Perth-based mining company IGO Limited is investing up to $27 million to take an 18.4 per cent stake in Century zinc mine owner New Century Resources.

It is part of a $51.1 million capital raising by New Century, which will use the funds as general working capital as it enters the final stages of a ramp-up taking Century operations to 12Mtpa.

New Century said today the two companies were also entering a strategic relationship which would allow the collaborative assessment of opportunities within the Century tenements or other mining assets.

“This fully underwritten capital raising provides important working capital for Century, which is now an established top-10 zinc mine globally and in the final stages of operational ramp up to nameplate 12Mtpa capacity,” New Century managing director Patrick Walta said.

“New Century would like to welcome IGO to the register as a new strategic major shareholder. The company looks forward to working with the IGO team on opportunities for growth within the existing Century assets and beyond.”

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