logo-loader
viewMetminco Ltd

Results show Metminco with cash in the bank and in possession of a robust feasibility study for Miraflores

Metminco closed out 2017 with a robust feasibility study for Miraflores in hand

gold
The feasibility study showed Miraflores to be capable of producing 421,000 ounces of gold per year over a 9.3-year life

Metminco Limited (ASX:MNC)(LON:MNC) booked losses of A$35mln in the year to December 2017, down significantly from the A$124mln booked in the corresponding period a year earlier.

The cash position increased to A$834,377 from $71,548 due to the receipt of A$6.6mln following the sale of the company’s interest in the Los Calatos project, and as a result of additional fund raisings amounting to A$2.2mln net, and the exercising of A$700,000 of convertible notes.

READ: Metminco launches bigger rights issue amid strategy shift and board changes

Cash outgoings for the period were focused on the continued development of the Miraflores gold project on the wider Quinchia licences in Colombia.

Expenditure for the year was focused on the Miraflores feasibility study, including an updated JORC 2012 Mineral Resource estimate, as well as the mining study, metallurgical test work, evaluation of processing options, infrastructure work towards completion of the Feasibility Study and the preparation of the Environmental Impact Assessment.

The release of a feasibility study on 30 October 2017 confirmed the robust economics of the Miraflores project.

Metminco’s portfolio of assets includes the Quinchia project in Colombia and the Loica, Vallecillo and Mollacas projects in Chile.

The company focussed its full attention on the Miraflores Project at Quinchia while the Chilean assets remained on care and maintenance throughout 2017.

Quick facts: Metminco Ltd

Price: 0.056 AUD

ASX:MNC
Market: ASX
Market Cap: $9.41 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Metminco Ltd named herein, including the promotion by the Company of Metminco Ltd in any Content on the Site, the Company receives from said...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Metminco submits plan of works for Miraflores gold project

Ram Venkat, non-executive director at Metminco Ltd (ASX: MNC)(LON:MNC), tells Proactive they've submitted a plan of works to the Colombian Mining Agency for the Miraflores gold project. The plan follows Metminco’s announcement last year that it had established a reserve of 457,000 ounces...

on 31/1/18

2 min read