Navan Resources has announced increased gold and copper production at its Chelopech mine in Bulgaria. It has also applied for a listing on the London stock exchange where it hopes its shares will start trading in December.

Copper production at Chelopech has increased from 3,601 tonnes to 4,606 tonnes, while gold production has risen from 40,764 ounces to 41,396 ounces, for the first nine months of this year, compared to the same period last year.

The plans for a listing in London arise from Navan's need to raise cash for its operations in Spain, where it owns the Almagrera copper-lead-zinc mine, purchased from the Spanish government earlier this year.

Production of zinc at Almagrera during the five months from May to September totalled 7,338 tonnes, copper was 2,422 tonnes, while 1,206 tonnes of lead were produced, according to figures released yesterday.

Two weeks ago the company's shareholders voted unanimously in favour of a $30 million (£20.1 million) cash investment in it by Homestake Mining.

Yesterday, the company announced it had received the first instalment of this investment, worth $12 million.

In addition, Homestake has paid Navan $4 million to acquire a 32 per cent interest in its Bulgarian joint venture company.

Homestake will invest $4 million more in a new exploration programme in the next three years to take its interest to 50 per cent.

The decision to list in London is a reversal of earlier plans to seek a listing in Toronto.

Navan's market value is about £100 million sterling, although it has slipped recently due to the falling price of gold.