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Colin Hay

QUEENSLAND-focused base metal specialist New Century Resources Limited (ASX:NCZ) has moved to lock-up 100% ownership of its flagship Century Zinc Mine.

The acquisition of the final remaining 30% is to be achieved through the purchase of Century Bull Pty Ltd, which holds a 30% interest in Century Mine Rehabilitation Project Pty Ltd (CMRP) which is the owner of all assets associated with the Century Zinc Mine and supporting logistics infrastructure. New Century Resources owns the remaining 70% of CMRP.

The proposed transaction structure is a simple equity transfer deal.

The Century Zinc Mine was the 3rd largest zinc mine in the world prior to its closure in 2016 and still hosts extensive Mineral Resources in excess of 2,600,000t zinc, 700,000t lead & 42.5Moz silver.

New Century acquired an initial 70% interest in the Mine in early 2017 and is currently undertaking a Restart Feasibility Study into the recommissioning of the existing Century Processing Plant via the initial treatment of tailings before examining its other primary ore sources.

In addition to the process plant, the Century Zinc Mine boasts world class infrastructure including a 700 person camp, private airport and sealed run way, mining fleet, grid power connection, 304km slurry pipeline and its own concentrate shipping port and transhipment vessel in Karumba.

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