Ora Banda Mining (ASX:OBM) secured board approval to advance its new processing plant study to the front-end engineering design stage from the definitive feasibility study stage, with a AU$10 million commitment, according to a Thursday filing with the Australian bourse.

This investment will refine design and capital requirements for the construction of a new mill next to the company's Davyhurst processing plant in Western Australia, the filing said.

The company also committed AU$30 million pre-production capital to start open-pit mining works at Waihi.

The company lifted its fiscal year growth capital guidance to AU$143 million from AU$86 million, according to a separate filing.

Shares fell 3% in morning trade Thursday.