New Century Resources is a base metal producer and operates the Century Mine in Queensland, an established top 10 zinc mine globally.

Value: $51.1 million.

Area: Capital raise, private equity.

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Key players: Corporate partner Dave Filov led the HWL Ebsworth team and advised on all aspects of the transaction, with support from solicitors Nick Harrison and Fiona Le.

Deal significance: The company is raising $51.1 million. The equity will be used for general working capital as New Century Resources continues to progress the final stage ramp-up of operations to 12Mtpa at the Century Mine.

IGO Limited (ASX: IGO), a leading Western Australian exploration and mining company, will invest up to $27 million via a $23.775 million placement, and a $3.225 million sub-underwriting commitment under the entitlement offer, taking up to an 18.4 per cent stake in New Century Resources. 

IGO has also agreed to enter a strategic relationship with New Century, which will allow the collaborative assessment of opportunities within the existing New Century tenements or other mining assets identified by the company’s ongoing due diligence programs.

The placement will raise $23.775 million and the entitlement offer will raise $27.3 million. The entitlement offer is fully underwritten by Canaccord Genuity (Australia) Limited.