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Share Price: 5.10

Bid: 5.00

Ask: 5.20

Change: -0.15 (-2.86%)

Spread: 0.20 (4.00%)

Open: 5.25

High: 5.25

Low: 5.05

Prev. Close: 5.25

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Metals Exploration looking to progress with Runruno Project

Tue, 26th Jan 2016 14:26

(ShareCast News) - Metals Exploration was looking to steam out of a development rut at the Runruno Gold Project in the Philippines, it announced on Tuesday.The AIM-listed natural resources exploration and development company said the rehabilitation works following the debris and water damage caused by super typhoon Lando had been completed.It also said the enhancement works in the areas of the Residual Storage Impoundment, the Malilibeg Dump Site and the tailings pipeline bench were nearing completion.Metals Exploration said it was now working with the country's Mines and Geosciences Bureau to verify the works, which would allow the partial suspension order implemented after the typhoon to be lifted."It is anticipated this could be achieved during February 2016 and the project can move forward, to complete commissioning and move into commercial operations shortly thereafter", the company's board said in a statement.Metals Exploration had also reached an agreement with the Runruno Project lenders and revised its repayment schedule on its $75m (£52.51m) capital.It was previously due to repay $13m in December 2015, with payments being made every six months until December 2018.It would now repay $2m in March 2016, followed by regular repayments every six months from June 2016. The $75m was still to be paid in full by December 2018."The rescheduling of the capital repayments recognises the delay experienced in commencing commercial operations and the associated lack of cash flow to meet the December 2015 repayment", the board said.

More News

23 Jul 2018 13:23

Metals Exploration Slowly Recovers Gold Production Over Second Quarter

LONDON (Alliance News) - Metals Exploration PLC said on Monday it has made progress following the restarting of its BIOX ramp up at the Runruno gold mine operations, leading to improved gold group

5 Jul 2018 13:03

Metals Exploration Runruno Gold Mine Experiences Challenges

LONDON (Alliance News) - Metals Exploration PLC said Thursday its Runruno gold mine is "experiencing challenges".Shares in Metals Exploration were down 10% at 2.80 pence each BIOX

24 May 2018 13:02

Gold Producer Metals Exploration Reports Narrowed Annual Loss

LONDON (Alliance News) - Metals Exploration PLC on Thursday reported a narrowed loss for 2017 on the back of diminished losses on forward sales contracts and lower finance costs.For 2017, a

10 May 2018 14:27

Metals Exploration Non-Execs Wilson And Dean Both Depart

LONDON (Alliance News) - Metals Exploration PLC on Thursday announced the resignations of non-executive directors Tim Dean and Julian Wilson effective immediately.It is to look for "in

20 Apr 2018 13:24

Metals Exploration Reports Sharp Drop In Runruno Gold Sales

LONDON (Alliance News) - Metal Exploration PLC said Friday that the bacterial oxidation circuit at the Runruno gold-molybdenum project in the Philippines achieved 100% design throughput and will

29 Mar 2018 14:13

Metals Exploration Secures USD2 Million Loan From Shareholders

LONDON (Alliance News) - Metals Exploration PLC said Thursday that all areas of operation are performing soundly and that it has secured a USD2 million standby

10 Jan 2017 16:22

Director dealings: Metals Ex director sees upside after loan terms agreed

(ShareCast News) - Metals Exploration director Jeremy Ayre shelled out £0.25m on shares in the Philippines-focused outfit as they trade at half the level they reached last summer, perhaps setting a floor for the stock after new debt terms were agreed last month. Ayre, a corporate finance specialist

30 Sep 2016 10:59

Metals Exploration Begins Commercial Production As Loss Widens

15 Jul 2016 10:54

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15 Jul 2016 09:09

Metals Exploration Says It Requires "Immediate Additional Funding"

13 Jul 2016 09:26

Metals Exploration Resumes Milling Operations At Runruno

30 Jun 2016 11:58

Metals Exploration Seeks Debt Facility Restructure As Repairs Continue

24 Jun 2016 09:56

Metals Exploration Says Milling At Runruno Gold Project Suspended

17 Jun 2016 15:06

UK Shareholder Meetings Calendar - Next 7 Days

13 Jun 2016 16:13

Metals Exploration pours first gold at Runruno

(ShareCast News) - Natural resources development firm Metals Exploration announced on Monday that its Runruno Gold project has successfully poured its first gold Doré as part of its ongoing "test running and debugging" programme of the processing plant and associated operations. The AIM-traded compa

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