LONDON (Alliance News) - Metals Exploration PLC said on Wednesday it continued production from its Runruno gold-molybdenum project in the Philippines in the last quarter of 2018, despite a reduced mining fleet and adverse weather conditions.
For the three months to the end of December, 494,184 tonnes were mined from the project, despite several days of the mine being suspended due to Typhoon Rosita, including remediation works.
Over the quarter, Metals Exploration saw an improvement in the quality of ore with new access to fresh ore, however the transitional ore mined led to a fall in the average mine gold grade at 1.53 grams per tonnes, compared to 1.83 grams per tonne in the last quarter of 2017.
The company sold 11,016 ounces of gold in the quarter at an average realised price of USD1,291.81 per ounce.
Gold recoveries of 64% were achieved in the period, with the recalibration of the gravity circuit and the BIOX operating at 45% of design, its best quarterly performance.
During the quarter Metals Exploration's mining fleet went through a major component refitting, which is expected to prolong the equipment life and benefit mining operations long term.
Shares in Metals Exploration remained flat at 1.25 pence on Wednesday.
Metals Exploration (MTL)