TICKER: (LSE AIM: MTL) SHARE PRICE DELAYED BY 20 MINUTES.
Runruno Gold Project
Runruno is located in the mineral rich province of Nueva Viscaya. The area has been known to be prospective in gold and other precious metals since the early 1960s. Nueva Vizcaya is a landlocked province located on the island of Luzon, which is the largest and most populous island in the Philippines. The project lies immediately downstream from the village of Runruno.
The mine has been in production since 2016 and is currently the fourth largest operating gold mine in the Philippines with the last few years seeing a significant turnaround in the operational performance of the plant and the mine overall.
Runruno contains gold reserves of 9.94Mt with an average gold grade of 1.35g/t and forecast gold production for 2023 between 78,000-81,000 oz/pa.
At a glance
Metals Exploration owns and operates the low cost Runruno Gold Mine in the mineral rich province of Nueva Vizcaya, Philippines, which it developed from greenfield to production.
Runruno gold reserves total 9.94Mt at 1.35 g/t , or 430,000 ounces at a 0.53g/t cut-off
Fully permitted, world class environmental standards, 98% Filipino workforce of which 27% are female.
US$300m invested to date.
FY2022 revenue of US$124m.
Highlighted company news
Environment and social sustainability
Runruno has been producing gold without any community or government enforced stoppages since 2016 which illustrates the strong local relationships which Metals Exploration has built over the years in region. 98% of the workforce at the mine are Filipinos with 27% of the workforce being women, many as higher paid supervisors and equipment operators. Prior to Runruno, the region had no formal employment sector, and thus the mine operation has significantly increased the average standard of living in the region. Runruno’s environmental performance has been recognised with numerous awards.
In November 2022 metals Exploration was awarded the following Philippine government awards:
- Presidential Mineral Industry Environmental Award (PMIEA) in the Surface Mining Category; 2022.
- Runner-up, Safest Surface Mining Operation Award; 2022.
- 3rd Runner-up, Best Mining Forest Contest – Metallic Category; 2022.
These awards are given to mining companies in recognition of outstanding levels of dedication, initiatives and innovations in the pursuit of excellence in environmental protection, health & safety management and social/community development.
Winning the Presidential award is the highest government mining award attainable in the Philippines.
High levels of local employment in Barangay which previously had no formal employment sector
1.5% of direct mining and processing operating costs committed annually to Community Relations office
Health and education
Improved health and educational outcomes via health initiatives and learning programmes
Development of community facilities including bridges, electricity provision and water distribution
Award winning mine rehabilitation and impact mitigation programmes