Metals Exploration stock rises on progress at former Condor Gold mine

Metals Exploration PLC on Tuesday said that development and construction of a recently-acquired gold project in Nicaragua was progressing on schedule.

The London-based mining company owns 100% of La India, a prospecting site acquired through its takeover of former AIM listing Condor Gold PLC, which completed back in January. It is also the owner of Runruno, a gold and molybdenum mine in the Philippines.

Metals Exploration noted that unloading of the Rock Creek processing plant was complete, with delivery to La India ‘well advanced’, following the plant’s early arrival at the port in Nicaragua. The firm expects to begin erecting the plant in October, as planned.

Mine development earthworks are around 95% complete, the run-of-mine pad is being finalised and site buildings and infrastructure are under construction, the company added.

Commenting on local miners who had been working in the area, Metals Exploration said that ‘orderly and agreed decamping’ of the artisans had concluded. Chief Executive Darren Bowden described the requirement for artisanal miners to vacate the area as a ‘fair and constructive agreement’.

‘I recently visited the La India site and was pleased to see the project coming to life, with earthworks being completed in the mine industrial area and mine pre-strip activities well under way,’ Bowden said.

The CEO reaffirmed the company’s target for La India to begin production by the fourth quarter of 2026.

Metals Exploration shares were up 11% at 14.65 pence on Tuesday morning in London, and have more than doubled in value over the past 12 months.

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