MRI signs offtake with New Century; 75% of initial zinc concs output sold

Century zinc mine has already sold 75% of its output for the first 3.5 years after signing the latest offtake agreement with commodity trading house MRI, operator New Century Resources said on Monday April 23.

The quantity and terms have not been disclosed while the zinc concentrates negotiation in the industry are ongoing. A $15 million unsecured debt facility, for general working capital of the Century zinc mining operations, is structured as the prepayment for the zinc concentrates delivery, according to the statement. This marks the fourth offtake agreement for the Queensland mine, which is on track to start production in three months’ time. The mine, once the world's largest, has a...

Published

Julian Luk

April 23, 2018

12:00 GMT

London