New Century locks in A$100m of additional funding
PERTH (miningweekly.com) – ASX-listed New Century Resources has secured up to A$100-million in working capital facilities from investment firm Varde Partners, as the company restarts its Century zinc operations, in Queensland.
The funding will consist of a A$60-million secured facility, which has been approved and is available for drawdown, and a A$40-million unsecured facility, which remains subject to performance hurdles.
The A$60-million senior debt has a two-and-a-half-year term and carries an 8% a year interest rate, while the junior debt has a three-year term and carries a 10% a year interest rate.
“New Century is excited to have secured these working capital facilities with a global investment firm of the calibre of Varde,” said New Century MD Patrick Walta.
“The facilities put the company in a strong financial position, enabling it to focus on continuing to achieve its ramp-up goals at Century.”
While the company has made strong progress in the ramp-up to date, the New Century board has determined that the additional working capital was a prudent measure to ensure the company maintained a strong cash buffer to complement the growing cashflow from concentrate shipments.
Century has an estimated production capacity of 264 000 t/y zinc and three-million ounces a year silver over an initial mine life of just over six years.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
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?
Receive 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)
➕
Recieve 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
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation