Metals Exploration plc Provides an Update on Matters Relating to the Construction and Development of its Runruno Gold-Molybdenum Project in the Philippines
Feb 23 15
Metals Exploration plc provided an update on matters relating to the construction and development of its Runruno gold-molybdenum project in the Philippines. Highlights: Preparations have commenced for commissioning of the Process Plant in June 2015; Production ramp up and plant optimisation expected to occur through second half of 2015; Self-managed project build programme continues to progress well in all critical areas of construction despite some unseasonably wet weather and public holidays around Christmas and the Papal visit to the Philippines; The inoculum cultures necessary for the Biox® and ASTER™ processes have been delivered to site; Initial performance of the cultures has been very positive and process operator training has commenced; A five year power supply contract with SN Aboitiz Power RES Inc. has been signed; On-site electrical switchyard has been approved as compliant by the Philippines Energy Regulatory Commission; 69Kv transmission lines have been energised and the project is now directly connected to the Philippines national grid, as a direct contestable customer; FCF owner's construction team is confident that commissioning of the Process Plant can begin by the end of second quarter of 2015; $54 million has been drawn down from the $70m senior facility available for construction; The construction project costs continue to be forecast at the budgeted figure $182.8 million; All high value and long lead equipment packages have been awarded with most components successfully delivered to site without incident. In anticipation of the commencement of commissioning late in second quarter of 2015 and the ramp up into full commercial operations in H2 2015, the operations team are setting their focus on operational readiness. Processing: A BIOX® mini plant has been established at Runruno and was commissioned in December 2014 after four truckloads of ore were delivered for its start-up operation. Three truckloads of high grade high sulphide ore was excavated from Stage 1 of the mine area and one truckload of medium grade ore from Stage 1.5. Bacterial and fungi inoculum cultures necessary for the BIOX® and ASTER™ processes, which are licensed for use at Runruno by BIOMIN South Africa (Pty) Limited (BIOMIN), have been received from SGS S.A. laboratories in Johannesburg. These cultures have now been successfully reactivated in the mini plant and their activity is being carefully monitored ready for commencement of operations. Production of gold and sulphide concentrates using Runruno ores has commenced in the mini plant. These concentrates will now be used to build up the volume of inoculum available for the process plant commissioning. The mini plant facility is also being used to train operators and provide a stock of active bacteria which will be used to accelerate the commissioning and ramp-up processes. An onsite assay laboratory has been constructed and is currently being equipped for the start of operations. The Process Plant Training Package for the operators is being implemented and will include a period at an operational BIOX® facility for the key operators. Initial spare parts for the project have been identified and the procurement strategy signed off to have these parts in place prior to commencement of commissioning.
Metals Exploration plc Announces Executive Changes
Jan 19 15
Metals Exploration Plc announced that Mr. Christopher Whitehouse has resigned as a non-executive director of the company, effective as of December 5, 2014. Mr. Lucian Eduard Simovici has been appointed a non-executive director, effective as of January 19, 2015.
Metals Exploration plc Reports Un-Audited Consolidated Earnings Results for the Six Months Ended June 30, 2014
Sep 30 14
Metals Exploration Plc reported un-audited consolidated earnings results for the six months ended June 30, 2014. For the period, the company reported operating loss of £3,337,821 compared to £2,474,855, loss before taxation of £6,487,603 compared to £2,453,702, loss attributable to equity holders of the parent of £5,550,577 or 0.404 pence per basic and diluted share compared to £2,453,702 or 0.276 pence per basic and diluted, net cash used in operating activities of £262,478 compared to £2,923,199 and purchase of property, plant and equipment of £19,994,949 compared to £6,416,169 for the last year. Purchase of intangible assets was £320,589 compared to £131,045 for the last year.