News

February 16, 2010

The New Chief Executive Of Hong Kong Investment Company Apac Resources Is A Once-Familiar Face In London

By Charles Wyatt

It was interesting to read last week that Metals X, the Australian company - not to be confused with Metals Exploration on Aim - has just acquired a 19.9 per cent holding in Jabiru Metals. Metals X acquired a total of 136.7 million shares from Consolidated Copper, which is owned by the old Consolidated Minerals which in turn is now part of Palmary Enterprises. Apparently, Palmary is under pressure from a fee due to JP Morgan, so the shares were crossed last Friday. Apac Resources, the Hong Kong investment company, was the hidden hand acting behind Metals X’s purchase.

Metals X is Australia’s largest tin producer, producing approximately 2.5 per cent of the global supply from its Mt Bischoff and Renison mines and processing plant in Tasmania. It also owns the Wingellina nickel project which boasts a global resource of over 180 million tonnes of nickel. The first phase of feasibility was completed in 2008, and worked on a premise of a 40,000 tonnes per year nickel and 3,500 tonnes per year cobalt operation with a 40 year mine life. Metals X also has a wider...