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Metals Exploration PLC - mineral resource exploration and development company with assets in the Philippines - Says revenue from gold sales fell 9.5% in the three months ended June 30 to USD29.7 million from USD32.8 million in the same period a year prior. Total gold sales fell 11% to 16,429 ounces in the second quarter, from 18,316 ounces a year before. Average realised gold prices rose 1.1% to USD1,807 per ounce in the quarter from USD1,788 per ounce, but could not compensate for lower sales and output.
Notes that total ore and waste mined at its Runruno Project in the northern Philippines fell below forecast in the second quarter. Total ore mined falls 49% to 287,866 tonnes from 567,973 tonnes the year prior.
Says "normal mining and processing operations continue" at Runruno despite disruption from a surge of Covid-19 cases in the second quarter. Notes that infection cases among personnel has reduced since the quarter end, with vaccinations planned for all employees in the third quarter. Says key senior employees were able to return to the site on May 1.
Chief Executive Darren Bowden says: "The second quarter of the year, whilst having been a challenging one, has seen the company continue to produce strong results from Runruno...We believe we are well placed for the second half of 2021 to continue delivering good operational progress."
Current stock price: 1.47 pence, down 16% on Tuesday afternoon
Year-to-date change: down 11%
By Scarlett Butler; scarlettbutler@alliancenews.com
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