Business
Quarterly Update To 30 June 2019
Quarterly Update To 30 June 2019.
About this update from Metals Exploration Plc
[{"type":"text","content":"\n \nRNS Number : 4647I Metals Exploration PLC 08 August 2019 \n\nMETALS EXPLORATION PLC\n \nQUARTERLY UPDATE TO 30 JUNE 2019\n \nMetals Exploration plc (AIM: MTL) (\"Metals Exploration\", the \"Company\" or the \"Group\"), the natural resources exploration and development company with assets in the Pacific Rim region, today provides a quarterly update on matters relating to the operations of its Runruno gold project (\"Runruno\" or the \"Project\") in the Philippines.\n \nMining Operations\n· Mining for Q2 2019 of 2.76Mt of ore and waste with total ore mined of only 449Kt, being below budget.\n· Key fleet maintenance programmes continued to be deferred due to working capital constraints; however, mobile equipment rebuilds have begun in Q3 2019.\n· Costs in excess of budget due to hire of extra trucks due to poor condition of Group owned fleet and ongoing mine plan studies.\n· Average mine gold grade was 1.47 grams/tonne, which is consistent with the historical dilution rate. \n· Expenses and on-ground activities in relation to resettlement of illegal miners away from mine plan Stages 3 & 4 to commence in Q3 2019.\n \nProcessing Operations\n· 15,884 ounces of gold poured during Q2 2019. \n· Increased throughput for Q2 2019 exceeded budget by 52kt.\n· Costs in excess of budget, due to increased consumables/power, associated with increased throughput and additional expert staff employed as part of efforts to improve gold recovery.\n· Gold recovery averaged 67.1% in Q2 2019, which is well below the original feasibility studies.\n· Overall plant availability improved during Q2 2019 as maintenance programmes were undertaken.\n· The gravity circuit achieved 35.4% gold recovery.\n· BIOX® oxidation rates are still below design and for Q2 2019 were 74%.\n \nFinance and corporate\n· 15,577 ounces of gold were sold during Q2 2019 at an average realised gold price of US$1,303 per ounce.\n· Discu...