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1919 |
Northgate was incorporated under the laws of Ontario by letters patent dated
January 7, 1919 under the name Kirkland-Hudson Bay Gold Mines, Limited. |
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| 1958 |
The Corporation was reorganized and the name of the company was changed to Northgate Exploration. |
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| 2000 |
In February 2000, after the bankruptcy of Royal Oak Mines, Northgate acquired a
95% royalty interest in the Kemess Mine and associated exploration properties for
US$180 million, which was converted to a 95% equity interest on December 31, 2000. |
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| 2001 |
Northgate purchased its interest in Kemess using short-term bridge financing provided by Brookfield Asset Management (formerly Brascan Financial Corporation). In September 2001, Northgate refinanced part of this acquisition debt by securing a
$100 million six-year syndicated project loan lead by the Bank of Nova Scotia. |
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| 2002 |
Northgate restructured its balance sheet through a series of equity financings. Proceeds from these issues allowed Northgate to repay the remaining short-term bridge financing, reduce the project loan to $64.5 million and improve working capital balances by $18 million by year end. |
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| 2003 |
On February 14, 2003, Northgate consolidated its ownership in Kemess Mines Ltd.
by acquiring the 5% minority interest it did not hold in exchange for 7,186,000 shares. Northgate now owns 100% of the Kemess Mine, the Kemess North project and the highly prospective portfolio of exploration claims surrounding these assets in northern British Columbia.
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On November 24, 2003, B.C. Pacific Capital Corporation sold their controlling
41.5% share position in a secondary offering that was placed with both institutional investors and retail shareholders. This made Northgate, once again, a widely held public company. |
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| 2004 |
On May 14, 2004, at Northgate’s Annual General Meeting, the shareholders approved the name change of the Corporation from Northgate Exploration Limited to Northgate Minerals Corporation. By changing the name to Northgate Minerals Corporation in May, the Corporation sought to reinforce its vision of Northgate as a strong mid-tier gold mining company with solid cash flow and a commitment to creating value through operational excellence. |
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| 2005 |
In November 2005, Northgate purchased the Young-Davidson property in northern Ontario for Cdn$20 million. |
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| 2006 |
Northgate delivered record gold and copper production at Kemess South
(310,296 ounces of gold and 81.2 million pounds of copper) and achieved excellent financial results, with over $106 million in net earnings and an additional $146 million in cash flow from operations. |
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| 2007 |
In October 2007, Northgate announced a friendly proposal to acquire Perseverance Corporation Ltd., an Australian-based gold miner with two operating mines in the state of Victoria, for US$257 million. |
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| 2008 |
On February 18, 2008, after favourable votes via Schemes of Arrangements from all Perseverance securityholders, Northgate successfully completed its acquisition and emerged as a multi-mine gold producer, with three operating mines in politically stable jurisdictions in Canada and Australia. |