NEW CENTURY RESOURCES New Century Resources Limited agreed to acquire Copper Mines of Tasmania Pty Ltd from Monte Cello BV for $20 million on November 1, 2023. The terms of the sale transaction include $10 million payment by New Century to MCBV on signing of the sale transaction agreements, replacement of closure bond of $4.5 million followed by $10 million payment on CMT achieving its first commercial production. MCBV shall also be entitled to receive a royalty consideration based on future revenues of CMT.
The transaction is subject to full-form documentation and necessary regulatory approvals which is expected to be completed on or before December 31, 2023.
