Zinc and coking coal mining company, New Century Resources (ASX:NCZ) is planning to raise $52.9 million through a fully underwritten institutional placement to restart is Lower Gulf of Carpentaria mine.
The proceeds will be used to immediately start early works of commissioning activity to restart its zinc mine through tailings reprocessing.
The proceeds will also help the company meet its strategy of becoming a global leading zinc producer in 2018.
The company is also undertaking restart study with Sedgman, a member of the CIMIC Group.
Shares in New Century Resources (ASX:NCZ) have entered a trading halt. But they last traded at $1.34.