The base load Enterprise mine comes online as a further investment of 38 million AU dollars ramps up Norton's transition to an owner operator model providing the gold producer with a new fleet including Hitache 3600's and Caterpillar earthmovers which will be utilized at Enterprise.
Norton's 2013 capital spending requirements at the 3.3 million ton per annum Paddington operation has been backed with a galvanizing 105 million U.S. dollars Zijin credit facility, capital commitment "and set up growth for this area for many years to come."
Norton is now positioned to fund ongoing exploration programs and to explore further acquisition opportunities. Norton last month indicated its intention to acquire smaller rival Kalgoorlie Mining Co. for up to 14.9 million AU dollars.
The KMC plunge reflects Norton's CEO Chen Dianming's vision of becoming a globally recognized gold producer.
"Our recent takeover offer for KMC supports our vision to be a leading, long-term gold producer in Western Australia and part of our growth efficiency strategy. We remain focused on reducing operating costs and increasing our production," Dr. Chen said.
Enterprise is expected to deliver five years of solid production and 150 million AU dollars injection into the local community.
The Fujian province based Zijin, with its strong research and technical background, has shown its readiness to stake a claim in the competitive global gold industry with a commitment to push into foreign ventures.
Paddington General Manager Cullum Winn told Xinhua that Zijin and Norton were 'cross-pollinating when it comes to sharing technology.
"It's been a remarkable partnership." Winn said.
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