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LONDON (Alliance News) - Metals Exploration PLC Friday said its pretax loss widened in 2013 as it increased administrative costs to help facilitate the development of its Runruno gold-molybdenum project.
The natural resources exploration and development company with operations in the Philippines, which is yet to produce any revenues, said its pretax loss widened to GBP5.2 million from GBP4.4 million in 2012.
The company said its losses grew because administrative expenses increased 18% to GBP5.3 million from GBP4.5 million, as the company focused on the development of its Runruno gold-molybdenum project.
During the year, Metals Exploration raised GBP38.2 million to fund its ongoing Philippine operations at Runruno and the start of construction of the processing plant on site began in July 2013, with commissioning of the plant expected in the first quarter 2015.
The company reiterated on Friday that it remains on track and on budget to start operations in the fourth quarter, with construction 46% complete as of January 31.
Metals Exploration already mines from the site and has been ramping up mining activity with over 1.6 million tonnes of material mined from within the pit outline to date and a further 5.0 million tonnes planned to be mined in the nine months from the start of March in advance of production through the processing plant.
The company added that it remains in advanced talks over plans to secure a USD70 million debt financing facility, which would conclude the site's financing requirements, but noted that delays in finalisation of the documentation of the debt funding could slow down project development.
Metals Exploration shares were up 1.2% to 6.96 pence Friday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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