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.