15th Nov 2019 11:56
(Alliance News) - Metals Exploration PLC on Friday reported a third quarter year-on-year rise in gold sales and said it is consulting with local authorities to remove clandestine miners from its Runruno project in the Philippines.
In the period to September 30, gold sold rose 42% to 18,239 ounces, from 10,522 reported last year. Revenue from gold sales soared 92% to USD27.0 million from USD14.0 million.
The average price of USD1,479 per ounce was an 11% year-on-year climb from USD1,333.32 per ounce last year.
Metals Exploration reported that illegal miners are currently occupying sites the firm eyes drilling as part of its third and fourth stages of the mine plan at Runruno.
The company explained: "Productive relations with both the community and the government continue. The company continues with its government agencies consultations in relation to the impending need to remove illegal miners.
"Initial access development to mine plan stages three & four also commenced in the third quarter. Further actions in relation to the resettlement activities will be made in the forthcoming quarters."
Shares in the company were 14% lower at 1.05 pence each in London on Friday morning.
By Eric Cunha; [email protected]
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