Multi-national mining and metals processing company Sibanye-Stillwater has approved financial support of up to A$30 million for New Century Resources following the suspension of operations at the Century mine due to extreme weather affecting Northern Queensland, Australia.
Record levels of rainfall affecting North Queensland resulted in flooding at the Century mine and Karumba port facility early this month.
It said no safety incidents were experienced, and core infrastructure remains secure.
However, due to the extent of the flooding event, operations are currently estimated to remain suspended for a further two to three weeks, resulting in about 15 000 tonnes to 20 000 tonnes of zinc metal production being affected.
Sibanye-Stillwater said it remains committed to working with New Century to ensure the safety of the on-site team and the safe restart of operations.
Sibanye-Stillwater recently announced its intention to make a takeover bid via its Australian subsidiary to New Century shareholders, to acquire up to 100% of New Century's share capital through an off-market takeover bid.
The takeover bid opened for acceptance by New Century shareholders on 7 March 2023 and will close on 11 April 2023 unless extended.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
Record levels of rainfall affecting North Queensland resulted in flooding at the Century mine and Karumba port facility early this month.
It said no safety incidents were experienced, and core infrastructure remains secure.
However, due to the extent of the flooding event, operations are currently estimated to remain suspended for a further two to three weeks, resulting in about 15 000 tonnes to 20 000 tonnes of zinc metal production being affected.
Sibanye-Stillwater said it remains committed to working with New Century to ensure the safety of the on-site team and the safe restart of operations.
Sibanye-Stillwater recently announced its intention to make a takeover bid via its Australian subsidiary to New Century shareholders, to acquire up to 100% of New Century's share capital through an off-market takeover bid.
The takeover bid opened for acceptance by New Century shareholders on 7 March 2023 and will close on 11 April 2023 unless extended.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
