Bushveld Minerals said coal and energy subsidiary Lemur Holdings had advanced planning for the Imaloto integrated coal mine and power project in Madagascar.
Lemur had completed a review of a bankable feasibility study for the power aspect of Imaloto.
A review process had also been initiated for the final draft of the bankable feasibility study for the coal component.
Bushveld said Lemur had made continued progress on social and environmental impact assessment study fieldwork.
Due diligence for project preparation finance had been completed with one lender, while engagement had continued with all lenders on project financing.
Discussions with an export credit insurance provider for credit and political risk insurance cover were at an advanced stage.
'The completion and review of the bankable feasibility study for the power component of the Imaloto Project represents a key milestone achieved as we press ahead in ensuring Lemur delivers on the potential of the Imaloto project,' Lemur chief executive Prince Nyati said.
At 1:46pm: (LON:BMN) Bushveld Minerals share price was +0.25p at 34.5p