North Limited

North Limited

Company type	Public
Industry	Mining and resources
Predecessor	North Broken Hill Silver Mining
Founded	1888
Defunct	2000
Fate	Acquired by Rio Tinto Group
Headquarters	Australia
Area served	Six continents
Products	Iron ore, silver, lead, zinc, copper, gold, uranium, woodchips
Parent	Rio Tinto Group (after 2000)

North Limited operated as a multifaceted mining and resource enterprise headquartered in Australia, with activities extending across six continents. By the end of the 20th century, it ranked as the fourth largest exporter of iron ore worldwide, with development initiatives set to propel it into third place. Its principal holding was a controlling interest in Robe River, a significant miner of the Pilbara region's iron ore deposits in Western Australia, noted for being the globe’s most cost-efficient iron ore producer.

History

Established in 1888 under the name North Broken Hill Silver Mining, the company initially focused on exploiting substantial silver, lead, and zinc reserves at Broken Hill in western New South Wales. The name was shortened to North Broken Hill in 1905. Mining output at this original site gradually diminished until operations ceased in 1993.

Throughout its history, North broadened its reach into various mining areas. The acquisition of Peko-Wallsend in 1988 led to the formation of North Broken Hill Peko Limited, and by 1994, the company adopted the name North Limited. The designation "North" had long served to differentiate it from other Broken Hill miners such as Broken Hill South and Broken Hill Proprietary, with the rebranding cementing this identity as its focus shifted away from Broken Hill.

By the year 2000, iron ore assets represented 44% of North's total value. The company concentrated on investments to initiate production at the new West Angelas iron ore mine located in the Pilbara while simultaneously increasing output at the Iron Ore Company of Canada and the Northparkes copper and gold operation.

Takeover

Similar to its counterpart Western Mining, North transformed into a large-scale diversified resource corporation featuring a premier world-class asset that attracted global mining giants. For Western Mining, this was the Olympic Dam deposit rich in copper, gold, and uranium; for North, it was Robe River Iron.

In 2000, a competitive bidding process began when Rio Tinto initiated a hostile takeover bid at $3.80 per share. This offer was surpassed by Anglo American at $4.20 per share; however, Rio Tinto countered with a successful bid of $4.75 per share. After the acquisition, North was removed from the stock exchange, with Rio Tinto absorbing most of its assets and divesting others such as Northparkes.

Assets

At the point of the 2000 acquisition, North’s primary holdings included:

• Robe River Iron Associates – a major iron ore producer in the Pilbara, Western Australia (53% ownership), known for low production costs
• Iron Ore Company of Canada – iron ore mining operations in Labrador (56.1% stake)
• Zinkgruvan – wholly owned zinc mine located in Sweden
• Energy Resources of Australia – uranium mining enterprise in the Northern Territory (68.4% ownership)
• Northparkes – copper and gold mine situated in New South Wales (80% interest)
• Bajo de la Alumbrera mine – copper and gold extraction project in Argentina (25% stake)
• North Forest Products – Tasmanian plantation woodchip producer generating 3.3 million tons annually, accounting for 43% of Australia’s exports (100% ownership)
• Golden Valley Joint Venture, including Kanowna Belle Gold Mine (50% share)
• Peak Hill Joint Venture gold mine (33.33% interest)

Additionally, North was actively exploring mineral prospects across Australia, Indonesia, Ivory Coast, Peru, Mexico, and the United States.

In earlier years, North held other significant assets such as:

• The North Broken Hill silver-lead-zinc mining operation
• Warman slurry pump manufacturing
• Former Peko zinc properties acquired from EZ Industries, Tasmania; these were later merged with Rio Tinto’s holdings and spun off to create Pasminco in 1988