New Century Resources has secured another long-term offtake agreement for production from the Century zinc mine in Queensland, this time with commodity trader MRI Trading.
The aspiring miner has now executed four offtake agreements for Century zinc concentrate, representing around 75 per cent of its production forecast in the first 3.5 years of operations.
New Century launched a tender for 1.5Mt of zinc concentrate over this period in the December 2017 quarter.
It is continuing to progress the potential execution of the final offtake agreement, which would increase its commitments to 90 per cent of production.
“The tender process received strong participation from both zinc smelters and commodity traders alike, with 11 interested parties submitting indicative offers,” New Century reported.
The offtake agreement with MRI also includes a $US15 million ($19.5 million) debt facility that New Century plans to use for general working capital at the Century mine.
New Century plans to re-launch production at the historic operation later this year.