Business
Runruno Project Update
Runruno Project Update.
About this update from Metals Exploration Plc
[{"type":"text","content":"\n \nRNS Number : 0016N Metals Exploration PLC 26 January 2016 \n\n26 January 2016\n \nMETALS EXPLORATION PLC\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.\n \nRescheduled Capital Repayments and Update on Permitting and the Partial Suspension Order - Runruno Project\n \nRescheduled Capital Repayments\nMetals Exploration, through its Philippine subsidiary company FCF Minerals Corporation (\"FCF\") advises that it has been in discussions with the Project's lenders of its senior debt facility wherein an agreement has been reached to reschedule the US $75m capital repayments. The rescheduling of the capital repayments recognises the delay experienced in commencing commercial operations and the associated lack of cash flow to meet the December 2015 repayment.\n \nA revised repayment schedule has been designed to accommodate a later operations start date, agreed as follows:\n \n\n\n\n\nRepayment date\n\n\nOriginal repayment schedule\n\n\nRevised repayment Schedule\n\n\n\n\n31 December 2015\n\n\n$13,000,000 \n\n\n\n\n\n\n\n31 March 2016\n\n\n\n\n\n$2,000,000 \n\n\n\n\n01 June 2016\n\n\n$13,000,000 \n\n\n$15,000,000 \n\n\n\n\n01 December 2016\n\n\n$13,000,000 \n\n\n$15,000,000 \n\n\n\n\n01 June 2017\n\n\n$13,000,000 \n\n\n$15,000,000 \n\n\n\n\n01 December 2017\n\n\n$8,000,000 \n\n\n$13,000,000 \n\n\n\n\n01 June 2018\n\n\n$8,000,000 \n\n\n$8,000,000 \n\n\n\n\n01 December 2018\n\n\n$7,000,000 \n\n\n$7,000,000 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n$75,000,000 \n\n\n$75,000,000 \n\n\n\n\n \nThe 31 December 2015 interest payment has been paid in full and the only amendment to the original interest repayment schedule is to include the interest payable on US $2m into the first quarter of 2016, payable 31 March 2016.\n \nThe tenor of the loan facility remains the same, terminating 31 December 2018.\n \nPartial Suspension Order Update\nThe rehabilitation works following the debris and water damage caused by super typhoon Lando (Koppu) have been completed and the enhancement works in the areas of the Residual Storage Impoundment (RSI), Malilibeg Dump Site and the tailings pipeline bench areas is nearing completion. \n \nManagement has engaged with the Mines an...