|
Metals Exploration PLC on Monday said construction and development activities at the La India gold project in Nicaragua are continuing to advance ahead of schedule. The project is now 40% complete, ahead of the 35% planned completion at mid-March, the company said. The London-based minerals exploration firm, with assets in the Philippines as well as its Nicaragua development, expects first gold production at La India in December, in line with previous estimates. The project budget increased by 3.6% to $171 million from $165 million, as total project expenditure to the end of February reached approximately $80 million, 2.6% higher than the $78 million originally forecasted. The project is funded by free cash flow from the company’s Runruno gold mine in the Philippines, and a $30 million gold pre-pay facility. However, the company is pursuing an equipment loan of $20 million to secure against its mining fleet, for which expenditures have reached $15 million out of a total projected cost of $29 million. Metals Exploration said bulk earthworks are fully complete, while overall engineering is 85% complete. Further work is still required on the processing plant foundations, although 94,800 tonnes of low-grade commissioning ore have been stockpiled on the run-of-mine pad ahead of commissioning. Overall, non-process infrastructure at the La India site is 77% complete. Metals Exploration shares were up 1.9% to 12.53 pence each on Monday morning in London. Copyright 2026 Alliance News Ltd. All Rights Reserved.
|
