https://www.miningweekly.com
Financial|Resources|Infrastructure|Operations
Financial|Resources|Infrastructure|Operations
financial|resources|infrastructure|operations

Commercial production declared at Century zinc mine

6th July 2020

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – Zinc miner New Century Resources has declared commercial production at its Century zinc mine, in Queensland.

“Despite the Covid-19 pandemic, operations at Century continue to ramp up and have again delivered record production in the June quarter. Century has now achieved seven consecutive quarters of increasing production and lowering costs, and the company remains focused on continuing this trend,” said MD Patrick Walta on Monday.

In the June quarter, the Century mine delivered a 22% increase in zinc metal production, reaching 34 500 t, with C1 costs decreasing by about 17% to some $0.79/lb of a payable metal.

“We are pleased to declare commercial production at the operation, with the Century mine now re-established as a top ten zinc producer just three years since being shut down for closure.

“From a market perspective, despite the zinc price remaining near four year lows, a strong decline in spot treatment charges in the quarter has improved conditions for zinc miners. The company also sees potential for a price rebound due to additional metal demand from increased global infrastructure development linked to Covid-19 government stimulus,” said Walta.

Meanwhile, Walta noted that New Century was still progressing its due diligence on the Goro nickel and cobalt mine, in New Caledonia, as well as completing negotiations for the provision of suitable funding.

New Century has struck an exclusivity agreement with major Vale to negotiate the purchase of a 95% interest in the issued shares of Vale Nouvelle-Caledonie (VNC), which owns the Goro.

The negotiations between the two companies would include a financial package aimed at supporting the transition and continuity of VNC operations from VCL to New Century, while the parties also plan to jointly engage with the French State to secure continued financing support. 

Edited by Creamer Media Reporter

Comments

Showroom

Multotec
Multotec

Multotec, recognised industry leaders in metallurgy and process engineering help mining houses across the world process minerals more efficiently,...

VISIT SHOWROOM 
Showroom image
Alcohol Breathalysers

Supplier & Distributor of the Widest Range of Accurate & Easy-to-Use Alcohol Breathalysers

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Hyphen, Eva mine, ferrochrome price make headlines
Hyphen, Eva mine, ferrochrome price make headlines
27th March 2024
Resources Watch
Resources Watch
27th March 2024

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.105 0.139s - 109pq - 2rq
Subscribe Now