Avanco moves closer to cash call
The ASX-listed company is expected to emerge from a trading halt on Wednesday and there are suggestions it will announce further funding to help develop its copper and gold prospects in Brazil.
BlackRock, which last week announced plans to finalise a $US12 million royalty deal with Avanco, is believed to be supportive of a further raising, along with Swiss company Glencore Xstrata.
After meeting investors over recent days, there are expectations that as much as $18 million could be announced on Wednesday to help further develop Avanco's prospects.
Last week's deal with BlackRock is yet to be finalised but, if agreed, it will see the miner pay $12 million in exchange for royalty on the copper and gold produced at Avanco's smelter in Brazil.
Frequently Asked Questions about this Article…
Avanco has secured a funding deal with BlackRock, the world's biggest mining investor, which involves a $12 million royalty agreement for copper and gold production in Brazil.
Avanco is in a trading halt as it is expected to announce further funding developments to support its copper and gold projects in Brazil.
Avanco is expected to announce up to $18 million in additional funding to further develop its copper and gold prospects.
Key investors supporting Avanco's funding efforts include BlackRock and Swiss company Glencore Xstrata.
The $12 million royalty deal with BlackRock is intended to provide financial support for Avanco's copper and gold production at its smelter in Brazil.
Avanco's main mining prospects are focused on copper and gold in Brazil.
Avanco is expected to emerge from its trading halt on Wednesday, when it is anticipated to announce further funding developments.
The funding deal could significantly enhance Avanco's ability to develop its copper and gold projects in Brazil, potentially increasing production and profitability.
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