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Mining group Armadale Capital said it had progressed discussions with two separate parties that could provide investment funding for its Mahenge Liandu graphite project in Tanzania.
The company said it was now under non-disclosure agreement terms with the two parties.
The agreements had the aim of advancing project-level funding discussions, with a view to bringing in an investment partner to progress through to mine construction.
Armadale said it and its technical and financial advisors had been engaging with 'a number of potential strategic investors or possible joint venture partners'.
Interest so far had ranged from potential small-to medium-size project development funding from private equity mining specialists, through to possible engineering, procurement and construction management partnerships with construction management and contracting groups.
'Due diligence from certain parties is progressing well and the company is in the process of helping all parties with detailed evaluations of the technical and financial aspects of Mahenge Liandu with a view to progressing to a potential partnership to progress to mine development and production,' Armadale said.
'In addition, the company is also advancing separate discussions with a number of Asian parties and hopes to provide further announcements with respect to further progress on development funding in the near-term.'
At 1:23pm: (LON:ACP) Armadale Capital PLC share price was +0.2p at 3.6p