13th Sep 2019 08:09
(Alliance News) - Mining firm Metals Exploration PLC said Friday its interim loss was reduced as revenue leapt on rising gold sales and prices.
For the six months ended June, pretax loss narrowed to USD8.3 million from USD14.0 million the year prior. This was after revenue rose 28% to USD40.3 million from USD31.5 million the year before.
Performance was helped by gold sales rising 24% to 30,870 ounces from 24,830 the year prior, whilst its gold price per ounce also increased 3.0% to USD1,305 from USD1,267 the year before.
Total mined material jumped 43% to 5.7 million tonnes from 4.0 million tonnes the year prior despite being "impacted by continuing equipment availability issues." Gold grade mined, however, fell 6.2% to 1.51 grams per tonne from 1.61 grams per tonne a year prior.
"During the half-year the company commenced and completed the first stage of the review of the process plant," Metals Exploration said in a statement. "An engineering and offsite testing programme has been approved and commenced. The focus of all work is on improving and increasing flotation capacity, understanding gold deportment and mineralogy and therefore overall gold recovery."
"In addition, a review of the future mine plan was undertaken with results to be delivered to management shortly," Metals added. "A short-hole and long-hole infill drilling programme in Stage 2 of the mine plan will be undertaken during the next six-month period."
Metals Exploration shares were up 5.9% at 0.90 pence early Friday in London.
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