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Katoro Gold said it would look to complete project financing for its Blyvoor gold tailings joint venture in South Africa by the end of September, following a delay pinned partly on the Covid-19 crisis.
The company said it had set the new deadline also following a significant increase in interest from possible funders.
However, it added that the impact of Covid-19 remained a 'harsh reality' that would continue to influence the pace and manner in which it could meet agreed deadlines.
'The strong levels of interest we have received from no less than 14 parties keen to provide project level financing to support the construction and development of the Blyvoor project is a clear indication of its value potential,' executive chairman Louis Coetzee said.
He added that the company recognized that many investors wanted clarity as to Katoro's exclusivity position after the expiry of the June 2020 funding deadline.
'In response we have agreed a formal extension to 30 September 2020, which we trust will address concerns investors may have with the security of our position in the Blyvoor JV,' he said.
At 1:19pm: (LON:KAT) Katoro Gold Mining Plc share price was -0.05p at 1.85p