Metals X spins off gold assets

Company News

by David Chau

Metals X (ASX:MLX) shares have fallen almost 60% since the start of trade this morning, following the spin-off of the company’s gold assets. 

Today, the company released a substantial shareholder notice increasing Blackrock’s interest in the company to almost 14 percent.

Last week, Metals X shareholders approved the demerger of the company, where its gold assets will be spun-out to another company called Westgold.

Westgold will be led by Peter Cook, the chief executive of Metals X, and it will become one of Australia’s top-10 ASX-listed gold producers.

Metals X posted a $23.6M net loss at 30 June 2016.
 

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