Financing for Runruno mining project firming up | Inquirer Business

Financing for Runruno mining project firming up

/ 12:32 AM February 03, 2012

Metals Exploration Plc is in the thick of negotiations with banks and financial institutions as part of its campaign to bring the Runruno gold-molybdenum project in Nueva Vizcaya to production.

The Australian firm said in its quarterly project update posted on its website that it is currently engaged in “detailed discussions” with various banks and alternative funding sources to finalize a debt funding package on a “project finance basis.”


“The company has progressed to detailed diligence with one of these potential funders and it is being assisted in all of these endeavors by an experienced advisor,” according to the project update.

Metals Exploration said it intends to finalize a package in the first quarter of 2012.


In the meantime, early mine site works and preparations for building a processing plant have been ongoing since December 2011. Full construction will start as soon as Metals Exploration secures project financing.

“It has been a very rewarding and significant quarter with the issue of the DMPF (declaration of mining project feasibility), approval of a package of early site works and indeed the initiation of those works with the commencement of earthworks on the processing plant site. To see the daily changes at site as the work proceeds, demonstrates the reality of the Runruno project,” Metals Exploration executive chair Ian Holzberger said in a statement.

Runruno, which covers a 3,091-hectare site, is set to start commercial production in the second half of 2013.

Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: company, Metals Exploration, Mining and quarrying, Nueva Vizcaya, Philippines – Regions, Runruno mining project
For feedback, complaints, or inquiries, contact us.

Curated business news

By providing an email address. I agree to the Terms of Use and
acknowledge that I have read the Privacy Policy.

© Copyright 1997-2022 | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.