Name of the Project
Century zinc mine project.

Location
North-west Queensland, Australia.

Project Owner/s
New Century Resources.

Project Description
The Century mine, one of the biggest zinc mines in the world, was placed on care and maintenance in 2016 by the previous owners and acquired by New Century in 2017.

Production at the mine restarted in 2000.

An in situ feasibility study has investigated the incorporation of Silver King and East Fault Block in situ deposits into the existing mine plan, in addition to the reprocessing of current tailings, to produce zinc concentrate and a new lead concentrate.

Silver King and East Fault Block have total mineral resources of 4.4-million tonnes grading 4.8% lead, 5.4% zinc and 47 g/t silver, and probable mineral reserves of 2.5-million tonnes at 5.35% lead, 5.6% zinc and 68 g/t silver. The ore reserves extend the mine’s life to 2027.

Average lead metal in concentrate production is estimated at 33 000 t/y, containing 972 000 oz/y silver. Average additional zinc metal in concentrate production is estimated at 22 000 t/y.

A clear pathway exists to extend the life-of-mine to 2030 and beyond through the conversion of mineral resources at the project’s Watson’s Lode, South Block and further Silver King extensions.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
In the base case, the project has a pretax net present value, at an 8% discount rate, of A$212-million and an internal rate of return (IRR )of 102%, with a payback of 2.2 years.

Capital Expenditure
Preproduction capital is estimated at A$66.7-million, with the cost spread over about the first 15 months from initiation of project development.

Planned Start/End Date
First production is scheduled for the first quarter of 2023.

Latest Developments
A final investment decision is expected to follow the amendment of existing environmental approvals and completion of the financing and joint venture assessment process. A decision is targeted for the first quarter of 2022.

In the interim, New Century will complete board-approved front-end engineering design works, operational readiness and the procurement of long-lead items.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
New Century Resources, tel +61 3 9070 3300 or email info@newcenturyresources.com.