Australian sapphire and gemstone company Richland Resources is progressing negotiations with a buyer for its idled Capricorn mine, in Queensland, the Aim-listed junior reported on Monday.
The company previously flagged a sale of all or part of Capricorn, to potential strategic investors to procure sufficient funding to enable operations to resume.
Richland said that one particular buyer was interested in the entire Capricorn project.
Meanwhile, the company also reported that it had extended its convertible loan note facilities to June 30, and that it was in discussions with the provider of the facility to potentially increase the quantum of the facility for additional working capital.