EMED Mining, the Europe-based minerals development and exploration company, has received term sheets from several project financiers which indicate possible funding agreements.
The proposals give the company a range of options to allow the funding necessary to restart the Rio Tinto Copper Mine.
Managing director of EMED Mining, Harry Anagnostaras Adams, said: "Required financing is making steady progress in parallel with the permitting required for the restart of the Rio Tinto Copper Mine.
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"Notably, the government has recently spoken of triggering the mine restart in Q3-2012 which is aligned with EMED Mining's timetable and on 24 October 2011, it confirmed the additional information required to complete full permitting.
"Good working relationships and the constructive approach being taken by both parties should expedite completion of this additional documentation and all other regulatory requirements.
"It is especially pleasing that the government and our financiers are lining up to back our timetable to trigger the restart of this major copper mine during late 2012, and then an 18 month ramp-up to steady-state ore production of 9 million tonnes per annum in 2014."
The share price rose 3.33% to 7.75p by 08:47.
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