New Century Resources Limited (Attila Resources)
New Century Resources Limited (Attila Resources)
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The prospect of a lengthy shutdown of its Century zinc mine due to intense rainstorms has forced Australian miner New Century Resources to turn to its now-controlling shareholder Sibanye-Stillwater for up to $A30M in short-term support.
The hydraulic mining operation at Lawn Hill in NW Qld has been confined to essential safety and maintenance activities for over a week due to site conditions and blocked access roads.
World Top 15 zinc producer New Century Resources is another victim of intense rainfall in NW Qld, Australia, suspending production at its Century mine at Lawn Hill until the weather improves and it can restore safe access to the hydaulic mining production areas.
The company says only critical dewatering and maintenance activities are continuing. Operations at the Karumba port are also affected.
Australian-based New Century Resources has plunged deeper into the red in the Dec half (H1FY23) as it faces what already shapes as a successful takeover move by shareholder Sibanye.
On revenue that fell to $A162.1M from $191.7M a year earlier, NCZ has posted attributable net loss of $28.5M (H1FY22: $6.4M).
Sibanye, which holds a majority interest through on-market acceptances of its $1.10 per share offer, has warned the current board’s expansionist strategies are placing its balance sheet under strain.
South African-based international miner Sibanye has taken majority control of zinc producer New Century Resources through on-market acquisitions ahead of the opening of its formal $US103M takeover offer.
Since announcing its bid last week, Sibanye has moved its stake in the Australian-based company from 19.9% to 52.67% through acquisitions at its “best and final” offer of $A1.10 per share.
The off-market offer is not due to open before March 7.
South African multinational Sibanye-Stillwater says the $US83M off-market takeover offer it has launched for New Century Resources fits its strategy to become a global leader in tailings retreatment and recycling.
Sibanye, which is NCZ’s largest shareholder with 19.9% but is seeking to reach about 30% through an accompanying on-market offer, says the $A1.10 per share cash offer is final and will not be increased unless there is a competing proposal. The offer represents an equity value of $US103M for NCZ.
Australian miner New Century Resources has outlined “highly attractive economics” in the PFS that supports production of 555,000tpa copper and 320,000ozpa gold in concentrate over an initial 25 years from the restart of underground operations at its Mt Lyell mine in Tasmania. The study estimates pre-production capital cost of $A279M and average C1 costs of $1.89/lb copper.
The low-cost, long-life operation is calculated to deliver pre-tax NPV at 7% of $560M, IRR of 22% and LOM net cash flow of $1.08B.
Australian miner New Century Resources has withstood a planned major shutdown and wet season disruptions to produce 29,276t zinc in concentrate from the hydraulic mining of tailings at its Century mine at Lawn Hill, N Qld in the Dec qtr (Q2FY23).
The result compares with its record 35,257t in the previous period. NCZ reached the milestone of 1Mt zinc concentrate since the tailings operation commenced in 2018, placing the company in the top 15 global zinc producers.
Australian miner New Century continues its drive to optimise the hydraulic mining of tailings in the Century mine at Lawn Hill in N Qld after producing a record 35,257t zinc concentrate for the Sept qtr (Q1FY23), from 31,700t in the previous period.
Pending the completion of mine-to-port reconciliation, it expects C1 costs to be about $US0.88/lb (Q4FY22: $0.99/lb).
MD Rob Cooper says the strong production demonstrates the steady state of hydraulic mining and processing at Century.
Australian miner New Century Resources has posted a 130% increase in ore reserves as it progresses a prefeasibility study on the restart of the mothballed Mt Lyell copper mine in Tasmania.
The initial probable reserve for the project’s Prince Lyell and Western Tharsis Underground deposits of 23.9Mt @ 1.14% copper equivalent (comprising 1.03% for 246,000t Cu and 0.26g/t for 198,000oz Au).
MD Patrick Walta says the reserve supports Mt Lyell as one of the ASX’s largest near-term copper producers.
Australian miner New Century is now aiming for first production in H2 CY2023 after its optimisation study presented highly attractive economics and improved production profile for restarting in-situ operations at its Century zinc mine at Lawn Hill, N Qld.
The study assesses mining the Silver King and East Fault block alongside NCZ’s hydraulic mining of tailings at the former world-class mine.