- Mining company SolGold said it was in talks to source a $2.85bn financing package for the development of its Alpala copper-silver-gold project in Ecuador.

The company also said that it expected to complete a pre-feasibility study for Alpala in the third quarter of 2020.

A subsequent definitive feasibility (DFS) study would follow by the end of the first quarter of 2021, subject to funding and land acquisition programmes.

SolGold said it was currently conducting discussions about securing a funding package for Alpala.

It involved up to $150m in the shorter-term for two years funding for completion of the DFS.

'Funding discussions for finalising the DFS and SolGold's share of pre-development costs are progressing encouragingly,' the company said.

'If an agreement is reached, finalisation and settlement could take up to eight weeks.'

The longer-term development package of around $2.7bn was being negotiated and targeted to be agreed with a range of financiers and third-parties.

It was subject to finalisation of the DFS, permitting, and fiscal agreements with the Ecuadorean government.

At 9:21am: [LON:SOLG] SolGold PLC share price was +1.32p at 14.32p

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