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Gold & silver

Metals Exploration moving forward at Runruno after delays

More than 400 permits have now been issued for the gold mine in the Philippines

Metals Exploration Plc (LON:MTL) has started to ramp-up production at its Runruno gold mine in the Philippines after a series of delays last year.

Since a partial suspension order was lifted in April, executive chairman Ian Holzberger said Metal Ex had rapidly moved into the ore commissioning and "debugging" phase.

Permits being approved were one problem and Holzberger estimates that more than 400 have now been issued for the gold mine.

On top of this, the mine was hit by super-typoon Lando last autumn, which required remedial work before the partial suspension order was lifted.

As a result of the delays, Metals Ex has had to negotiate emergency funding.

Talks are also ongoing on a new debt repayment schedule to avoid a technical breach on payments due on 30 June.

Costs so far in building the mine have amounted to nearly US$210mln.

There was a loss for the 2015 year of US$2.1mln (US$4.8mln).

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