Business
Quarterly Update To 31 March 2020
Quarterly Update To 31 March 2020.
About this update from Metals Exploration Plc
[{"type":"text","content":"\n \n \n RNS Number : 5690L\n Metals Exploration PLC\n 01 May 2020\n \n \n \n \n METALS EXPLORATION PLC\n \n \n \n \n \n QUARTERLY UPDATE TO 31 MARCH 2020\n \n \n Metals 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 \n \n COVID-19 Impact\n \n \n · \n Operations have been reduced to comply with Philippine government guidance and staff reduced to operational minimums. \n \n \n · \n No COVID-19 cases reported at the mine site to date. \n \n \n · \n Necessary preventative quarantine and medical steps taken to best protect mine site employees and contractors.\n \n \n · \n Certain key senior personnel, especially senior maintenance managers, have been unable to return to the mine site due to travel restrictions.\n \n \n · \n Interruptions to the supply chain have impacted on the delivery of key spares and certain consumables, especially impacting on BIOX performance.\n \n \n · \n Gold production has continued although production rates have dropped from March onwards for various reasons. A new international refinery has been sourced to continue with gold sales. \n \n \n · \n Remote mine location minimises the risk of local COVID-19 infections.\n \n \n Finance and corporate\n \n \n · \n 17,213 ounces of gold were sold during Q1 2020 at an average realised gold price of US$1,581 per ounce.\n \n \n · \n US$27.2 million in gold receipts received in Q1 2020. \n \n \n · \n The Company's two mezzanine lending groups (which also comprise the Company's two major shareholders) acquired the Group's US$69.3 million senior debt facility from \n HSBC and BNP Paribas.\n \n \n · \n Discussions with these lenders on the terms of a restructuring of the Group's overall debt position continue. \n \n \n · \n Any restructuring is expected to include a debt:equity swap as the current debt structure is unsustainable.\n \n \n · \n Total interest bearing \n liabilities as at 31 March 2020 were, in aggregate, US$129.8 million (US$69.3 million in senior debt and US$60.5 million in mezzanine debt).\n \n \n · \n Cash available for use as at 31 March 2020 was US$5.2...