Metals X looking for copper buyer

ASX-listed Metals X has announced plans to divest of its entire copper asset portfolio, including the Nifty and Maroochydore copper projects, and the Paterson exploration project.

Metals X on Thursday said that issues with shareholder APAC Resources Strategic Holdings, which demanded the removal of three of the company’s independent directors, had lead to Metals X being unable to progress funding proposals for the restart of the Nifty project, and had led to suspension of discussions with its financier on debt repayment rescheduling.

Divesting of the copper assets was the most appropriate course of action to ensure the financial integrity of the company and realise value for shareholders, the company’s board said in a statement on Thursday.

Metals X last month released a strategic review of its copper assets, which outlined a A$32-million farm-in agreement with metals miner Independence Group over the Paterson exploration project, and completion of an economically positive scoping study for the development of a long-life openpit mine Nifty, where operations were suspended in December, as the mine continued to perform below expectations.