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.