LONDON (Alliance News) - Metals Exploration PLC said on Monday it has made progress following the restarting of its BIOX ramp up at the Runruno gold mine operations, leading to improved gold recoveries.
The group said that the ramp-up has progressed strongly with throughput achieving 88% of design throughput.
During the second quarter to the end of June, Metals Exploration sold 13,359 ounces of gold, up from 11,338 ounces the quarter before, and poured 12,359 ounces, up from 10,593 ounces the previous quarter.
In addition, mid-life maintenance on the group Komatsu mine fleet has started, with one engine change completed, and two additional dump trucks added to the fleet under a hire arrangement to maintain the rate of waste removal.
Financially, Metals Exploration is continuing discussions with senior lenders to refinance its debt position, as well as with two main shareholders to increase its working capital facility.
Shares in Metals Exploration were down 4.8% at 2.50 pence on Monday.
Metals Exploration (MTL)