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New Century secures US$45M debt facility to fund Queensland zinc mine restart

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New Century secures US$45M debt facility to fund Queensland zinc mine restart

New Century Resources Ltd. secured a US$45 million debt facility with resources fund Sprott Resource Lending, with the proceeds earmarked to fund the restart of the company's Century zinc mine in Queensland, Australia.

The facility comes with 10% interest per annum on a three-year fixed term, according to an Oct. 11 release.

Mine development is expected to start immediately upon the completion of the financing, expected in late November, with first production from the mine targeted for 2018. Meanwhile, the company noted that the restart of the feasibility study also remains on track and is targeted for completion in November.