Aim-listed mining company Vast Resources is in the process of finalising the documentation for a $13.5-million financing facility, it said on Tuesday.
In an update to the market, the company said that a further announcement would be made “shortly”.
Vast traded 4% higher at 0.35p a share by 9:30 in London.
The company has to refinance its Baita Plai polymetallic operation, in Romania, after Mercuria withdrew $5.5-million in financing for the project at the beginning of the year.
Baita Plai is a 1.8-million-tonne copper/silver/zinc/lead/gold/tungsten/molybdenum orebody, which Vast said could be in operation within three months from the drawdown of financing.
The company has already ordered, purchased, or is implementing the long lead items.
The funding being negotiated will also be sufficient to start diamond mining at the miner’s Chiadzwa Community Concession, in Zimbabwe. Chiadzwa was previously referred to as the Marange diamond fields.
Vast last week raised just more than £1.8-million, before costs, through the issue of 902.5-million ordinary shares at 0.20p a share for the establishment of the operations in Zimbabwe.