StockMarketWire.com - Mining group Metals Exploration reported a rise in second-quarter revenue after a fall in production was more than offset by higher gold prices.

The company said output had been hurt by Covid-19 disruptions at its Runruno gold project in the Philippines.

Revenue for the three months through June increased to $25.7m, up from $20.3m on-year.

Gold sales for the three months through June fell to 14,908 ounces, down from 17,213 ounces ounces in the first quarter.

The company achieved an average gold price of $1,722 per ounce, up from $1,581.

Operations at the mine had continued, though at reduced production levels.

Certain key senior personnel, especially senior maintenance managers, had been unable to return to the mine site due to travel restrictions.

The company also reported that interruptions to the supply chain had impacted performance, especially power interruptions.




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