Southern Cross evaluates project options
PERTH (miningweekly.com) – Metals developer Southern Cross Goldfields said on Thursday that it would re-evaluate its asset base to improve capital structure and quality.
MD Frank Terranova said that this process would involve organically enhancing those assets deemed core, and divesting of assets deemed noncore. The company would also continue to assess corporate activity opportunities with the potential to generate benefits for shareholders.
In February, Southern Cross completed the acquisition of gold miner Troy Resources’ Sandstone gold plant, and in August finalised a merger with fellow-listed Polymetals Mining, to create a strengthened Australian junior resource company with a strong balance sheet and a diversified asset base.
The merged company now had a combined mineral resource of some 1.63-million ounces and a reserve of 254 000 oz. The project portfolio covers some 4 500 km2 in Western Australia and 200 km2 in New South Wales.
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