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NCZ, NEW CENTURY RESOURCES LIMITED
blacksheep
post Posted: Yesterday, 10:26 AM
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In Reply To: blacksheep's post @ Aug 21 2019, 07:57 PM

Official market notification received this morning. Will help short term but is deferring this debt going to play catch up down the track?.

Does NCZ need to find funds to cover future mine closure/rehabilitation and is the financial assurance bond provided by the previous owners MMG sufficient? Economic Rehabilitation is covered on the NCZ website - https://www.newcenturyresources.com/century-mine-project/
An interesting read - the Century Zinc Mine got a mention - Note the report written by Lock The Gate so could be biased - Mine Rehabilitationand Closure Cost J u l y 2 0 1 6 A Hidden Business Risk
https://d3n8a8pro7vhmx.cloudfront.net/lockt....pdf?1520385686

extract from today's announcement

QUOTE
“Since taking over the operation in 2017, New Century has focussed on enhancing
benefits for the local community, including Traditional Owners, local industry, the
Burke and Carpentaria Shires, and to Queensland more broadly.

The achievements of the New Century team to date have set the benchmark in
demonstration of the potential for economic mine rehabilitation in Australia. We
appreciate the Queensland Government’s strong support in highlighting how this
innovative model can successfully achieve sound mine rehabilitation practices for the
industry into the future.

https://www.asx.com.au/asxpdf/20190822/pdf/...q6b17n6sly4.pdf



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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Aug 21 2019, 07:57 PM
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In Reply To: blacksheep's post @ Aug 14 2019, 08:37 PM

No official announcement from NCZ (that I could see) today but AFR are quoting

Palaszczuk backs New Century with royalty deferral
QUOTE
The Queensland government has given the operator of the Century zinc mine permission to defer payment of royalties for at least three years, in the first deployment of a controversial strategy to encourage development of remote resource basins.

QUOTE
Deferral of those payments are timely for the company, which is struggling through lower metal prices and the challenges of commissioning the equipment required to profitably extract the zinc, silver and lead contained in the tailings dam left at the mine by its former owner, MMG Limited.

read more - https://www.afr.com/companies/mining/palasz...20190821-p52je7

Looks like some in the know got the memo - SP up 7.55% - volume 25.9million. A late,after market close, large transaction recorded as follows
1 410 4:17:15 pm 28.5 24,621,463 $7,017,116 Crossed,Special Crossing >= T3 < T2

Macquarie borrowed 41.3 mil shares 9 August - returned 26.6mil borrowed stock on 15/8 - perhaps large late transaction is the balance of their total borrowed stock?
15-Aug-19 MBL Collateral Receive Return AUD 0.31 -26,130,000 FPO 26,130,000
15-Aug-19 MBL Collateral Receive Return AUD 0.31 -500,000 FPO 500,000

Total short positions as at 15/8/19 = 6.02%
https://www.shortman.com.au/stock?q=ncz
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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Aug 14 2019, 08:37 PM
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In Reply To: blacksheep's post @ Aug 14 2019, 07:35 PM

QUOTE
recent SPP at 31c
- typo. Should read 33c



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Aug 14 2019, 07:35 PM
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Posts: 6,130
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In Reply To: blacksheep's post @ Aug 1 2019, 10:51 AM

QUOTE
Odd the company announcement did not mention Credit Suisse was doing the CR (unless I missed it). AFR reporting - Credit Suisse raising for zinc play New Century Resources https://www.afr.com/content/afr/street-talk/


I wonder when it was that Credit Suisse got the tap on the shoulder to do another CR? According to today's 603 they sold two large parcels - the first 5mil shares (at 44c) on 26 July and the second 16 mil shares (at 42c) on 29 July. NCZ called a TH on 1 August announcing the CR They became a substantial holder on 8 August taking up 13 mil and 37 mil shares in the recent SPP at 31c

https://www.asx.com.au/asxpdf/20190814/pdf/...gsq800g5nkh.pdf

Macquarie also became a substantial holder on 9 August. Their 603 indicates they've been a seller for some time (since 11 April) and also a borrower. 41.3 mil shares appear to have been borrowed 9 August - "Collateral Received". They don't appear to have taken up any shares in the recent CR.

https://www.asx.com.au/asxpdf/20190814/pdf/...gw4bt8v4nq9.pdf

Total short positions as at 8th August 2019 = 6.19%. SP currently 31c
https://www.shortman.com.au/stock?q=ncz
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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Aug 9 2019, 04:04 PM
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Posts: 6,130
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In Reply To: Marana's post @ Aug 9 2019, 03:35 PM

Another SYR



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
Marana
post Posted: Aug 9 2019, 03:35 PM
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In Reply To: blacksheep's post @ Aug 9 2019, 03:09 PM

The last time i looked, this company has not yet issued a profit & loss statement however their quarterly cash-flow give the impression of making losses.



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blacksheep
post Posted: Aug 9 2019, 03:09 PM
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In Reply To: blacksheep's post @ Aug 1 2019, 10:51 AM

Updated chart. SP now 30c currently up 7.14% but below the 33c SPP

Short positions also up - as at 5th August 2019 = 6.03%. Now sitting at #42 on Shortmans Top 100
https://www.shortman.com.au/stock?q=NCZ
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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Aug 1 2019, 10:51 AM
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Posts: 6,130
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In Reply To: blacksheep's post @ Aug 1 2019, 10:05 AM

Odd the company announcement did not mention Credit Suisse was doing the CR (unless I missed it). AFR reporting - Credit Suisse raising for zinc play New Century Resources https://www.afr.com/content/afr/street-talk/

Credit Suisse ceased to be a subholder notice yesterday - lots of stock returned, some borrowed, a few buys & sells - one large "disposed on market" 26 July 2019 for 5 mil shares



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Aug 1 2019, 10:05 AM
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Posts: 6,130
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In Reply To: blacksheep's post @ Jul 31 2019, 08:53 PM

Wonder who was in the know this was coming?

QUOTE
New Century to launch A$42.5 million capital raising by way of fully underwritten Placement
Highlights
• Placement to institutional and sophisticated investors to raise A$42.5 million
• Placement is fully underwritten
• Placement to be completed over two tranches, with shares under Tranche 2 to be
issued subject to shareholder approval (EGM to be held in September 2019)
• The Company also intends to offer a Share Purchase Plan (SPP) to eligible existing
shareholders to raise up to A$5 million
Proceeds will be used to fund continued refurbishment and ramp up process to
double plant capacity to 12Mtpa at the Century Zinc Mine

New Century Resources Limited (New Century or the Company) (ASX:NCZ) is pleased to announce
it is conducting a fully underwritten institutional placement to raise approximately A$42.5 million
(Placement). The issue price of shares under the Placement (New Shares) will be A$0.33 (Issue
Price), representing a 17.9% discount to the 5-day Volume Weighted Average Price (VWAP) of the
Company's shares.
Following settlement of Tranche 1 of the Placement, the Company also plans to conduct a Share
Purchase Plan (SPP) to eligible existing shareholders.


I thought they we going to fund ramp up from cash flow - as per their website - Restart Feasibility Study - https://www.newcenturyresources.com/century...sibility-study/
QUOTE
The forecast start-up capital estimate is A$50 million (including A$2.8 million contingency) to first production (expected by July 2018) at an initial throughput rate of 8Mpta. Once in production, further ramp up capital of A$63 million will be invested over a 15 month period (for a total capital requirement of A$113 million) to bring the operation into full production at 15Mtpa. Ramp up capital is proposed to be funded from operational cash flow.


and the real reason for CR appears to be....
QUOTE
The Company had initially anticipated drawing on an existing conditional A$40 million junior debt
facility, through debt provider Varde Partners, to complete the proposed works. Whilst the junior
facility remains available, the Company has not yet achieved the conditions required to draw the
facility (which are required to be met by 30 August 2019, unless otherwise extended) and
accordingly is not presently in a position to draw down on the junior facility to continue with the
refurbishment and ramp up process
. There is no certainty that the conditions to draw down will be
satisfied or that the date to achieve the conditions will be extended, and therefore the Placement
provides the liquidity to allow the Company’s ramp up process at the Century Mine to continue
unabated.



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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Jul 31 2019, 08:53 PM
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Not sure what, if any, impact this will have
QLD puts FIFO ban on eight more large projects
July 26, 2019News Vanessa Zhou
QUOTE
The Queensland Government has added another eight large resources projects to its ban on fly-in, fly-out (FIFO) recruitment in support of jobs for local communities.

The eight projects are Baralaba North (Baralaba Coal Company), Barbara (Round Oak Minerals), Bauxite Hills (Metro Mining), Century zinc (New Century Resources), Cook Colliery (Bounty Mining), Mount Colin (Round Oak Minerals), Mungana (Auctus Resources) and Olive Downs (Pembroke Resources).

These declarations represent the third addition to the Coordinator-General’s published list of large resource projects that are prohibited from employing a 100 per cent FIFO workforce.

https://www.australianmining.com.au/news/ql...large-projects/

Haven't had time to read quarterly but a quick glance at the cash flow suggests there are "issues"

Short positions are climbing - as at 25th July, 2019 - 5.42%
https://www.shortman.com.au/stock?q=ncz
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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
 


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