Metals Exploration has achieved its first gold sale from the Runruno project in the Philippines after gold doré produced during commissioning activities was uplifted from its project site for refining. This marks a major milestone in the project’s drawn-out development.
The AIM-listed company says that mining and processing operations are ramping up soundly. Each of the individual processes within the plant has been successfully commissioned and is being ramped up progressively to design throughputs.
Work on documentation to finalise a rescheduling of the debt facility is nearing completion and it is planned that the rescheduled facility agreement will be signed before the end of 2016.
Earlier in November, the company arranged a further US$10.3 million of equity finance while debt rescheduling talks continued. Runruno has a US$75 million debt and $8 million cost overrun facility.
A further waiver has been obtained from the lenders to delay the principal sum of US$15 million, previously due on June 30, 2016 to be repaid on the earlier of December 31, 2016 or on successful rescheduling.
It has been a long road for Metals Ex at Runruno owing to a number of permitting delays, exacerbated by a typhoon which necessitated further work.