26/06/2013 - 13:02

Apex slips into receivership

26/06/2013 - 13:02

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Gold producer Apex Minerals has been placed into receivership following an attempt to raise $1 million to repair a generator at its Wiluna mine.

Ferrier Hodgson partners Darren Weaver and Andrew Saker have been appointed as receivers of both Apex Minerals and its subsidiary, Apex Gold, by creditor RF Capital.

The appointment of Messrs Weaver and Saker comes alongside the appointment of Pitcher Partners’ Bryan Hughes as administrator of both Apex Minerals and Apex Gold.

Apex scaled back production at its Wiluna gold mine early this week after a mechanical breakdown of its gas power generator.

The company was seeking to raise $1 million in near term funding in order to repair the generator and continue gold production.

Apex had requested a trading halt on the ASX until it completed financing arrangements to resolve the operational issues, with its stock last traded at 1.1 cents.

Last month, Apex Minerals backed out of its attempt to sell its Wiluna mine to Chinese investor Everprosperity for $50 million following Everprosperity’s failure to make a $250,000 payment.

Apex Minerals was the gold producer with the highest costs of the March quarter, producing gold from its Wiluna operation at $2193 per ounce.

According to Business News’ Book of Lists, Apex Minerals employs 250 staff in Western Australia.  

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