|founder = [[William Sydney Robinson|William Robinson]]
⚫
|industry = Mining
⚫
|defunct = 2005
|products = [[nickel]], copper, [[uranium]]
|location_city = [[Melbourne]]
⚫
|num_employees = 4,863 (2005)
|location_country = Australia
|homepage ={{url|wmc.com/}} |
|area_served =
}}
|key_people = Tommie Bergman (Chairman)<br>[[Andrew Michelmore]] (Managing Director)
'''WMC Resources Limited''' was an Australian diversified mining and fertiliser company that was listed on the [[Australian Stock Exchange]]. WMC was an acronym for Western Mining Corporation. It was delisted on 29 June 2005 following a successful takeover by [[BHP Billiton]]. It was founded in 1933 as a gold miner. When it was taken over it had three main businesses:
|products = [[Nickel]], [[copper]], [[uranium oxide]], [[Fertilizer#Phosphate fertilizers|phosphate fertiliser]]
* A [[nickel]] mining and processing business in [[Western Australia]].
|revenue = $4.0 billion
⚫
* A copper and [[uranium]] mine at [[Olympic Dam, South Australia|Olympic Dam]] in [[South Australia]]. In 2005, this mine was estimated to contain 33% of the world's known uranium reserves.<ref>[http://www.wmc.com/acrobat/china_uranium_conference050418.pdf] {{webarchive |url=https://web.archive.org/web/20050525041537/http://www.wmc.com/acrobat/china_uranium_conference050418.pdf |date=25 May 2005 }}</ref>
|revenue_year = 2004
⚫
* A [[fertiliser]] production business in Queensland, which became known as Southern Cross Fertilisers following the BHP Billiton takeover; and Hi Fert, a blending and distribution network supporting Australia's eastern states. BHP Billiton sold Southern Cross Fertilisers to [[Incitec Pivot Limited]] in May 2006 and Hi Fert to a joint venture of [[Elders Limited|Elders]] and [[AWB Limited|AWB]] on 5 December 2005.<ref>{{cite press release |url=http://www.hifert.com.au/news/documents/Website%20announcement.pdf |format=PDF |date=5 December 2005 |accessdate=20 June 2006 |title=Hi Fert Change in Ownership |publisher=[[Hi Fert]]}}</ref>
|operating_income =
|income_year =
|net_income = $1.0 billion
|net_income_year = 2004
⚫
|num_employees =
|divisions =
|subsid =
|homepage = [https://web.archive.org/web/20050615001512/wmc.com/ www.wmc.com]}}

'''WMC Resources Limited''' was an Australian diversified mining company.


==History==
==History==
Western Mining Corporation (WMC) was formed on 2 March 1933, during the Great Depression, when WS Robinson, the Australian-born London-based managing director of Broken Hill Associated Smelters, was able to interest several large London-based mining companies into forming syndicates to develop gold mines in Australia.<ref>{{citation | first = Gilbert M | last = Ralph |author2=Softley, Michael D | contribution = A Brief Illustrated History of Western Mining Corporation | title = 14th National Engineering Heritage Conference 2007 | publisher = Engineers Australia | place = Crawley, Western Australia | date = 18 November 2007 | contribution-url = http://www.ipenz.org.nz/heritage/conference2007/papers/Ralph_Final_Paper.pdf |contribution-format = pdf | accessdate = 7 Jan 2014}}</ref> WMC's strategy was to use the newly emerging sciences of mining geology and related [[geochemistry]] and [[geophysics]] to find new gold deposits. It was a company based on the idea that if they applied good science to exploration, they would be successful.<ref name=Goodall/>
Western Mining Corporation (WMC) was formed in 1933, when [[William Sydney Robinson|William Robinson]], the Australian-born [[London]]-based managing director of Broken Hill Associated Smelters, was able to interest several large London-based mining companies into forming syndicates to develop gold mines in Australia.<ref>{{Cite book|last=Langmore|first=Diane|url=https://books.google.com/books?id=RnG_tEGjSloC&q=Western+Mining+Corporation+%28WMC%29+was+formed+1933+WS+robinson&pg=PA221|title=Australian Dictionary of Biography, 1981-1990|date=2007|publisher=The Miegunyah Press|isbn=978-0-522-85382-7|language=en}}</ref> WMC's strategy was to use the newly emerging sciences of mining geology and related [[geochemistry]] and [[geophysics]] to find new gold deposits. It was a company based on the idea that if they applied good science to exploration, they would be successful.<ref name=Goodall/><ref>[https://web.archive.org/web/20050618074216/http://www.wmc.com/about/history.htm Milestones in WMC Group History] WMC Resources</ref>
⚫
WMC began operations in Western Australia in December 1933 when it commenced an extensive aerial survey of the [[Eastern Goldfields]]. It acquired its first profitable mining operation in June 1935 when it took an option over a new gold discovery at Cox's Find, 43 miles northwest of [[Laverton, Western Australia|Laverton]].<ref>{{cite news|title=New Find Northwest of Laverton|url=http://nla.gov.au/nla.news-article94898509|accessdate=7 January 2014|newspaper=[[Kalgoorlie Miner]]|date=8 June 1935}}</ref>


⚫
WMC began operations in [[Western Australia]] in December 1933 when it commenced an extensive aerial survey of the [[Eastern Goldfields]].<ref name=":0" /> It acquired its first profitable mining operation in June 1935 when it took an option over a new gold discovery at Cox's Find, 43 miles northwest of [[Laverton, Western Australia|Laverton]].<ref name=":0">{{cite news|title=New Find Northwest of Laverton|url=http://nla.gov.au/nla.news-article94898509|access-date=7 January 2014|newspaper=[[Kalgoorlie Miner]]|date=8 June 1935}}</ref>
⚫
WMC pioneered district-scale [[aerial photography]] in the 1930s, flying many areas in West Australia's gold-mining districts. The hope was to identify new prospective areas near known mines. Unfortunately, the surveys failed due to poor exposures of the rocks in the nearly flat, deeply-weathered areas they flew.<ref name=Goodall> [http://digitalassets.lib.berkeley.edu/roho/ucb/text/woodall_roy_online.pdf Success in Exploration for Gold, Nickel, Copper, Uranium, and Petroleum], interview with WMC geologist [[Roy Woodall]], 2006. 211 pp. Retrieved 16 August 2017</ref>


⚫
WMC pioneered district-scale [[aerial photography]] in the 1930s, flying many areas in West Australia's gold-mining districts.<ref name=Goodall/> The hope was to identify new prospective areas near known mines. Unfortunately, the surveys failed due to poor exposures of the rocks in the nearly flat, deeply-weathered areas they flew.<ref name=Goodall>[http://digitalassets.lib.berkeley.edu/roho/ucb/text/woodall_roy_online.pdf Success in Exploration for Gold, Nickel, Copper, Uranium, and Petroleum], interview with WMC geologist Roy Woodall, 2006. 211 pp. Retrieved 16 August 2017</ref>
The company's final corporate structure before takeover was formed in 2003 by a demerger that split off the aluminium operations to form [[Alumina Limited]], separate from what was to be known as WMC Resources (with a separate ASX code of WMR).


In 1961, WMC acquired a 20% shareholding in [[Alcoa World Alumina & Chemicals]] that later increased to 40%.<ref>[https://www.aluminalimited.com/awac-history/ History] [[Alcoa World Alumina & Chemicals]]</ref>
In 2003, the company made a profit of A$245&nbsp;million, on assets of approximately A$4000&nbsp;million.


The company's final corporate structure before takeover was formed in 2002 by a demerger that split off the aluminium operations to form [[Alumina Limited|Alumina]], separate from what was to be known as WMC Resources Limited.<ref>[https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=text&issuerId=1384&announcementId=720820&documentDate=2002-10-28&documentNumber=196950 WMC Demerger] WMC Resources 28 October 2002</ref><ref>[https://www.asx.com.au/asxpdf/20021105/pdf/00328008.pdf Information Memorandum] WMC Resources 28 October 2002</ref><ref>[https://www.asx.com.au/asxpdf/20021204/pdf/00334207.pdf WMC Resources Limited: Admission to Official List] [[Australian Securities Exchange]] 4 December 2002</ref>
The last chief executive officer of the independent company was [[Andrew Michelmore]], and the board was chaired by Tommie Bergman. Executive Directors included Mr Michelmore and [[Alan Dundas]]. A notable previous CEO, from 1990 to 2003, was [[Hugh Morgan (Australian businessman)|Hugh Morgan]], a politically vocal CEO who spoke out about the power of trade unions, criticised the [[Mabo v Queensland (No 2)|Mabo decision]] and [[native title]] more generally, and supported a number of other right-wing causes. Most influentially, Morgan was a member of the "greenhouse mafia," central to the campaign to prevent the Federal Government ratifying the [[Kyoto Protocol]], or taking actions to cut emissions<ref>{{cite book | last = Hamilton | first = Clive | title = Scorcher: the dirty politics of climate change | year = 2007 | publisher = Black Inc. Agenda | isbn = 978-0-9775949-0-0}}</ref> (in collaboration with [[Ray Evans (Australian businessman)|Ray Evans]], WMC Executive Officer, 1982-2001).


==Takeover bids==
==Takeover bids==
In December 2004, [[Xstrata]], a Swiss mining company, announced a takeover offer for the company. In February 2005, the WMC board recommended that shareholders reject the offer. The government did not object to the takeover through the [[Foreign Investment Review Board]], however a number of people (including members of the Government) expressed concerns due to the economic (and strategic) importance of the Olympic Dam resources, and the reputation of Xstrata and its major shareholder, [[Glencore]].
In December 2004, [[Xstrata]] announced a takeover offer for the company.<ref>[https://www.abc.net.au/pm/content/2004/s1249964.htm Xstrata launches takeover bid for Western Mining] ''[[PM (Australian radio program)|PM]]'' 23 November 2004</ref> In February 2005, the WMC board recommended that shareholders reject the offer. The [[Australian Competition & Consumer Commission]] and [[Foreign Investment Review Board]] both approved the deal, however a number of people (including members of the Government) expressed concerns due to the economic (and strategic) importance of the [[Olympic Dam mine]] resources, and the reputation of Xstrata and its major shareholder, [[Glencore]].


The Xstrata takeover offer lapsed after a higher offer was made by [[BHP Billiton]], with support from the WMC Resources board. On the afternoon of 3 June 2005, about 6 hours before the BHP Billiton takeover offer was due to close, it was announced that 55% of the shares had accepted the offer. This automatically (according to Australian Corporations law) extended the offer period by another 14 days to 17 June. BHP Billiton had gained control of the company.<ref>[https://www.bloomberg.com/apps/news?pid=newsarchive&sid=amwoD_HGgwYU&refer=uk BHP Billiton Wins Control of WMC With A$9.2 Bln Bid (Update4)] {{webarchive|url=https://web.archive.org/web/20150916205622/http://www.bloomberg.com/apps/news?pid=newsarchive |date=16 September 2015 }}</ref> On the afternoon of 17 June 2005, BHP Billiton announced that it had achieved 90.5% ownership, and would proceed to acquire the remaining shares.
The Xstrata takeover offer lapsed after a higher offer was made by [[BHP|BHP Billiton]], with support from the WMC Resources board.<ref>[https://www.asx.com.au/asxpdf/20050329/pdf/3q8yx7jj26178.pdf Target's Statement by WMC Resources] WMC Resources 29 March 2005</ref> When the offer closed 3 June 2005, BHP Billiton held 55% of the WMC's shares. Under the [[Corporations Act 2001]] this automatically extended the offer period by another 14 days.<ref>[https://www.ft.com/content/605c4b2c-d3f4-11d9-9db0-00000e2511c8 BHP Billiton gains control of WMC Resources] ''[[Financial Times]]''</ref> On 17 June 2005, BHP Billiton announced that it had achieved 90.5% ownership, and would proceed to compulsorily acquire the remaining shares.<ref>{{Cite web|date=2005-06-03|title=BHP wins control of WMC Resources|url=https://www.smh.com.au/business/bhp-wins-control-of-wmc-resources-20050604-gdlg9p.html|access-date=2020-07-01|website=[[Sydney Morning Herald]]|language=en}}</ref> It was delisted from the Australian Securities Exchange on 29 June 2005.<ref>[https://www.asx.com.au/asxpdf/20050627/pdf/3rbdnr5v9j9k0.pdf WMC Resources Limited: Removal from Official list] [[Australian Securities Exchange]] 29 June 2005</ref>


⚫
The company name was later subsumed by the BHP Billiton corporate identity, and a significant name in [[mining in Australia|Australian mining]] history ceased to be used.<ref>[http://www.abc.net.au/rural/content/2005/s1403205.htm End of the line for WMC] ''[[ABC Rural]]''</ref>
The takeover has strong parallels with the takeover of [[North Limited]] four years earlier. Both were subjects of bidding wars and both were large and diversified resource companies with one special world class asset that attracted attention from across the world. In the case of North, that special asset was Robe River Iron, while for Western Mining it was the Olympic Dam copper, gold and uranium deposit.


==Operations==
⚫
As a result of the takeover, most of the board and the CEO resigned, and were replaced by BHP Billiton appointees. BHP Billiton Executive Director [[Mike Salamon]] took over the position of Chairman of the board, and Chris Campbell took over as interim CEO. The company name has been replaced by the BHP Billiton corporate identity, and a significant name in [[mining in Australia|Australian mining]] history ceased to be used.<ref>[http://www.abc.net.au/rural/content/2005/s1403205.htm End of the line for WMC]</ref>
When it was taken over it had three main businesses:
*[[Mount Keith Mine| Mount Keith]] and [[Leinster Nickel Mine]]s, [[Kambalda Nickel Operations|Kambalda Nickel Concentrator]], [[Kalgoorlie Nickel Smelter]] and [[Kwinana Nickel Refinery]], all in Western Australia
⚫
*[[Olympic Dam mine]] copper-uranium-gold mine in [[South Australia]]. In 2005, this mine was estimated to contain 33% of the world's known uranium reserves.<ref>[http://www.wmc.com/acrobat/china_uranium_conference050418.pdf] {{webarchive |url=https://web.archive.org/web/20050525041537/http://www.wmc.com/acrobat/china_uranium_conference050418.pdf |date=25 May 2005 }}</ref>
⚫
*The Phosphate Hill mine and associated [[Fertilizer#Phosphate fertilizers|phosphate fertiliser]] production business in Queensland, which became known as Southern Cross Fertilisers following the BHP Billiton takeover; and Hi Fert, a blending and distribution network supporting Australia's eastern states. BHP Billiton sold Hi Fert to a joint venture of [[Elders Limited|Elders]] and [[AWB Limited|AWB]] in December 2005 and Southern Cross Fertilisers to [[Incitec Pivot]] in May 2006.<ref>{{cite press release |url=http://www.hifert.com.au/news/documents/Website%20announcement.pdf |date=5 December 2005 |access-date=20 June 2006 |title=Hi Fert Change in Ownership |publisher=Hi Fert|archive-url=https://web.archive.org/web/20060820032716/http://www.hifert.com.au/news/documents/Website%20announcement.pdf |archive-date=20 August 2006 |url-status=dead |df=dmy-all }}</ref>

===Former===
*[[Agnew Gold Mine]]
*[[Beta Hunt Mine]]
*[[Burbanks Gold Mine]]
*[[Hill 50 Gold Mine]]
*[[Nifty Copper Mine]]
*[[Norseman Gold Mine]]
*[[St Ives Gold Mine]]
*[[Three Springs Mine]]


==References==
==References==
Line 45: Line 68:


==External links==
==External links==
*[https://web.archive.org/web/20050615001512/wmc.com/ Company website]
* [http://www.wmc.com WMC Corporate website] – source of much material for this article
* [http://www.world-nuclear.org/info/inf48.html Australia's Uranium]
* [http://www.xstrata.com/wmc/ Xstrata's WMC takeover page]
* [http://www.bhpbilliton.com/ BHP Billiton's website]


{{BHP Billiton}}
{{BHP}}
{{Gold mining companies of Australia}}
{{Gold mining companies of Australia}}
{{Authority control}}


[[Category:Companies based in Perth, Western Australia]]
[[Category:Companies based in Melbourne]]
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[[Category:Non-renewable resource companies established in 1933]]
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[[Category:Non-renewable resource companies disestablished in 2005]]
[[Category:Companies formerly listed on the Australian Securities Exchange]]
[[Category:Companies formerly listed on the Australian Securities Exchange]]
[[Category:Defunct mining companies of Australia]]
[[Category:Defunct mining companies of Australia]]
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[[Category:Gold mining companies of Australia]]
[[Category:Nickel mining companies]]
[[Category:Nickel mining companies]]
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[[Category:Non-renewable resource companies established in 1933]]
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[[Category:Non-renewable resource companies disestablished in 2005]]
[[Category:Uranium mining companies of Australia]]
[[Category:Uranium mining companies of Australia]]
⚫
[[Category:Gold mining companies of Australia]]
[[Category:1933 establishments in Australia]]
[[Category:1933 establishments in Australia]]
[[Category:2005 disestablishments in Australia]]
[[Category:2005 disestablishments in Australia]]

Latest revision as of 15:28, 13 March 2023

For other uses, see Western Mining (disambiguation).

WMC Resources
FormerlyWestern Mining Corporation
ASX: WMR
IndustryMining
Founded1933
FounderWilliam Robinson
Defunct2005
Headquarters
Melbourne
,
Australia
Key people
Tommie Bergman (Chairman)
Andrew Michelmore (Managing Director)
ProductsNickel, copper, uranium oxide, phosphate fertiliser
Revenue$4.0 billion (2004)
$1.0 billion (2004)
Websitewww.wmc.com

WMC Resources Limited was an Australian diversified mining company.

History

[edit]

Western Mining Corporation (WMC) was formed in 1933, when William Robinson, the Australian-born London-based managing director of Broken Hill Associated Smelters, was able to interest several large London-based mining companies into forming syndicates to develop gold mines in Australia.[1] WMC's strategy was to use the newly emerging sciences of mining geology and related geochemistry and geophysics to find new gold deposits. It was a company based on the idea that if they applied good science to exploration, they would be successful.[2][3]

WMC began operations in Western Australia in December 1933 when it commenced an extensive aerial survey of the Eastern Goldfields.[4] It acquired its first profitable mining operation in June 1935 when it took an option over a new gold discovery at Cox's Find, 43 miles northwest of Laverton.[4]

WMC pioneered district-scale aerial photography in the 1930s, flying many areas in West Australia's gold-mining districts.[2] The hope was to identify new prospective areas near known mines. Unfortunately, the surveys failed due to poor exposures of the rocks in the nearly flat, deeply-weathered areas they flew.[2]

In 1961, WMC acquired a 20% shareholding in Alcoa World Alumina & Chemicals that later increased to 40%.[5]

The company's final corporate structure before takeover was formed in 2002 by a demerger that split off the aluminium operations to form Alumina, separate from what was to be known as WMC Resources Limited.[6][7][8]

Takeover bids

[edit]

In December 2004, Xstrata announced a takeover offer for the company.[9] In February 2005, the WMC board recommended that shareholders reject the offer. The Australian Competition & Consumer Commission and Foreign Investment Review Board both approved the deal, however a number of people (including members of the Government) expressed concerns due to the economic (and strategic) importance of the Olympic Dam mine resources, and the reputation of Xstrata and its major shareholder, Glencore.

The Xstrata takeover offer lapsed after a higher offer was made by BHP Billiton, with support from the WMC Resources board.[10] When the offer closed 3 June 2005, BHP Billiton held 55% of the WMC's shares. Under the Corporations Act 2001 this automatically extended the offer period by another 14 days.[11] On 17 June 2005, BHP Billiton announced that it had achieved 90.5% ownership, and would proceed to compulsorily acquire the remaining shares.[12] It was delisted from the Australian Securities Exchange on 29 June 2005.[13]

The company name was later subsumed by the BHP Billiton corporate identity, and a significant name in Australian mining history ceased to be used.[14]

Operations

[edit]

When it was taken over it had three main businesses:

Former

[edit]

References

[edit]
  1. ^ Langmore, Diane (2007). Australian Dictionary of Biography, 1981-1990. The Miegunyah Press. ISBN 978-0-522-85382-7.
  2. ^ a b c Success in Exploration for Gold, Nickel, Copper, Uranium, and Petroleum, interview with WMC geologist Roy Woodall, 2006. 211 pp. Retrieved 16 August 2017
  3. ^ Milestones in WMC Group History WMC Resources
  4. ^ a b "New Find Northwest of Laverton". Kalgoorlie Miner. 8 June 1935. Retrieved 7 January 2014.
  5. ^ History Alcoa World Alumina & Chemicals
  6. ^ WMC Demerger WMC Resources 28 October 2002
  7. ^ Information Memorandum WMC Resources 28 October 2002
  8. ^ WMC Resources Limited: Admission to Official List Australian Securities Exchange 4 December 2002
  9. ^ Xstrata launches takeover bid for Western Mining PM 23 November 2004
  10. ^ Target's Statement by WMC Resources WMC Resources 29 March 2005
  11. ^ BHP Billiton gains control of WMC Resources Financial Times
  12. ^ "BHP wins control of WMC Resources". Sydney Morning Herald. 3 June 2005. Retrieved 1 July 2020.
  13. ^ WMC Resources Limited: Removal from Official list Australian Securities Exchange 29 June 2005
  14. ^ End of the line for WMC ABC Rural
  15. ^ [1] Archived 25 May 2005 at the Wayback Machine
  16. ^ "Hi Fert Change in Ownership" (PDF) (Press release). Hi Fert. 5 December 2005. Archived from the original (PDF) on 20 August 2006. Retrieved 20 June 2006.
[edit]
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