StockMarketWire.com - Mining company Metals Exploration said its production volumes and supply chain had both been hit by the Covid-19 crisis.

The company also said it was still talking to lenders about restructuring its debt, with a debt-for-equity swap an expected outcome.

Metals Exploration said operations had been reduced to comply with Philippine government guidance and staff reduced to operational minimums.

Interruptions to the supply chain had impacted on the delivery of key spares and certain consumables, it added.

In the three months through March, the company said it had received gold receipts of $27.2m.

Production over the quarter was 17,213 ounces at an average realised gold price of $1,581 per ounce.




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