Pamour parent gaining new Australian owners

The Australian parent of Pamour Inc. is gaining new controlling shareholders. Giant Resources, which in addition to Australia and Canada operates in New Zealand and South America, and which controls Pamour, is losing conglomerate Ariadne Australia and adding Ampol Ltd., which is 79% owned by Pioneer Concrete Services of Australia, as its major shareholder.

Ampol currently holds a 19.9% interest in Giant Resources, a holding it intends to boost to 32% by exercising all of its Giant options. (The shares and options were acquired from Ariadne.) Pending approval from Giant shareholders, Ampol says it intends to acquire further shares and options from Ariadne to increase its shareholding in Giant to 44%.

Pioneer Concrete is listed as having mineral, oil and energy interests, including the exploration and development of uranium and base metals. Pioneer’s head office is listed as being in St. Peters, New South Wales.

Giant Resources’s 51% stake in Pamour is controlled through a minimum 51% interest in Jimberlana Minerals. Pamour, which has been transformed into a mining house, has a 41.8% interest in Giant Yellowknife Mines, a gold producer operating in the Northwest Territories and at Timmins, Ont. In 1986, Giant Yellowknife produced more than 224,000 oz.

Pamour also has a 66% interest in erg Resources, which is constructing a gold tailings retreatment mill at Timmins. This project will treat 154 million tons of gold tailings and is expected to produce an average of 52,000 oz gold per year for a minimum of 16 years, the company says.

Toronto-base Pamour recently acquired a 9.9% interest (representing an 8.2% voting power) in Dickenson Mines and a 9.9% interest in Kam-Kotia Mines. (Kam-Kotia holds about 33% of the voting shares of Dickenson, while Dick enson owns about 47% of the common shares and 29% of the preferred shares of Kam-Kotia.)

Subsequent to announcing acquisition of shares in these two companies, Pamour reports Westray Mining has the right to acquire up to 50% of Pamour’s holdings in Dickenson and Kam-Kotia at Pamour’s cost by Dec 31, 1988. Westray is a holding company controlled by Clifford Frame, president of Pamour.