Avanco moves closer to cash call
Mining junior Avanco may be about to cash in on the goodwill generated by last week's funding deal with the world's biggest mining investor, BlackRock.
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.