Metals X is staying tight-lipped on its intentions after amassing a 4.45 per cent beneficial interest in explorer Reed Resources.
Reed announced today a check of its share register had shown the base metals miner held a beneficial interest in about 20.6 million shares.
Reed said it had contacted Metals X to determine the company's intentions for the holding, but Metals X refused to comment.
"Shareholders will be advised of any material developments," Reed said in a statement.
Reed is focused on the development of the Meekatharra gold project, which it hopes to bring into production before the end of the year.
It also holds lithium, vanadium, iron ore and nickel exploration assets.
Metals X also has exposure to a variety of minerals through its mining operations and exploration assets across Australia.
Reed shares were up half a cent, or 2.38 per cent, to 21 cents at the close while Metals X shares were flat at 13 cents.Metals X has a market capitalisation of about $170 million against Reed's $97 million.
The new magazine for a new generation of West Australians.Click here to download »
All the latest market figures from Australia and the world.Click here »
'The West Australian' is a trademark of West Australian Newspapers Limited 2013.
All rights reserved.
Select your state to see news for your area.