Apex Minerals has been hit with more trouble after a mechanical failure has left its WA Wiluna gold mine with power shortage. The company is looking for more cash injection.
Apex said yesterday it is negotiating with its chief secured creditor for cash for the $1 million in short-term funding the company predicts it requires before Wiluna can run at full production.
It added the breakdown of the gas-powered generator meant the mine operations had to be restricted, The West Australian reported.
Apex said it is looking at fixing the breakdown within a week if it can settle on the required funds to keep running.
Its creditor is thought to be a company affiliated with Multiplex heir Andrew Roberts. Last year, Roberts refinanced a $4 million loan extended by Andrew Forrest, and loaned an additional $1 million in April after the company revealed a postponement of the sale of the Youanmi deposit.