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NEWS

Merger going smoothly: Beament, Finlayson

n what amounted to an engagement party for their two companies’ union, Bill Beament and
IRaleigh Finlayson declared themselves excited about the prospects for the merged company.

by Dominic Piper

peaking at The West Australian’s Leadership Matters working together required definition of roles.
Sbreakfast, Northern Star Resources Ltd executive chairman “We’ve got pretty clear boundaries around where we will focus,”
Beament and Saracen Mineral Holdings Ltd managing director he said. “Bill initially on BD… I’ll be taking a lead role on the
Finlayson said the two companies soon became entwined after integration and synergies and Stuart will continue to run.
securing their respective 50% share in KCGM in late 2019.
“We will actually switch roles in 18 months, and I will actually
“It was really a trial before you buy and that’s given us really good report to him [Stuart]. The key message is we want people to not
confidence,” Finlayson said. “There’s been a professional respect be able to spot that time when we swap roles. It is important that
all the way through the journey. In the nine months together at we work together… and we are already seeing that starting to
KCGM, there has been really good mutual respect for each gel.”
other’s skills sets; us in the open pit and geology area, Northern
Beament said Northern Star would benefit from the added
Star with the procurement, underground mining and processing.”
management firepower.
Beament said his friendship with Finlayson had helped smooth
“We have got seriously the A-grade team. One of the massive
the relationship but emphasised it was the cultural alignment and
reasons for doing this deal is the combined management teams,
expected outcomes which made the merger appropriate.
the combined boards; it’s very, very strong.”
“Having a friendship helps, probably initially, but we are a
The announcement of the merger in early October coincided with
business first and mining company second,” Beament said. “That
gold price’s 2020 highs. Spot gold has since softened in response
is how we operate and how Saracen operates as well. Everyone
to positive news regarding COVID vaccines but Beament believes
has protected their own assets, their cultures and their people.”
the future is very bright for gold miners.
The nil-premium merger will create a $16 billion, top 10 gold
“Six to eight weeks ago I did turn very positive on gold,” he said.
producer and the dominant player on the Australian domestic
“Gold is copping a bit of a hit because of the vaccines but we’re
gold scene. Beament will remain as executive chairman of the
still dealing with the health crisis, we are yet to deal with the
merged company with Finlayson as managing director and
financial crisis, Australia included. How are we going to pay for all
current Northern Star chief executive Stuart Tonkin as chief
this spending? Gold is fantastically positioned for that.
executive.
“We are still talking about a $2,600/oz gold price so it’s a fantastic
After 18 months, Beament will transition to a non-executive role
price already but longer term gold is in a great position and it will
with Finlayson becoming head of business development and
rebound very hard when people turn their attention to how we are
Tonkin assuming the managing director seat.
going to pay for this.”
Finlayson acknowledged having such strong personalities

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