7th Aug 2015 12:06
LONDON (Alliance News) - Resources exploration and development company Metals Exploration PLC on Friday said it has started the staged commissioning of the Runruno Processing Plant in the Philippines but said operations cannot start until permits have been secured, meaning it is facing delays and a need to raise further funding.
The comkpany said construction of the first phase of the residual storage impoundment has been finalised and will be nearly complete by the middle of this months, with stage two of construction to start thereafter.
The company said the project cannot proceed from commissioning to operations without first having secured all the necessary permits for the project, and as the timing of this is not known as this point, Metals Exploration said it is not in a position to forecast when this will happen.
This will result in a consequential time and cost impact on the project which the company had not anticipated and will meant it now requires immediate funding for general working capital purposes.
Metals Exploration said it is currently in talks with its major shareholders about securing this funding, but no agreement has yet been reached.
Shares in Metals Exploration fell on the news and were down 5.5% to 4.251 pence on Friday afternoon.
By Sam Unsted; [email protected]; @SamUAtAlliance
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