Australia-based gold mining company Apex Minerals has initiated a strategic review of its assets and business, with plans to undertake a major restructuring process that could lead to a change of ownership.
The review will encompass an ongoing review of operations and costs, recommencement of exploration and consider corporate strategies.
Apex said that despite substantial progress in the turnaround of its gold mine Wiluna in Western Australia, "it is the board’s view that the inherent value of the company is not being reflected in the current share price."
"Another party with improved access to capital may be better placed to unlock this value for shareholders," the company said in a statement.
The firm has appointed independent corporate advisor Lion Capital to assist it in determining the availability of a potential restructure or change of ownership transaction.
The strategic review will seek to identify and assess expressions of interest from third parties for the company until March 2013.
Apex is also seeking to realise greater value from its Youanmi Gold Mine which is under care and maintenance.
"It is evident to management that Youanmi’s underlying value is not being recognised in the company’s recent share price. Accordingly, Apex is currently considering offers to realise this value, which may or may not result in a sale of Youanmi," noted Apex.
Image: Wiluna gold operation, Western Australia. Photo: Apex Minerals NL.