28th May 2014 10:43
LONDON (Alliance News) - Metals Exploration PLC Wednesday said it has entered a senior secured project financing facility for up to USD83 million through its FCF Minerals Corp subsidiary, which will be used to fund the development and construction of its flagship Runruno gold project in the Philippines.
It said the debt facility, along with existing equity funding available to the company, will provide the balance of funding required to take the company's flagship gold project through the remainder of the construction phase, plant commissioning and subsequently well into gold production.
The natural resources exploration and development company, with assets in the Pacific Rim region, said that construction at the Runruno gold project is currently around 67% complete, and commissioning of the project's processing plant, which will lead to the first gold production, is expected to start in the first quarter of 2015.
"Funds are expected to commence being available to draw down from the end of this month which will allow construction works to continue," said Executive Chairman Ian Holzberger in a statement.
Shares in Metals Exploration were trading 3.5% higher before midday Wednesday, at 7.50 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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