According to Mining News Pro -New Century Resources has entered into a $40 million debt facility
with NAB for expansion funding of its Century zinc mine, 250km northwest
of Mt Isa, Queensland.
The funds will help New Century fast track
its expansion process at the mine, which is due to restart in the
fourth quarter (Q4) of 2018. The Century mine was previously among the
world’s largest zinc mines until its closure in 2016 by previous owner
MMG.
New Century released a development update today stating that
first concentrate is due for slurry pipeline transport to Karumba in
September, with first concentrate shipment due in early Q4. Recent
upgrades to the project’s slurry pumps and fittings have led to a
consistent 5-6 million tonnes per year (Mt/y) average (with a Phase 1
target flowrate of 8Mt/y).
M.V. Wunma, the vessel that will ship
New Century’s concentrate, has gone through drydocking and refurbishment
and is also set to commence shipping in September.
Commenting on
the NAB arrangement, New Century managing director Patrick Walta
stated, “It is fantastic to partner with NAB in the execution of New
Century’s strategy to capitalise on the strong value proposition
presented by the Century assets. The facility provides a great
opportunity to grow our business and ultimately maximise value creation
for shareholders.”
New Century has two phases planned for the
development: Phase 1 will focus on initial refurbishment of the
Processing Plant’s southern train and supporting infrastructure to bring
capacity to an 8Mt/y average.
Phase 2 is focused on refurbishment
of the Processing Plant’s northern train and supporting infrastructure
to bring capacity to a 15Mt/y average and is due for completion in Q4
2019.
http://www.miningnewspro.com/en/News/251497/Century zinc mine on track, secures $40m for expansion