The West

Metals X Higginsville gold project.
Metals X Higginsville gold project.

Fears are mounting for the future of the Higginsville gold project with Metals X calling a trading halt on its shares pending an announcement about the mine.

Metals X secured what many considered the gold bargain of 2013 when it acquired the Higginsville and South Kalgoorlie operations from Alacer Gold for $40 million.

But it inherited a $150 an ounce royalty at the Trident underground mine at Higginsville, which Metals X managing director Peter Cook has called "crippling" to the point it places the mine's future in doubt.

The royalty is paid to Carnegie Wave Energy because of its activities as a minerals exploration company in the 1990s prior to the development of its patented CETO wave energy technology.

Metals X shares last changed hands for 19 cents.

The West Australian

Latest News From The West

Popular videos