(Alliance News) - MetalNRG PLC on Monday said it has decided to focus on mining gold and copper, alongside other precious and strategic metals required for energy transition and new technology.
The decision comes as MetalNRG conducts a strategic review that will conclude later this month. That review also has identified a number of potential reverse takeover targets, the company says.
To help with the business review, MetalNRG has hired Chris Chadwick as an executive director. Chadwick is a former director of Johannesburg-listed gold and platinum miner Sibanye Stillwater Ltd.
MetalNRG also has hired Scott Gilbert to be head of operations. Gilbert currently is financial & commercial operations director of the Middelvlei gold project in South Africa.
Separately, MetalNRG says it has agreed a EUR2.9 million loan facility for its waste-to-energy plant in Italy. The facility is for 48 months at an interest rate of 2.5 percentage points over the euro interbank offered rate. This currently stands around 6.5%, so MetalNRG initially will pay 9.0%. The loan is from Banca del Fucino Spa, a Rome-based private bank, and it is guaranteed up to 80% by state-controlled MedioCredito Centrale Spa.
The waste-to-energy plant is in Gallina, near Castiglione d'Orcia in Tuscany. Release of the funds is subject to the plant achieving performance targets set by the lender.
MetalNRG shares were up 22% at 0.076 pence on Monday morning in London. The stock remains down 15% over the past 12 months, however.
By Tom Waite, Alliance News editor
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Metalnrg Plc (MNRG)