New Century raises $52.9M for mining re-start - The Pick Online Magazine

New Century Resources Limited (ASX:NCZ) has raised approximately $52.9 million to help kick-start a return to mining at the historic Century zinc mine in Queensland.

The new funding comes via an Institutional Placement to professional and sophisticated investors.

New Century Resources Managing Director, Patrick Walta, said the proceeds will enable the company to progress the restart of the Century Zinc Mine via initial tailings reprocessing.

“We are extremely pleased with the enormous support that has been shown to date by our existing shareholders, and we look forward to welcoming our new shareholders to the company. We are now in a unique position to deliver on the potential of the Century Zinc Mine,” Mr Walta said.

Experienced consultancy Sedgman is currently undertaking a Restart Feasibility Study based solely on tailings reprocessing at the Century Zinc Mine. The Restart Study will include:

• Economic evaluation of tailings reprocessing including capital costs, operating costs and working capital requirements;
• Independent review of project recoveries;
• Reviewing the existing plant configuration and assessing bottlenecks associated with the tailings feed (as opposed to previous hard rock ore feed) in order to independently determine the plant throughput available for tailings operations; and
• Potential conversion of existing Mineral Resources to an Ore Reserve.

The Restart Study is expected to be completed in late November 2017.