African Consolidated Resources (LON:AFCR) said discussions with potential investors who would help fund the development of two key projects are at an “advanced stage”.
The injection of funds would allow the group to re-start the Pickstone Peerless gold operation to bring in cash flow and would also finance the acquisition of Dalny mine. Both are in Zimbabwe.
The update was given alongside results to the end of March, which revealed it made a loss of US$11.7mln – little changed on last year. The deficit included an impairment provision of US$6.7m related to exploration projects no longer actively being progressed.
As at August 1 it had US$600,000 in the bank.