APAC aims arrow at ABM

HONG Kong-listed APAC Resources is behind a move to turf out the new board of failed gold miner ABM Resources and replace them with mining professionals and corporate players Brett Smith and Myles Campion.

APAC aims arrow at ABM APAC aims arrow at ABM APAC aims arrow at ABM APAC aims arrow at ABM APAC aims arrow at ABM

APAC is an established natural resources investment and commodities business company listed on the Hong Kong Stock Exchange that is believed to hold about 14% of ABM after acquiring the stake from another investment it has in Tanami Gold.

ABM announced this week it was in the process of raising $A8.2 million in a rights issue, with the raising fully underwritten by Key Pacific Advisory Partners and sub-underwritten by Pacific Road Capital Management – with the latter holding 19.9% of ABM.

ABM came to grief last year when ore at the Old Pirate project in the Tanami region of Northern Territory didn’t yield the gold expected.

The company is currently in the final stages of completing mining and re...