IN BRIEF: Metals Exploration completes purchase of Philippines project
Metals Exploration PLC - Philippines-focused gold producer - Notes completion of acquisition of controlling interest in Philippines-based Yamang Mineral Corp. The purchase was announced in January. At the time, Metals Exploration said the acquisition of the 72.5% stake in YMC was for $1.6 million in cash, plus options to subscribe for up to 41 million new shares in Metals Exploration. YMC holds the exploration tenement Abra, or EXPA-000129, a ‘highly prospective’ exploration licence covering 16,200 hectares on Luzon, Philippines.
Metals Exploration also will own 100% of Yamang Mineral Corp Pte Ltd, a Singapore subsidiary that will be granted 100% of the rights to process any ore produced from mining operations within the Abra tenement area.
Chief Executive Darren Bowden says: ‘The completion of the YMC transaction is a particularly exciting milestone, as the company continues to position itself for future growth beyond Runruno. The acquisition of the YMC Group aligns seamlessly with Metals Exploration’s strategic ambition to be a diversified gold producer, building on its strong foundations in the Philippines.’
Current share price: 5.38 pence, up 0.5% in London on Wednesday
12-month change: more than double from 2.10p
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