Westgold Resources’ Shares On A Trading Halt

  • Dec 05, 2018 AEDT
  • Team Kalkine
Westgold Resources’ Shares On A Trading Halt

On December 5, 2018, the trading of shares of Westgold Resources Limited (ASX: WGX) would be put on a halt. The release on the Australian Securities Exchange or ASX stated that the shares of the company would be witnessing the trading halt as requested by the company. The trading halt has been requested because the company is yet to release information related to demerger regarding the lithium assets as well as raising of the funds associated with the funding. The trading of the shares of the company is expected to be halted till the trading starts on December 7, 2018 or when the market is being informed about the news by the company itself, whichever is earlier.

In the end of November 2018, Westgold Resources Limited came forward and issued a press release which contained information about its Annual General Meeting or AGM. Under the presentation, the company has termed FY 2018 as a busy year. In FY 2018, the company has managed to commission and refurbish two of its process plants, i.e., Tuckabianna and Fortnum. In the presentation, there was also information about the unloading of the South Kalgoorlie Operations (SKO) for the total sale consideration of $80 Mn which comprised of $20 Mn in cash and rest $60 Mn in unrestricted fully paid ordinary share in Northern Star.

The presentation given by the company also has insights related to the acquisition of Australian Contract Mining. The company stated that they are planning to reduce the unit costs as low as possible. The company is well-prepared to tackle the shortages which might arise related to the equipment as well as for the increased expenses related to the mining.

Earlier, Westgold Resources Limited has announced the results for the September 30, 2018 quarter. In the said quarter, the company has managed to post the gold output of 64,037 ounces. The gold operations of the company, in the September 2018 quarter, has garnered EBITDA or earnings before interest, tax, depreciation and amortization amounting to $11.9 million (unaudited). Also, the release contained the views of the management of the company. They reflected positive views for the September 2018 quarter. With respect to Meekatharra Gold Operations, 25,298 ounces was witnessed in terms of the output. Also, total as well as cash costs in regard to the production witnessed an improvement. However, there were some concerns related to Higginsville Gold Operations and, as per the release, these operations negatively impacted the group. The unit costs related to Higginsville Gold Operations were higher.

From the past few months, Westgold Resources Limited’s stock has been delivering the negative returns. Over the time span of six months, the company delivered the return of -39.53% while in the previous three months, the stock delivered -23.25%. However, in the last one month, Westgold Resources Limited delivered the return of -5.02%. The company has a market capitalization amounting to $377.63 million. Additionally, the last traded price of Westgold Resources Limited was A$1.040 per share (as on 04 December 2018).


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