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 Thursday.
The BIOX circuit at the project in the north Philippines has passivated. The company said it achieved 100% design throughput early in the second quarter of 2018.
The BIOX circuit operated "resiliently" at and about these levels in the second quarter, "demonstrating the capacity of the circuit".
However, according to Metals Exploration, following an "extended period of power 'brown outs' and distribution disruptions" during the "unusually long hot and dry period", the circuit "passivated and throughput is now minimal".
Metals Exploration "anticipated such issues" and was "in the process" of installing additional power supply circuitry.
Due to "supply related issues" and "operating approvals timing" not all of the circuitry was available to the natural resource exploration company at the time of the disruption.
Metals Exploration said all of the circuitry and equipment "has since been successfully installed and is operational".
Metals Exploration (MTL)