25th Sep 2013 12:27
LONDON (Alliance News) - Metals Exploration PLC Tuesday said pretax losses widened in its first half as the company engaged in a construction programme to develop its flagship operation towards production.
The natural-resources exploration and development company, with operations in the Pacific Rim, said its pretax losses widened to GBP2.5 million from GBP1.5 million for the six months ended June 30.
The company said the loss was predominantly down to administrative expenses which increased to GBP2.5 million from GBP1.5 million during the period, as it made a range of infrastructure improvements at its Runruno project in the Philippines towards future production.
During the period the company also completed a three-stage share placing which raised USD57.7 million in funding.
Metals exploration said its construction schedule is well advanced, and it will take roughly fifteen months to complete, with first gold being poured in the fourth quarter 2014.
Metals Exploration shares were down 5.9% to 6.00 pence on Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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