Avocet Mining said it had sold Norwegian subsidiary Wega Mining to Natholmen for $400k, as it attempts to appease its lenders.

The company said discussions with secured creditor Manchester Securities regarding the restructuring of its overdue loans totalling $29.2m were continuing.

Avocet said it was 'taking all practicable actions' to minimise costs and streamline its remaining responsibilities, activities and group structure.

At 1:54pm: (LON:AVM) Avocet Mining PLC share price was +0.03p at 14.53p