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Pasminco Resources history
Pasminco Resources company history timeline
The Broken Hill mine has produced over 200 million tonnes of ore in its 127 years of mining history, dating back to 1885.
Commissioned in 1978 by Union Miniere SA, it was one of the newest zinc smelters in the world and was well situated in the United States, located relatively close to many major cities and accessible by barge, rail, and road.
Perilya was established in 1987.
In July 1988 Pasminco was created when the zinc, lead, and silver mining, smelting, and marketing operations of CRA Limited and North Broken Hill Peko Limited were merged.
After months of delay, caused by regulatory hurdles and market conditions, Pasminco made a public offering of stock in March 1989, raising $203 million.
With Peter C. Barnett serving as the founding chief executive, Pasminco wasted little time in modernizing its operations, an effort that stretched into 1990.
The company still recorded a net loss for 1991 and continued to lose money as zinc and lead prices continued to languish.
Finally in August 1992, shortly before more poor financial results were to be announced for Pasminco, they sold nearly 30 percent of the business for AUD 285 million.
Pasminco received AUD 111 million for the plant from MIM Holdings Ltd. in November 1993.
The foundation for the company’s rapid growth came with the purchase of the Fortnum gold mine in Western Australia in 1994.
Improving lead and zinc prices, caused by increased demand in Europe and Asia, led to a return to profitability in 1995, when the company earned AUD 12 million on revenues of AUD 1.04 billion, and Pasminco was once again able to pay a dividend to its shareholders.
The purchase was completed in September 1997, paid for by the $600 million Pasminco raised in a global placement of stock to institutions and a rights issue.
The RO declared the site, in part, as a ‘remediation site’ and in doing so determined the site represented a Significant Risk of Harm (‘SRoH’), as defined in the Contaminated Land Management Act 1997.
After months of wrangling, Savage, which thought the offer was too low, finally admitted defeat in February 1999 and the acquisition went forward.
The first zinc-in-concentrate shipped from Century finally came in December 1999, while the first lead shipments followed nine months later.
Once again Pasminco was looking to cut costs in any number of areas to become more efficient and make the best of market conditions. It all added up to onerous conditions for Pasminco, a serious erosion in the price of its stock, and a net loss of more than AUD 8 million in 1999.
A business improvement plan announced in December 2000 to make further cost reductions and improved production did nothing to alleviate the concerns of investors, who abandoned the company's stock and made Pasminco's position even more difficult.
A surge in zinc and lead prices in 2000 was a welcome change, as the stockpiles of zinc had finally been exhausted, leaving just five weeks worth of consumption available, a level not known for a decade.
In 2000 Pasminco returned once again to profitability, earning AUD 23 million.
When fiscal 2001 came to a close, Pasminco reported a loss of AUD 715.7 million.
In May 2002 the company successfully acquired the Broken Hill mine, one of the largest and most renowned zinc, lead and silver mines in the world.
In May 2002, an agreement was finally reached with the banks, which accepted equity in exchange for debt, the first time Australian banks had ever done so to save a public company.
The Environment Protection Authority (EPA) issued a Remediation Order ('RO') to PCCS on 1 July 2003.
The Pasminco Cockle Creek site was closed on 12 September 2003.
PCCS also owns a number of residential properties in First and Second Streets, Boolaroo and land zoned 10 Investigation Zone in the LMCC LEP 2004, located between Main Road 217 and Main Road, Boolaroo.
In January 2005, Perilya acquired the Daisy Milano gold mine, southeast of Kalgoorlie.
Expressions of Interest were sought from qualified parties in May 2005 to participate in the remediation, redevelopment and/or realisation of the site.
Business continued to improve in 2005 when revenues topped AUD 1.9 billion and net income approached AUD 235 million.
The demolition of the lead and zinc smelter’s plant and associated buildings was completed in October 2006.
Mining operations commenced at Beltana zinc mine in March 2007, ahead of schedule and under budget.
In August 2008, Dr Bill Ryall withdrew from being an Auditor and Graeme Nyland (Accreditation No.
In February 2009, Shenzhen Zhongjin Lingnan Nonfemet Co.
Incitec ceased operations in February 2009.
In January 2011, Perilya successfully acquired 100% of the TSX - listed GlobeStar Mining Corporation.
The Remediation Project was completed in 2015.
"Zinifex Ltd. ." International Directory of Company Histories, Volume 85. . Retrieved June 22, 2022 from Encyclopedia.com: https://www.encyclopedia.com/reference/dictionaries-thesauruses-pictures-and-press-releases/zinifex-ltd
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