Australian miner New Century Resources (NCR) expects zinc prices to rebound in the coming days as countries across the world try to push infrastructure development to boost their economies hurt by COVID-19. In the June quarter, the company produced 34,500mt of zinc metal, a rise of 22pc from the preceding quarter and by 68.70pc from the prior-year quarter.
The company’s production was well within the guidance of 31,500 -38,500mt provided in the March quarter. NCR in an announcement also states that although zinc prices were at a 4-year low, the decline in spot treatment charges aided miners.
The June quarter was a seventh successive quarter of production rise and a decline in costs, a trend NCR states it will continue to focus on. The company is also negotiating for provision of suitable funding from Vale and French state for its Goro Nickel and Cobalt mine acquisition in New Caledonia. NCR states further details about its performance and the Goro deal will be released by late July.