Aricom had been seeking $1 billion in financing, but analysts said a scaled-down project could cost $150 million.
Aricom chief Jay Hambro said the firm was considering a range of financing possibilities, including project finance, vendor finance, equipment finance and joint ventures.
If possible, Aricom could go ahead with the full original plan if it got the right combination of finance, but it was also putting together a smaller-scale alternative plan, he added.
Aricom shares, which have shed about 90 percent since their peak on May 19, fell 1.9 percent to 13.25 pence in London on Tuesday.
The firm released a feasibility study on the projects Oct. 8, confirming that it needed $1 billion in external funds to contribute to the $2.3 billion cost of building two mines, a processing mill and a plant.
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