New Century Resources raises $52.9 million for zinc

New Century Resources has raised $52.9 million to restart the Century Zinc Mine in Queensland, initially by reprocessing the tailings.

The successful placement to institutional investors by the Perth-based company comes after it announced the proposed acquisition of the 30 per cent of the mine it didn’t own in early October.

New Century Resources chairman Evan Cranston said he was delighted with the progress made in restarting the Century Zinc Mine.

Consultant Sedgman will complete a restart feasibility study for the Century Zinc Mine late this month. It is based on the reprocessing of tailings and is considering costs, recoveries, debottlenecking the existing plant and the potential conversion of existing mineral resources to an ore reserve.

New Century Resources managing director Patrick Walta said he was extremely pleased with the support shown by existing shareholders and looked forward to welcoming new shareholders

“We are now in a unique position to deliver on the potential of the Century Zinc Mine,” he said.

Bellanhouse acted as legal advisers to New Century Resources for the capital raising.