Strong demand for Century zinc
The deal includes a $19.5 million unsecured debt facility for use as general working capital for operations at the Century mine, in north Queensland’s lower Gulf country.
The debt facility is structured as a prepayment for zinc concentrates to be delivered under the offtake agreement,.
The execution of the MRI offtake results from New Century’s concentrate tender process, which was initiated in Q4 2017, and offered up to 1.5Mt of zinc concentrate – representing production from the first 3.5 years of operations at the Century site.
New Century said the four offtake agreements executed to date had resulted in New Century contracting 75 per cent of this scheduled production.
New Century Resources is aiming to restart the Century site in the third quarter of this year, initially targeting tailings for reprocessing.