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New Century estimates A$1.31B value for Century zinc mine restart

New Century Resources Ltd. said Nov. 28 that a feasibility study on the planned restart of the Century zinc mine in Queensland, Australia, estimated a posttax net present value, discounted at 8%, of A$1.31 billion and an internal rate of return of 270% over a 6.3-year mine life.

The study for a 15 million-tonne-per-annum throughput operation used a base case zinc price of US$1.25/pound and a proven ore reserve of 77.3 million tonnes grading 3.1% zinc equivalent.

Initial CapEx is pegged at A$50 million, with working CapEx at A$13 million. Payable C1 operating cash cost is pegged at 38 U.S. cents per pound.

The open pit mine is forecast to produce 507,000 tonnes per annum of zinc concentrate at 52% zinc, with first production to begin in the third quarter of 2018.

An expansion feasibility study will be undertaken in 2018 to assess high-grade in situ resource blending potential to extend the mine life and increase production levels.

Earlier this month, the company raised A$52.9 million in an underwritten placement of 44 million shares at A$1.20 each to fund the restart of the Century mine.