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Metals Exploration losses narrow as revenue rises 31%
StockMarketWire.com
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Philippines-focused mining company Metals Exploration posted a narrower first-half loss after a rise in production and higher gold price boosted revenue.
Pre-tax losses for the six months through June amounted to $1.35 million, compared to losses of $8.32 million year-on-year.
Revenue rose 31% to $52.9 million as output climbed 3.8% to 31,940 ounces and the company achieved an average realised gold price of $1,647 an ounce, up from $1,305.
Still, Metals Exploration said the Covid-19 pandemic had disrupted operations during the reporting period.
Mining and gold production activities continued uninterrupted, albeit at mining rates and gold recovery rates less than those being achieved prior to the pandemic.
'To comply with the Philippine government Covid-19 guidelines the group restricted the movement of personnel to and from the mine site,' the company said.
'Travel restrictions have resulted in a number of senior personnel being unable to return to site.'
'In particular, senior maintenance managers have been unable to return which, together with the delays in sourcing appropriate spare parts, placed pressure on the Company's operations and maintenance procedures.'
'Recently some senior expat personnel have managed to return to the project site, however, this does not include key maintenance managers.'
At 1:56pm: (LON:MTL) Metals Exploration PLC share price was +0.18p at 2.3p
Story provided by StockMarketWire.com
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