Ann: New Century Executes Major AUD Zinc Hedging Transaction, page-9

NCZ does not have any pricing power so when they see a price that'll lock in a good margin then I'm all for them locking it in and it's only ~20% of expected FY22 production and probably lower in later years - so they've essentially taken those chips off the casino table at a nice profit and if the price goes up again they might repeat the exercise - sounds like a wise decision to me considering their near-death experiences over the last couple of years thanks in part to a low zinc price.
There, of course, might be more to this exercise that we're not being told about as yet - they are obviously going ahead next quarter with the In-situ development that will have a Capex of ~$60mil and it might be that Macq Bank will be part financing this with a requirement to hedge some zinc production - so NCZ have got in early with what they consider might be a good price for zinc during Q3 when this transaction will be consummated.
Macq Bank had been mentioned as a probable financier for the Goro transaction last year.