Great Central Mines
| Public, ASX: GCM | |
| Industry | Resources |
| Predecessor | Great Central Mines NL |
| Defunct | 1999 |
| Headquarters | Melbourne, Australia |
|
Key people
|
Joseph Gutnick (Chairman of the Board) |
| Products | Gold |
|
Production output
|
Gold: 783,182 ounces (1998-99) |
Great Central Mines was an Australian gold mining company.
The company lost its independence in 1999, when it was taken over by Normandy Mining, and was renamed Normandy Yandal Operations Limited in 2000. The company's takeover however led to lengthy court proceedings, initiated by the Australian Securities and Investments Commission, which only finalised in February 2003. At this stage, Normandy Mining itself had been taken over by the Newmont Mining Corporation.
The company started its existence under the name of Great Central Mines NL, changing its name to Great Central Mines Limited on 19 December 1996. The company was listed on the Australian Securities Exchange under the code GCM.
Great Central Mines was led by the ordained Rabbi Joseph Gutnick, who was, after almost having been ruined by the 1987 stock market crash, advised by the Rebbe Menachem Schneerson to go back to the Australian desert and search for "gold and diamonds".
In 1988, Gutnick's company discovered the deposit which was to become the Plutonic Gold Mine in Western Australia, which he sold for A$50 million.
GCM acquired the majority of the Bronzewing deposit from Mark Creasy, a sale which earned the later an entry into the Guinness Book of Records, becoming the prospector receiving the richest payout, having received A$115 million for it from GCM. The company purchased the remaining 30% of Bronzewing it didn't own in early 1995 for US$89 million, together with the remaining 49% stake of the Jundee Gold Mine it hadn't owned previously.
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