New Century Resources has raised $52.9 million in a share placement as it looks to start producing zinc at the Century site in north-west Queensland next year.

It has announced the completion of a fully underwritten equity raising, saying the offer was significantly oversubscribed with strong support from a range of major domestic and international institutional investors.

“This highly successful placement puts New Century in a very strong financial position and allows us to rapidly progress the restart of the Century zinc mine and deliver on our strategy to become a globally significant zinc producer in 2018,” managing director Patrick Walta said.

“We are also pleased to have received strong support from large, leading institutional investors who recognise the long-term potential of the company.”

The Century mine was the third largest zinc mine in the world prior to its closure under MMG in 2016 and still hosts mineral resources in excess of 2.6Mt of zinc, 0.7Mt of lead and 42.5Moz of silver.

New Century acquired its interest in the site in 2017 and is undertaking a restart feasibility study into the recommissioning of the existing Century processing plant via the initial treatment of tailings before examining its other primary ore sources.

The restart feasibility study is expected to be completed in late November.