CAPITAL MARKETS

Metals Ex loses Nomad

Runruno mine manager looking at new Nomad and US$44M debt due at the end of March

Staff reporter

This article is 5 years old. Images might not display.

Metals Ex revealed last month previous management had wildly overstated the recoveries at the Runruno gold mine in the Philippines. 

At the start of 2019, Darren Bowden came in as the new CEO, replacing Ian Holzberger.

The company has remained in financial peril since the change. 

There is now US$44 million due at the end of March, although the company has asked lenders HSBC and BNP Paribas for a "standstill" on debt repayments. 

Metals Ex said it was in "advanced talks" with a potential new Nomad. 

The company's share price was down 18% on the news to 45p, and is down 70% since February 1. 

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

editions

ESG Mining Company Index: Benchmarking the Future of Sustainable Mining

The ESG Mining Company Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.

editions

Mining Journal Intelligence Global Leadership Report 2024: Net Zero

Gain insights into decarbonisation trends and strategies from interviews with 20+ top mining executives and experts plus an industrywide survey.

editions

Mining Journal Intelligence Project Pipeline Handbook 2024

View our 50 top mining projects, handpicked using a unique, objective selection process from a database of 450+ global assets.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.