Ivernia West and its partner in the Lisheen lead zinc mine development, Minorco, are planning to raise $173 million (£112 million) in project finance and have made presentations to six banks with strong mine financing records.

According to Ivernia, the initial response from the banks indicates that the financing terms for the project will be competitive while allowing for early distribution of profits to Ivernia and Minorco.

In a statement with its interim results, Ivernia says that the joint venture is hopeful that additional reserves will be found in the Lisheen area. The orebody currently has sufficient reserves to produce 1.5 million tonnes of ore a year for 13 and a half years.