https://www.miningweekly.com

Century inks another offtake at zinc mine

23rd April 2018

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – Base metals developer New Century Resources has inked a long-term zinc offtake agreement at its Century zinc mine, in Queensland.

The company on Monday said that the offtake agreement signed with commodity trader MRI Trading also included a $15-million unsecured debt facility, which will be used for general working capital at the Century mine.

New Century has now executed four offtake agreements at the Century zinc mine, accounting for 75% of the project’s 1.5-million tonnes of zinc concentrate production for the first three-and-a-half years of operation.

New Century is considering a tailings operation at the project area to treat the 78.9-million tonnes of resource at the project, which is estimated to contain some 2.38-million tonnes of zinc, 370 000 t of lead and 31.5-million ounces of silver.

The ASX-listed company told shareholders that the debt facility secured with MRI was structured as a prepayment for zinc concentrates to be delivered under the offtake agreement, with the period for delivery of concentrate ore repayment being 120 days from drawdown.

The drawdown of the debt facility is conditional on the start of commercial production of zinc concentrate at Century.


 

Edited by Creamer Media Reporter

Comments

Showroom

Showroom image
Alcohol Breathalysers

Supplier & Distributor of the Widest Range of Accurate & Easy-to-Use Alcohol Breathalysers

VISIT SHOWROOM 
Flameblock
Flameblock

FlameBlock is a proudly South African company that engineers, manufactures and supplies fire intumescent and retardant products to the fire...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 19 April 2024
Magazine round up | 19 April 2024
19th April 2024
Resources Watch
Resources Watch
17th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.222 0.262s - 112pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: