Metals Exploration (LON:MTL) has agreed a new debt repayment timetable with the financiers of its Runruno mine in the Philippines.
First production from the gold mine has been delayed by repairs following typhoon Lando and permit issues.
Clearing up and repairing the typhoon damage is finished while work on the tailings system and areas are nearing completion, Metals Ex said.
Talks are underway with the Mines and Geosciences Bureau (MGB) to commence verification of the rehabilitation and enhancement works to lift the partial suspension order that has stopped the mine’s commissioning.
The company is hopeful this will happen in February, with a move into commercial operations shortly thereafter.
Metals Ex borrowed US$75mln to build the mine. A first repayment of US$2mln is now due by end March, a further US$13mln in June and instalments every six months thereafter until end 2018.
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