Announce the Interim Financial Report for the Half-Year to 31 December 2013
Perth, Feb 24, 2014 AEST (ABN Newswire) - Metals X (
ASX:MLX) Announce the Interim Financial Report for the Half-Year to 31 December 2013 with review and results of operations.
The first half of the 2013/2014 financial year witnessed difficult trading conditions with continued depression in market sentiment for smaller resource stocks, sideways to lower trends in commodity prices and a strong Australian dollar impacting business.
The Company managed to progress its strategy to build its gold division and re-establish the Company as a diversified miner and developer. The key event was the acquisition of the Australian Business Unit of Alacer Gold Corp. with an effective date of 1 October 2013 and a completion date of 29 October 2013.
This brought on two additional operations and a large amount of plant & infrastructure, expanding the group's revenue and further diversifying its commodity risk. It also significantly expanded the group's gold resources and reserve inventory.
The base metal assets continued to make a sound contribution to the business with steady performance from the 50% owned Tin Operations in Tasmania. The joint arrangement continues to contemplate the Renison Expansion Project, which continues to sit perfectly positioned for development at higher tin prices in the future. During the period the Company put a temporary halt to feasibility works on the "world-class" Wingellina Nickel-Cobalt Project while it continues to monitor nickel prices.
Exploration activity was prudently curtailed during the period with minimal expenditure at the Central Murchison Gold Project ("CMGP"), the Rover Project and the Warumpi farm-in project. Development studies and options to bring both the CMGP and the Rover 1 Project to development continued.
From a corporate perspective the first half of the financial year was rewarding for our shareholders with a solid financial result and a share price increase from 10 cents per share at 1 July 2013 to 18 cents per share on 31 December 2013, which was made even more impressive by the comparative large falls in share prices of our peers.
To view the Interim Financial Report for the Half-Year to 31 December 2013, please visit:
http://media.abnnewswire.net/media/en/docs/76673-ASX-MLX-668590.pdf
About Metals X Limited
Metals X Limited (
ASX:MLX) (OTCMKTS:MTXXY) is a Diversified Resource Company. Australia's largest tin and one of Australia's top 10 gold producers. Considerable cashflow is generated from its two operating gold mines at South Kalgoorlie and Higginsville in WA and from its 50% owned high grade tin mine in Tasmania which is also one of the largest hard rock tin mines in the world. The company boasts resources of over 14 Moz of gold, 140,000 tonnes of contained tin and over 2 million tonnes of contained nickel. The company also has a considerable portfolio of growth assets, including one production ready and one development ready gold project and one of the world's largest undeveloped nickel and cobalt projects.
The Central Murchison Gold Project consists of a fully refurbished 2.0Mtpa gold plant and resource containing over 8.6 Mozs of gold in a combination of high grade underground mines and lower grade open pits, expected to be in production in early 2015. The Company's Rover 1 iron-oxide-copper-gold discovery contains 1.2Moz of gold equivalence which is targeted for production in 2016.
The 100% owned world class Wingellina Nickel and Cobalt Project hosts a global resource of over 180Mt at 1% nickel that includes 167Mt as a probable reserve. Metals X has joined with one of the World's largest companies, Samsung C and T, to work together to finance and develop the Wingellina project.
