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Metals Exploration expects Runruno start in 2015 second quarter

Published: 07:48 17 Sep 2014 BST

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Metals Exploration’s (LON:MTL) construction of the Runruno gold mine is on track though final commissioning will now be in the second quarter of next year, it said today.

The forecast delay results from the late finalisation of the processing plant detailed design by the design engineering consultants, though the construction overall remains within budgeted cost of US$183mln.

Capital commitments of US $23.2 mln have been made against work in progress and plant and equipment acquisition, Metals Ex added.

Ian Holzberger, executive chairman, said that on the ground the process plant construction works are being executed to a pleasingly high standard as were the Residual Storage Impoundment works. 

A number of additional highly qualified and experienced personnel have been recruited to the project, he added, including a General Manager Mining and a Processing Plant Manager. 

Runruno, in the Philippines, is expected to produce about 100,000 ounce of gold annually over a ten year mine life.

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