Metals Exploration, an investor in the precious and base metals sector, has acquired the remaining 15% of Philippines-based FCF Mining Corporation for A$9.1 million (£3.87 million).

The total payment includes A$2.6 million (£1.11 million) for the shares representing the 15% interest, and A$6.5 million (£2.76 million) for the total debt owed by parent company Filminera Resources Corporation.

FCF holds the permit to Metals Exploration plc's flagship Runruno Project in the Philippines. This acquisition takes the acquirer’s effective interest to 100% ownership of the prospective gold and molybdenum resource at Runruno.

Jonathan Beardsworth, CEO of £38.25 million market capped Metals Exploration, said: “This is an important strategic acquisition for Metals Exploration since it delivers 100% control of Runruno and materially simplifies the ownership structure.

“We are now better placed to continue adding value to our Runruno project, which remains the Company's most promising and prospective asset.”