The West

UPDATE 2.50pm: Shares in Avanco Resources were firmer after the explorer completed a $23 million placement at a premium to its trading price.

The company said the placement to strategic investors was priced at 7.5 cents, a 10.3 per cent premium to its last trading price of 6.8 cents yesterday.

Avanco said the raising put it in a robust position as it moved its Antas copper mine in Brazil towards production.

Antas is part of the company's broader Carajas portfolio, which includes its second planned, bigger mine, Pedra Branca.

Avanco said it was in the process of finalising a $US58 million senior debt facility with a Brazilian bank and a $US12 million production royalty sales transaction to pay for the $US70 million cost of bringing Antas into production, expected early next year.

Antas hosts a resource of 2.48 million tonnes at 3.26 per cent copper and 0.71 grams per tonne gold.

Avanco shares closed up 0.4 cents, or 5.88 per cent, at 7.2 cents.

The West Australian

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