Business
Interim results for the six months to 30 June 2013
Interim results for the six months to 30 June 2013.
About this update from Metals Exploration Plc
[{"type":"text","content":"\n \nRNS Number : 8092O Metals Exploration PLC 25 September 2013 \n \n\nMETALS EXPLORATION PLC\n \n \nINTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2013\n \n \nMetals Exploration plc (AIM: MTL) (\"Metals Exploration\" or \"the Company\"), the natural resources exploration and development company with assets in the Pacific Rim region, is pleased to announce its interim results for the six months ended 30 June 2013. \n\n \nChairman's Statement\nI am pleased to present the Chairman's Report for the six month period ended 30 June 2013.\nDuring the period under review, the Group reported a loss of £2,453,702 and as at 30 June 2013 the Group has liquid cash balances of £40,621,854. In the same period the Group has raised net contributions of £22,877,677 by share subscription, issuing 333,726,333 new ordinary 1pence shares. Capital expenditure in the six month period was £6,547,214 and in addition there was a deposit amount of £7,746,899, previously held as security for a letter of credit, released by our bank in the Philippines to complete the acquisition of the Komatsu mining equipment.\nMost of the infrastructure works in the Runruno project site area have been completed or are nearing completion which will facilitate the main construction works of the gold processing plant. Execution of the main construction project commenced 1st July 2013 and most of the long lead-time packages have been awarded. It is expected that various civil works will commence in September including pouring concrete to establish several of the major pads and plinths. The construction project is being self-executed in conjunction with several key consultant partners and progress has been excellent to date. The construction schedule is well advanced and it is planned to take approximately fifteen months with first gold being poured in Q4 2014. I am excited with the developments at site and very pleased with the supporting infrastructure we have completed with mainly local Filipino labour and contractors. The changing mining environment has been beneficial for us, enabling us to employ high calibre expats to the project team which will enable the processing plant to be constructed under our own management and supervision. This would have been much more difficult twelve months previously and although this will mean taking all of...