On 5 October 2018, New Century Resources Limited (ASX: NCZ) announced the successful return of the Company’s transhipment vessel, the MV Wunma, to dock at the Karumba Port Facility which has allowed the company to confirm export details for its first shipment of concentrate, with a 10,000t parcel which is scheduled for delivery in late October 2018. After the release of this news, the share price of the company increased by 4.044 percent as on 5 October 2018.
The MV Wunma transhipment vessel is custom-built for the shallow waters of the Norman River channel and the company is using it to transport 5,000t parcels of concentrate to export ships located in the Gulf of Carpentaria. The vessel is capable of operating day and night pending weather conditions. In the first quarter of 2018, the company started a refurbishment program for the Wunma in preparation for its return to Karumba for use in the new operations and now this program has been completed, both on budget and on time.
The Company has also reinstated the annual dredging program at the mouth of the Norman River which will allow the expansion of existing cattle export and commercial fishing operations by providing significant benefits to third party users of the Karumba Port area. Through the load commissioning process of its Century operations, the Company has made strong initial progress and it is already producing a saleable concentrate with a total impurity level equivalent to or less than several top 10 zinc operations. According to the company, the recent media report about the saleability issues and delays to concentrate shipping due to a high lead content have inaccurately represented the Company’s commissioning developments. After the successful completion Wunma refurbishment and return to Karumba, the company is planning to initiate concentrate shipments in the late October.
The company has already achieved sales of A$27.2 million for its current concentrate specification which provided strong cash flow for the Company just one month after starting the plant load commissioning process. The company is on schedule to deliver concentrate to its existing offtake partners in the last quarter of 2018. NCZ’s share traded at $0.952 with a market capitalization of $461.13 million as on 5 October 2018 (AEST 1:30 PM).
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