British investment fund Solomon Capital made a takeover bid for Philippines focused mining company Metals Exploration, valuing the company at about US$ 55.4 million, after buying a small stake at the miner early this month. Metals Exploration is currently focused on the development of its Runruno gold and molybdenum project in the Philippines, following the completion of a definitive feasibility study in May 2010. The study reported the area hosts 1.4 million ounces of gold, which could be mined at about 96,700 ounces a year over a decade before needing expansion works.