New Century Resources Limited’s (ASX: NCZ) stock uplifted by 1.515% on October 01, 2018 following the update on monthly operational development activities at the Century Zinc Mine. In September month, the company earned a revenue of $27.2 million from the sales of Zinc concentrate which includes $17.4 million from forwarding sale of 13,000t of October production and $9.8 million from the production of 7000t of zinc concentrate to date. At the end of October, the company has scheduled its first concentrate shipment direct to China. For Q4 FY18, the company is planning on ensuring consistent uptime and a feed rate of 8.0Mtpa+ into the processing plant. In September month, the hydraulic mining load commissioning and operational ramp up have overall progressed well as it witnessed minimal downtime and a progressive improvement in mining rates. Also, the plant commissioning and operational ramp experienced an operational interruption caused by two extended power outages due to network maintenance activities of the grid in Mt Isa from Century’s power transmission provider which resulted in 3-4 days of downtime and interrupted the steady state conditions which are required for efficient plant load commissioning. For Q4 FY18, the company is focusing on maintaining plant uptime and steady-state operations to allow the systematic load commissioning process to continue. The port commissioning witnessed the minimal downtime and the successful operation of all components of the logistics chain from the mine site at Lawn Hill to the concentrate storage shed at the Karumba Port. The Pipeline and port operations are focused on maintaining uptime, concentrate stockpiling and prepare for export shipment through the MV Wunma. The company’s $40 million debt facility with National Australia bank is going to complete soon.
For the year-end 30 June 2018, the company suffered from the loss of $123.31 million which was $3.78 million in the previous year. The basic and diluted loss per share was 32.32 cents compared to the 2.02 cents of the previous year. The total current assets of the company increased from $5.73 million in FY2017 to $67.71 million in FY 2018. The used in operating activities increased from $1.56 million in FY2017 to $20.52million in FY2018.
NCZ’s share traded at $1.005 with a market capitalization of $498.93 million as on 1 October 2018 (AEST 01:34 P.M.).
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