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24 Apr 2019 | 09:22

Metals Exploration operations in Philippines hit by funding constraints

Metals Exploration said key maintenance programmes at its Runruno gold mine in the Philippines had not yet commenced due to working capital constraints.

Orders had been placed, however, to begin mobile equipment rebuilds in the second quarter of 2019.

The company said discussions with its lenders were ongoing to restructure its debt.

In the meantime, a standstill agreement would apply. allowing the company to not make any interest or principal repayments until 2 May.

Metals Exploration said 15,293 ounces of gold were sold from Runruno during the March quarter, at an average realised gold price of $1,309 per ounce.

At 9:22am: (LON:MTL) Metals Exploration PLC share price was -0.28p at 0.8p

Story provided by StockMarketWire.com
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