Independence in April this year issued 158.5-million shares to Independence, at a price of 15c a share, as part of a greater A$51.1-million capital raise.

Following the announcement of the share sale, New Century’s share price tumbled by nearly 19%, with the company trading at a low of 15c a share.

New Century on Tuesday told shareholders that the company’s focus remained on progressing its Century zinc mine, and the potential acquisition of the Goro nickel and cobalt mine, in New Caledonia.

“The company is finalising negotiations with Vale, the French State and various other stakeholders in order to potentially enter into a binding agreement for the acquisition of the mine, inclusive of a substantial funding package covering capital requirements of the simplification plan and ongoing operational working capital,” New Century said in a statement.

“New Century continues to receive strong interest and offers for potential future offtake from Goro, and notes that Independence Group also still maintain an interest and active dialogue with the company on offtake.”

Independence Group was unavailable for comment on Tuesday.