Apex in $35m move

WEST Perth-based metals explorer Apex Minerals NL will complete a $35 million placement to help fund the $16.5 million cash component of an acquisition from Oxiana Ltd. The acquisition, of the Melbourne-based company’s Wiluna gold mining and processing operation, cost the company $29.5 million in cash and scrip. The placement will fund the $16.5 million cash component of the acquisition, as well as funding further exploration programs and feasibility studies. Apex hopes to start production in about 18 months at the rate of around 200,000 ounces per annum, increasing to between 300,000-350,000 ounces per annum within three years.

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