Exploration company Pathfinder Minerals, which is backed by Irish resources entrepreneur John McKeon, has secured £11 million in funding to take its heavy minerals sands deposit in Mozambique closer to development.

The funding will allow for a full feasibility study, engineering and drilling work on the assets, according to the company.

The licences held by Pathfinder, which is listed on London’s AIM market, are located just 50km south of a mine owned by another Irish company, Kenmare Resources.