Westgold shares rise on potential sale of Lakewood Mill site
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The news: Westgold shares rose in morning trade after the gold miner confirmed media reports that it is considering a potential sale of its Lakewood Mill gold processing facility.
The numbers: Westgold shares were up 3.7% to $2.52 at 11:30 am AEDT, having gained more than 30% over the past 12 months.
The context: In a statement to the ASX, Westgold said it "continues to assess strategic options and how best to rationalise its expanded portfolio of assets, including its non-core assets, which includes a potential sale of the Lakewood processing facility".
"Westgold’s strategy remains to focus on expanding its larger, lower costprocessing plants and mines to reduce operating cost and maximise cash flow", it said.
Westgold acquired Lakewood following its $2.5 billion merger with Toronto-listed Karora Resources last year.
The source: ASX announcement
