Company News Summary
Metals X Provides Quarterly Activities Report for the Quarter Ended 30 September 2016
Original announcement: Quarterly Activities Report
Metals X provided quarterly activities report for the quarter ending 30 September 2016 reporting that the Company completed the compulsory acquisition of Aditya Birla Minerals and has taken over the Nifty Copper Operations. The Co. advised of its intent to demerge its Gold Business Unit and re-list it as Westgold Resources. This will be done as a compliance listing with a complete in-specie distribution to existing shareholders of the Co. The Company has completed a capital raising of 68m shares at $1.48 per share to raise a gross $106.4m. The Company's Gold Division increased output by 20% over the previous quarter to 65,267 oz (including Cannon) at a cash cost of production of $1,031/oz and an AISC of $1,192/oz.
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