Apex hunts for short-term finance
PERTH (miningweekly.com) – Gold junior Apex Minerals has halted share trading until June 26, as it searches for short-term funding to solve operational issues at its Wiluna mine.
Apex reported this week that a mechanical breakdown at the on-site gas power generation facility had necessitated a reduction in operational activities at the Wiluna project, making the project entirely reliant on diesel.
Operations at Wiluna currently consist of dewatering, the BIOX circuit operation, and activities necessary to allow for the continued production from gold-in-circuit, as well as required plant maintenance.
Apex stated that the company was currently assessing the scope of the required repairs and associated funding requirements, to effect the restoration of full productions. Early estimations predict repair time of at least one week, while the near-term funding was not expected to exceed A$1-million.
The company was in discussions with its secured creditor regarding the provision of sufficient financial flexibility to procure repairs, and facilitate sufficient diesel supplies to support interim power generation.
Restart of the milling operations at Wiluna would enable Apex to process the current stockpiles containing some 2 100 oz of gold.
Apex has previously appointed independent corporate adviser PCF Capital Group to help sell off the Wiluna gold mine, after the gold junior terminated an earlier sales memorandum of understanding with Ever Prosperity Investments.
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