LONDON (Alliance News) - Metals Exploration PLC on Monday said preparations have started for the commissioning of the processing plant at the Runruno gold-molybdenum project in the Philippines.
The company said the production ramp plant optimisation is set to happen in the second half of this year, following the commissioning of the plant in June.
The group said the build programme has progressed well in all critical areas of construction, in spite of the unseasonably wet weather in the Philippines recently and the disruption caused by the visit of Pope Francis.
Metals Exploration said it has drawn down USD54 million of the USD70 million senior facility available for the construction and said the project is on track to be within the budgeted figure of USD182.8 million.
"As construction gains momentum again after the Christmas period and the recent trip to the Philippines by Pope Francis, our Runruno gold project is really taking shape as we prepare for and look towards production. Some particularly wet weather certainly made conditions at site more challenging than normal, nonetheless good safe progress was made on each of the main construction areas," said Metals Exploration Executive Chairman Ian Holzberger.
Metals Exploration shares were untraded on Monday morning, having last traded at 4.71 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Metals Exploration (MTL)