Metals Exploration looking to progress with Runruno Project

26th Jan 2016 14:26

(ShareCast News) - Metals Exploration was looking to steam out of a development rut at the Runruno Gold Project in the Philippines, it announced on Tuesday.The AIM-listed natural resources exploration and development company said the rehabilitation works following the debris and water damage caused by super typhoon Lando had been completed.It also said the enhancement works in the areas of the Residual Storage Impoundment, the Malilibeg Dump Site and the tailings pipeline bench were nearing completion.Metals Exploration said it was now working with the country's Mines and Geosciences Bureau to verify the works, which would allow the partial suspension order implemented after the typhoon to be lifted."It is anticipated this could be achieved during February 2016 and the project can move forward, to complete commissioning and move into commercial operations shortly thereafter", the company's board said in a statement.Metals Exploration had also reached an agreement with the Runruno Project lenders and revised its repayment schedule on its $75m (£52.51m) capital.It was previously due to repay $13m in December 2015, with payments being made every six months until December 2018.It would now repay $2m in March 2016, followed by regular repayments every six months from June 2016. The $75m was still to be paid in full by December 2018."The rescheduling of the capital repayments recognises the delay experienced in commencing commercial operations and the associated lack of cash flow to meet the December 2015 repayment", the board said.