New Century Resources secures $40m to fast track production

Company News

by Jessica Amir

Base metal development company, New Century Resources (ASX:NCZ) has secured $40 million in debt funding with the National Australia Bank (ASX:NAB).

The loan facility will be used to fast track its planned expansion, proceeding to full production.

The resource company says it’s the first project finance deal inked, for mine rehabilitation and tailings reprocessing, with a big four bank.

New Century Resources says phase one of its ramp-up has already been completed and phase two, which brings operations to 15 megat onnes per annum will be completed in Q4 2019.

Shares New Century Resources (ASX:NCZ) are trading 3.28 per cent higher to $1.26.

Jessica Amir

Finance News Network
Jessica joined FNN in January 2017 after having worked in financial advising for seven years and in TV journalism for seven years, specialising in finance, equities and analysis. She has interviewed former Prime Ministers of Australia, Tony Abbott, Julia Gillard and Kevin Rudd and ex Treasurer Jo Hockey. Jessica has worked as a journalist with Sky News Business, ABC 1, ABC's The Business, ABC24 and has also been a regional Channel 7 and 9 TV reporter.