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New Century expands loan with Värde Partners to A$100M

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New Century expands loan with Värde Partners to A$100M

New Century Resources Ltd. said Dec. 23 that it executed a binding term sheet to expand its existing working capital facilities with Värde Partners to a total of A$100 million, from A$60 million.

New Century said the facility is earmarked to ensure appropriate working capital availability during the ramp up of the company's operations over the course of fiscal 2020.

The company said the additional loan will represent a significant reduction in cost from the originally proposed unsecured junior facility announced in February.

The new facility has a term of 2.5 years with an interest rate of 8% per annum.

Meanwhile, the company said its performance for the December quarter remains on track to achieve the guidance of between 27,000 tonnes and 33,000 tonnes of zinc production and C1 costs of between 87 U.S. cents per pound and 98 U.S. cents per pound of payable metal including treatment charges.