By Tess Ingram
Western Australian gold miner Northern Star Resources has secured high profile company director Michael Chaney as its chairman, underscoring its significant rise in prominence over the past decade.
Mr Chaney, who is chair of major Australian conglomerate Wesfarmers, will replace Northern Star’s longstanding boss Bill Beament as chairman on July 1.
Michael Chaney is a prominent WA businessman who will add chairing Northern Star to his busy schedule.Credit: AFR
The appointment emphasises the growth of Northern Star which, under the leadership of Mr Beament, grew from a 4¢ shell company to a $13 billion major in just under 15 years.
Mr Beament joined Northern Star in 2007 as managing director and transitioned to become its executive chairman in 2016.
During this time, he executed about a dozen acquisitions to cement Northern Star as Australia’s second-largest gold miner.
In arguably its biggest move, Northern Star bought half of Kalgoorlie’s famous Super Pit in late 2019 and then orchestrated a merger with the owner of the other half, fellow local gold miner Saracen Mineral Holdings, in late 2020. The deal created the world’s sixth-biggest gold producer.
Northern Star Resources’s Bill Beament.Credit: Bloomberg
Mr Beament was planning to transition from executive chairman to non-executive chairman at Northern Star, but announced in February that he would exit the board entirely.
He bought about one-third of the shares in base metals hopeful Venturex and will join the board as an executive director in July with the hope of repeating his success at Northern Star.
Mr Beament said Mr Chaney’s wealth of experience would be invaluable to Northern Star as it entered its next chapter of growth.
“I am delighted that Michael has agreed to take on the role of chair of Northern Star,” Mr Beament said.
“He is one of Australia’s most respected and successful business leaders whose vast knowledge and experience at the highest levels will be invaluable to the company as it embarks on its next chapter.”
Mr Chaney said he “relished the opportunity” to become non-executive chairman of Northern Star.
Mr Chaney was managing director of major Australian conglomerate Wesfarmers from 1992 to 2005. He returned to chair the company in 2015 and retains that position today.
The prominent company director was previously chairman of Woodside Petroleum and National Australia Bank, a director of BHP and Chancellor of The University of Western Australia.