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Queensland government to allow New Century to defer royalties by up to 3 years

The government in Queensland, Australia, is allowing New Century Resources Ltd. to defer royalty payments by up to three years, according to an Aug. 22 news release.

This is the state's first royalty deferral deal under the Resources Regional Development Framework launched in May 2017.

Under the agreement, the company can elect to defer royalties for three years and repay those royalties over the following three years.

Meanwhile, New Century said it started commissioning the full cleaner circuit at its plant at the Century zinc-lead-silver mine in the state.

Earlier this month, the company raised about A$42.5 million via a fully underwritten institutional placement to complete ramping up to double capacity at Century.