26th Jan 2016 10:53
LONDON (Alliance News) - Metals Exploration PLC said on Tuesday it had rescheduled its capital repayments, after commercial operations in the Philippines were delayed by Typhoon Lando in October.
The natural resources exploration company said an agreement had been reached with the lenders for the Runruno project to reschedule the USD75.0 million in capital repayments after it was forced to suspend some activities at the project following Typhoon Lando.
The damage to the site meant Metals Exploration had insufficient cash flow to meet the December 2015 payment. As such, its first payment has been pushed back to March, with larger payments beginning in June.
The company said on Tuesday it had completed rehabilitation works on the processing plant, with enhancement works almost completed. Once passed by the Mines and Geosciences Bureau, the partial suspension order can be lifted, and the company will be able to ramp up the commercial operations and commission two further pipelines.
Metals Exploration shares were down 6.3% to 3.75 pence on Tuesday morning.
By Hannah Boland; [email protected]; @Hannaheboland
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