http://www.proactiveinvestors.com.au Proactiveinvestors RSS feed en Thu, 23 Nov 2017 13:00:45 +1100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Ironbark Zinc appoints Nyrstar nominee as non-executive director ]]> http://www.proactiveinvestors.com.au/companies/news/187185/ironbark-zinc-appoints-nyrstar-nominee-as-non-executive-director-187185.html Ironbark Zinc Limited (ASX:IBG) has appointed Kelly Strong, a nominee of Nyrstar NV (EBR:NYR), one of the world’s largest zinc metal producers, as non-executive director.

Strong is the vice president for mining operations at Nyrstar.

In his current role, Strong is responsible for all of Nyrstar’s zinc mining and milling operations in Canada and the U.S., operating the mining of polymetallic zinc ore bodies.

Strong’s appointment is ideally suited to support Ironbark’s planned transition into mining.

The company recently revealed an updated feasibility study for its Citronen Zinc Project in Greenland, sharpening up the project economics with the NPV now exceeding US$1 billion.

READ NOW: Ironbark Zinc reveals robust economics for Citronen as zinc prices rise

The Citronen Project shows a highly profitable base metal development potential of global significance, with a large scale annual production of up to 200,000 tonnes of zinc metal.

Zinc prices recently surged to their highest in almost a decade by expectations of strong global demand and tight supplies.

]]>
Tue, 14 Nov 2017 13:52:00 +1100 http://www.proactiveinvestors.com.au/companies/news/187185/ironbark-zinc-appoints-nyrstar-nominee-as-non-executive-director-187185.html
<![CDATA[News - Ironbark Zinc reveals robust economics for Citronen as zinc prices rise ]]> http://www.proactiveinvestors.com.au/companies/news/183790/ironbark-zinc-reveals-robust-economics-for-citronen-as-zinc-prices-rise-183790.html Ironbark Zinc Ltd (ASX:IBG) has revealed an updated feasibility study for its Citronen Zinc Project in Greenland, sharpening up the project economics with the NPV now exceeding US$1 billion.

The Citronen Project shows a highly profitable base metal development potential of global significance, with a large scale annual production of up to 200,000 tonnes of zinc metal.

Importantly, Citronen’s mine life of at least 14 years is defined only by the limits of drilling to date.

As such, one of the project’s most exciting aspects remains its exceptional exploration potential with identified mineralisation remaining open in almost every direction.

Key project numbers

- Net present value: US$1.034 billion (US$909 million post tax);
- IRR (internal rate of return): 36% (35% post tax);
- capital cost: US$514 million;
- 3.3 million tonnes per annum mine rate/ production up to 200,000 tonnes per annum zinc metal;
- site cost: US$0.52 per pound of zinc (payable, net of by-product credits)
- mine life: 14 years (open ended and with further inferred resources that could potentially be converted to reserves);
- life of mine revenue: US$6.36 billion; and
- life of mine operating costs: US$3.03 billion.

Project financing well-advanced

Ironbark is debt-free and has a strong shareholder base including Nyrstar NV (EBR:NYR) and Glencore AG.

Ironbark has inked an MOU with China Nonferrous Metal Industry’s Foreign Engineering and Construction Co (NFC) for an engineering, procurement and construction (EPC) contract.

The deal encompasses a 70% debt funding proposal through Chinese banks and provides NFC with a right to buy a 20% direct interest in the Citronen Project.

Citronen’s feasibility study with all the supporting studies has been presented to NFC for the purposes of preparing the EPC and financing work.

Ironbark is assessing the best financing pathway forward and is considering working with several potential partners.

Zinc prices highest in a decade

Zinc prices recently surged to their highest in almost a decade by expectations of strong global demand and tight supplies.

All in all, zinc is the fourth most widely-used metal in the world, trailing only iron, aluminum and copper.

Global consumption has reached 14 million tonnes annually, about half of which goes toward galvanization.

Galvanized coatings are widely used in marine equipment, water heater tanks, offshore oil pipelines, etc. But the two biggest end markets are automotive and construction.

]]>
Tue, 12 Sep 2017 12:44:00 +1000 http://www.proactiveinvestors.com.au/companies/news/183790/ironbark-zinc-reveals-robust-economics-for-citronen-as-zinc-prices-rise-183790.html
<![CDATA[News - Ironbark Zinc hosts successful site visit with China Nonferrous and Greenland Government ]]> http://www.proactiveinvestors.com.au/companies/news/182299/ironbark-zinc-hosts-successful-site-visit-with-china-nonferrous-and-greenland-government-182299.html Ironbark Zinc Ltd (ASX:IBG) has concluded a highly positive site visit to the Citronen project with the Greenland Government Minister for Mines, Múte Bourup Egede and the Deputy Minister, Jørgen T. Hammeken-Holm.

The 100%-owned Citronen Zinc Project located in Greenland is at an advanced post-feasibility stage and valued at US$609mln.

Also visiting was the Vice President of China Nonferrous Metal Industry’s Foreign Engineering and Construction Co., Ltd (NFC), Mr. Qin Junman.

READ: Ironbark Zinc to play part in solving zinc shortage

NFC has a Memorandum of Understanding with Ironbark for the potential funding and construction of the Citronen Project, and Mr. Junman led a team of engineers and experts from NFC and the Nerin Group in the site visit as part of NFC’s ongoing project assessment.

NFC is one of the world’s largest construction engineering groups and has the relevant experience and the capability to provide the key equipment for the Citronen project.

The site inspection was successful in introducing the Greenland Government Mines Minister and Deputy Minister to the Vice President of NFC and his selected team.

Background to NFC Agreement

Ironbark is working with NFC under an agreement to:

- Incorporate current Chinese equipment and construction costs into the Citronen Feasibility Study;
- Prepare a Project study report in compliance with the financing requirement of China's banks;
- Ensure the technical criteria is in compliance with local laws, regulations, standards and codes in Greenland and China; and
- Assist Ironbark in securing Chinese Project debt financing for the development of Citronen under the terms of the earlier Memorandum of Understanding.

Next steps READ: Ironbark Zinc advancing development of global zinc project

Ironbark Zinc Ltd is awaiting the updated Feasibility Study as prepared by CPC which will be released in the near future and also the Feasibility Update being prepared by NFC sometime later.

Ironbark will also update the market in due course the progress of its agreement with NFC in relation to the funding and construction of the project.

Zinc price on the move

The price of zinc has just risen to the highest prices in almost 10 years of over US$2,965 per tonne and at the same time stockpiles are showing a trend of growing metal depletion with the level at new multi-year lows on an almost daily basis.

Zinc is the fourth most mined metal by volume, and is mostly used for galvanising steel.

It has been widely forecast that zinc prices may continue to trend upwards in the near future, driven by increasing tightness in the concentrate market, following the recent closure of several major mines and healthy and growing zinc demand.

This has been observed already with increasing Chinese refined metal imports.

Analysis

Falling zinc warehouse stock levels are driving a strong zinc price which is providing Ironbark with exceptional leverage to a rallying zinc price.

Adding an additional interesting value twist to the stock, Ironbark has an undrawn US$50mln funding facility provided by Glencore to expand its project base through acquisition.

]]>
Fri, 11 Aug 2017 13:22:00 +1000 http://www.proactiveinvestors.com.au/companies/news/182299/ironbark-zinc-hosts-successful-site-visit-with-china-nonferrous-and-greenland-government-182299.html
<![CDATA[News - Ironbark Zinc to play part in solving zinc shortage ]]> http://www.proactiveinvestors.com.au/companies/news/177693/ironbark-zinc-to-play-part-in-solving-zinc-shortage-177693.html Ironbark Zinc (ASX:IBG) sees itself as fortuitously positioned in the current zinc market given its plans to develop one of the largest zinc projects in the world.

The 100% owned Citronen Zinc Project located in Greenland is at an advanced post-feasibility stage and valued at US$609 million.

Zinc is the fourth most consumed metal by volume and the supply gap is growing with major mines closing in recent years due to depletion.

Stockpiles of zinc at the London Metals Exchange are currently at 12 year lows and have been rapidly declining in 2017 to date.

To put more strain on the zinc price, demand for the commodity is growing at a forecast rate of 3% in 2017 as estimated by resources consultant Wood McKenzie.


Background

In April 2013, Citronen’s feasibility report forecast a pre-tax net present value to the project of US$609 million.

More recently, Ironbark has continued to progress the development of the wholly owned Citronen zinc project which is now permitted for a 30 year mine life.

Following the grant of the mining licence, Ironbark entered into an agreement with China Nonferrous Metal Industry’s Foreign Engineering and Construction Co., Ltd (NFC).

NFC is one of the world’s largest construction engineering groups and has the relevant experience and the capability to provide the key equipment for the Citronen project.

The agreement is a major step towards advancing the financing and development of Ironbark as it progresses to become one of the world’s largest zinc mining companies.


NFC agreement: credible financing pathway

Under the agreement, NFC is to:

- Incorporate current Chinese equipment and construction costs into the Citronen feasibility study;
- Prepare a project study report in compliance with the financing requirement of China's banks;
- Ensure the technical criteria is in compliance with local laws, regulations, standards and codes in Greenland and China; and
- Assist Ironbark in securing Chinese project debt financing for the development of Citronen under the terms of the earlier memorandum of understanding.

Moving beyond the existing Memorandum of Understanding with NFC, Ironbark will see the study updated and tailored to meet the Chinese banking requirements that will target 70% debt financing and provide NFC with an option to acquire up to 19.9% of the Citronen project.

]]>
Fri, 12 May 2017 13:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/177693/ironbark-zinc-to-play-part-in-solving-zinc-shortage-177693.html
<![CDATA[News - Ironbark Zinc advancing development of global zinc project ]]> http://www.proactiveinvestors.com.au/companies/news/176344/ironbark-zinc-advancing-development-of-global-zinc-project-176344.html Ironbark Zinc (ASX:IBG) along with its partner China Nonferrous, continues to make good progress developing the Citronen zinc project located in Greenland.

Citronen is one of the world’s largest zinc projects and recently was awarded a 30 year mining permit, a major milestone in the project’s advancement.

Ironbark continues to work with NFC targeting 70% of the project financing through debt and an option for a further 20% of the project financing through direct project investment.

This funding pathway has the potential to provide an exceptionally un-dilutive financing solution to developing the Citronen project.

NFC is well advanced with the review, re-costing and preparation of the feasibility study report into a Chinese format as required by the Chinese banking sector.


Appointment of engineers

An Australian engineering contracting group, CPC Project Design, has been appointed to assist Ironbark working with NFC on the Citronen project.

CPC work at the study/FEED stage and can proceed through to project implementation with detail design for construction.


Shipping update

Ironbark is progressing work with shipping advisors with regard to the optimal shipping leasing options available.

Ironbark recognises that shipping represents a substantial operational cost and is looking at reducing these through a variety of solutions.


Additional financing

In addition to financing through the NFC assistance, Ironbark is in discussions with major international banking groups and corporate advisors to provided overall banking advice and assistance.

In particular the projects location in Europe makes it a candidate for European Export Credit Agency (ECA) financing funding.


Citronen: An undervalued project

Citronen rates as one of the world’s largest credible zinc development projects at an advanced post-feasibility stage.

In April 2013, Citronen’s feasibility report forecast a pre-tax net present value to the project of US$609 million.

With over 3.6 million tonnes of contained zinc in-ground and market capitalisation of $50 million - Ironbark presents as well undervalued.

Ironbark has been in discussions with several broking institutions and fund managers seeking further coverage and research to improve the market understanding of the Citronen project.

Ironbark considers that Citronen represents a compelling investment exposure to zinc, which has zinc stockpiles at 10 year lows and continuing to fall, driving a strong zinc price.

]]>
Wed, 12 Apr 2017 14:30:00 +1000 http://www.proactiveinvestors.com.au/companies/news/176344/ironbark-zinc-advancing-development-of-global-zinc-project-176344.html
<![CDATA[News - Ironbark Zinc eyes development of world-class zinc project ]]> http://www.proactiveinvestors.com.au/companies/news/174248/ironbark-zinc-eyes-development-of-world-class-zinc-project-174248.html Ironbark Zinc (ASX:IBG) continues to advance its wholly-owned Citronen project, one of the largest zinc projects in the world, located in Greenland.

The stock is trading up 75% over the past 12 months, supported by a strong zinc price that rallied 60% during 2016.

The project has a current 2012 JORC resource of 70.8 million tonnes at 5.7% zinc and lead, which represents over 13.1 billion pounds of zinc and lead.

This gives Ironbark the opportunity to develop one of the world’s largest zinc mining operations.

The company was recently awarded a mining permit at Citronen, a major milestone in the project’s advancement, as it gives the company the right to exploit the project for a 30 year period.

Ironbark is also actively seeking to grow, with Glencore to provide Ironbark with a US$50 million convertible note funding facility to acquire assets and for working capital.

Additional benefits of the Glencore partnership is attractive offtake and marketing arrangements have been agreed.


Project portfolio

Ironbark’s has projects located in the Greenland and in the Australian state of New South Wales.

- Greenland: Citronen zinc-lead project (flagship);
- Greenland: Mestersvig zinc-lead-silver project;
- Greenland: Washington Land zinc-lead-silver project;
- New South Wales: Captains Flat base metals project (joint venture with Glencore); and
- New South Wales: Fiery Creek copper-gold project.


Citronen project

Citronen rates as one of the world’s largest credible zinc development projects at an advanced post-feasibility stage.

Citronen holds over 13 billion pounds of zinc and lead and has a projected 14 year mine life, which is defined only by the limits of drilling.

In April 2013, Citronen’s feasibility report forecast a pre-tax net present value to the project of US$609 million.

Significantly, Ironbark was recently granted a 30-year mining licence for Citronen.

Ironbark is now advancing towards the financing and development of Citronen.


Recent developments: financing and development

Following the grant of the mining licence, Ironbark entered into an agreement with China Nonferrous Metal Industry’s Foreign Engineering and Construction Co., Ltd (NFC).

The agreement will:

- Incorporate current Chinese equipment and construction costs into the Citronen feasibility study;
- Prepare a project study report in compliance with the financing requirement of China's banks;
- Ensure the technical criteria is in compliance with local laws, regulations, standards and codes in Greenland and China; and
- Assist Ironbark in securing Chinese project debt financing for the development of Citronen under the terms of the earlier memorandum of understanding.

Ironbark will see the Citronen feasibility study updated and tailored to meet the Chinese banking requirements that will target 70% debt financing and provide NFC with an option to acquire up to 19.9% of the Citronen project.

NFC is one of the world’s largest construction engineering groups and has the relevant experience and the capability to provide the key equipment for the Citronen project.


Zinc market

Zinc was one of the top performing commodities in 2016 gaining 60% as the markets supply/demand balance tightened dramatically.

Zinc reached an eight year high during February 2017, trading over US$2,950 per tonne.

Currently at US$2,780 per tonne, zinc remains a top performing commodity.

Miner and commodities trader Glencore (LON:GLEN) expects zinc prices to remain high as tight supply translates into lower metal production in 2017, which should cause further inventory drawdowns.


Analysis

The recent granting of the mining permit provides a platform for Ironbark to move forward with the development of the project and realise its goal to become a major mid-tier mining company.

It is a particularly significant achievement for Ironbark given Greenland has approved only six mining operations over the past eight years.

This platform has already been supported by the recent agreement with NFC, representing a major step towards advancing the financing and development of Citronen.

NFC has a strong relationship with the Chinese banking sector that is expected to provide a strong basis to achieve the debt funding objectives of 70% of the capital for Citronen.

The Citronen resource remains open ended in every direction, conceivably adding many years to the current life of mine of 14 years.

Ironbark shares are trading up 75% over the past 12 months, currently priced at $0.087.

The company is well positioned with a 100%-owned advanced zinc resource with a granted mining licence, in a market of rising zinc prices and a financing pathway with major partners.

Ironbark is sufficiently funded after raising $2.3 million in January via the issue of 28.75 million shares in a placement priced at $0.08 to sophisticated and professional investors.

]]>
Mon, 06 Mar 2017 09:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/174248/ironbark-zinc-eyes-development-of-world-class-zinc-project-174248.html
<![CDATA[News - Ironbark Zinc in capital raising ]]> http://www.proactiveinvestors.com.au/companies/news/172061/ironbark-zinc-in-capital-raising-172061.html The company is pending details on a capital raising.

The halt will remain in place until the opening of trade on Friday, 27th January 2017, or earlier if an announcement is made to the market.

At the end of last year, Ironbark Zinc has been awarded a mining permit for its 100%-owned Citronen Zinc-Lead Project located in Greenland.

This provides the company the right to exploit the project for a period of 30 years.

]]>
Tue, 24 Jan 2017 10:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/172061/ironbark-zinc-in-capital-raising-172061.html
<![CDATA[News - Ironbark Zinc awarded mining permit for Citronen ]]> http://www.proactiveinvestors.com.au/companies/news/170645/ironbark-zinc-awarded-mining-permit-for-citronen-170645.html The permit provides Ironbark with the right to exploit the wholly-owned project for a period of 30 years.

Jonathan Downes, managing director, commented:

"This is a milestone and achievement of great importance to the Company and our plans to develop the project into one of the world’s largest zinc mining operations."

Citronen currently hosts in excess of 13.1 billion pounds of zinc and lead.

]]>
Mon, 19 Dec 2016 13:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/170645/ironbark-zinc-awarded-mining-permit-for-citronen-170645.html
<![CDATA[News - Ironbark Zinc's shares continue to rally ]]> http://www.proactiveinvestors.com.au/companies/news/170569/ironbark-zinc-s-shares-continue-to-rally-170569.html Ironbark's shares last traded at $0.11 before the halt, or around three times higher than a year ago.

A surging zinc price is bringing investors back to the stock.

Ironbark is focused on the Citronen base metal project in Greenland, which currently hosts in excess of 13.1 billion pounds of zinc and lead.

The halt will remain in place until the opening of trade on Tuesday 20th December 2016, or earlier if an announcement is made to the market.

]]>
Fri, 16 Dec 2016 10:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/170569/ironbark-zinc-s-shares-continue-to-rally-170569.html
<![CDATA[News - Ironbark Zinc Ltd executes impact benefit agreement in Greenland ]]> http://www.proactiveinvestors.com.au/companies/news/166410/ironbark-zinc-ltd-executes-impact-benefit-agreement-in-greenland-71201.html Ironbark Zinc Ltd (ASX:IBG) has executed the impact benefit agreement (IBA) with all four municipalities in Greenland for the Citronen Fjord project in North Greenland.

The Citronen Project represents one of the world’s largest undeveloped zinc-lead projects with a resource base in excess of 13 billion pounds of contained zinc and lead metal.

The project is located in northern Greenland, a self-governed part of the Kingdom of Denmark.

Ironbark has agreed with the municipalities to recruit a large proportion of local workers, out of the 470 people who will be working on the mine in the operational phase.

Additionally, purchases are expected to be made through Greenlandic suppliers for Danish Krone (DKK) 650 million in the construction phase and for DKK 800+ million in the operating phase.

Moreover, three funds will be set up totalling DKK 600,000, focusing on promoting Greenlandic culture, social/sports initiatives, education and training.

It is worth noting that Ironbark has an undrawn US$50 million funding facility provided by Glencore PLC (LON:GLEN) to expand its project base through acquisition.

A feasibility study in April 2013 had projected a net present value of US$609 million for the Citronen Project over a mine life of 14 years.

Ironbark’s share price has increased by about 49% since the beginning of 2016, last trading at $0.07.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Mon, 26 Sep 2016 10:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/166410/ironbark-zinc-ltd-executes-impact-benefit-agreement-in-greenland-71201.html
<![CDATA[News - Ironbark Zinc Ltd's Gary Comb takes up full allotment in Share Purchase Plan ]]> http://www.proactiveinvestors.com.au/companies/news/157028/ironbark-zinc-ltds-gary-comb-takes-up-full-allotment-in-share-purchase-plan-68215.html Ironbark Zinc Ltd (ASX:IBG) non-executive director, Gary Comb, has increased his indirect stake in the company by taking up his full entitlement of $15,000 in the recent Share Purchase Plan (SPP).

Comb now holds over 1.1 million shares, and 1 million unlisted options.

The SPP raised $500,000, which follows $1.5 million from a bookbuild.

Funds will be used for continued permitting and application activities required to secure a mining license for the Citronen Project in the short term, further work to enhance the Citronen Feasibility Studies by China Nonferrous and general working capital purposes.

Citronen, located in Greenland, is one of the largest undeveloped zinc projects in the world.

The project boasts a high grade zone of 29.9 million tonnes at 7.1% zinc and 0.5% lead, which is within a larger resource of 132 million tonnes at 4.0% zinc and 0.4% lead.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

]]>
Thu, 21 Apr 2016 11:30:00 +1000 http://www.proactiveinvestors.com.au/companies/news/157028/ironbark-zinc-ltds-gary-comb-takes-up-full-allotment-in-share-purchase-plan-68215.html
<![CDATA[News - Ironbark Zinc Ltd's receives strong support from Shareholder Purchase Plan ]]> http://www.proactiveinvestors.com.au/companies/news/157025/ironbark-zinc-ltds-receives-strong-support-from-shareholder-purchase-plan-68079.html Ironbark Zinc Ltd (ASX:IBG) has received strong support from shareholders, raising $500,000 from a Shareholder Purchase Plan, which follows on the $1.5 million raised though a bookbuild.

Both raisings were priced at $0.032.

Funds will be used for continued permitting and application activities required to secure a mining license for the Citronen Project in the short term, further work to enhance the Citronen Feasibility Studies by China Nonferrous and general working capital purposes.

Citronen, located in Greenland, is one of the largest undeveloped zinc projects in the world.

The project boasts a high grade zone of 29.9 million tonnes at 7.1% zinc and 0.5% lead, which is within a larger resource of 132 million tonnes at 4.0% zinc and 0.4% lead.

The Citronen resource remains open ended in every direction, conceivably significantly extending the current life of mine of 14 years.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

]]>
Thu, 14 Apr 2016 17:30:00 +1000 http://www.proactiveinvestors.com.au/companies/news/157025/ironbark-zinc-ltds-receives-strong-support-from-shareholder-purchase-plan-68079.html
<![CDATA[News - Ironbark Zinc Ltd pockets A$1.5M in bookbuild, launches SPP ]]> http://www.proactiveinvestors.com.au/companies/news/157023/ironbark-zinc-ltd-pockets-a15m-in-bookbuild-launches-spp-67922.html Ironbark Zinc Ltd (ASX:IBG) has now completed a bookbuild to raise A$1.5 million from institutional and professional investors at $0.032, with the issue of 47 million shares.

Ironbark has also launched a Share Purchase Plan at the same price, which will raise up to another $500,000. Shareholders can apply for up to another $15,000 worth of shares.

The directors of Ironbark who are eligible shareholders intend to participate.

Funds will be used for continued permitting and application activities required to secure a mining license for the Citronen Project in the short term, further work to enhance the Citronen Feasibility Studies by China Nonferrous and general working capital purposes.

Citronen, located in Greenland, is one of the largest undeveloped zinc projects in the world.

The project boasts a high grade zone of 29.9 million tonnes at 7.1% zinc and 0.5% lead, which is within a larger resource of 132 million tonnes at 4.0% zinc and 0.4% lead.

The Citronen resource remains open ended in every direction, conceivably significantly extending the current life of mine of 14 years.


Zinc price looks promising

The outlook for the zinc price is looking up as final production of zinc concentrate has been shipped from both the Lisheen mine in Ireland and the Century mine in Australia, following the closure of the mines due to exhaustion of their ore bodies.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

]]>
Thu, 07 Apr 2016 09:30:00 +1000 http://www.proactiveinvestors.com.au/companies/news/157023/ironbark-zinc-ltd-pockets-a15m-in-bookbuild-launches-spp-67922.html
<![CDATA[News - Ironbark Zinc Ltd MD Jonathan Downes lifts stake on-market ]]> http://www.proactiveinvestors.com.au/companies/news/157022/ironbark-zinc-ltd-md-jonathan-downes-lifts-stake-on-market-67881.html Ironbark Zinc Ltd's (ASX:IBG) managing director, Jonathan Downes, has increased his stake in the company through an on-market trade.

Downes purchased 500,000 shares for a consideration of $17,860, or around $0.036 a share.

Downes now holds a direct interest of circa 5.8 million shares, along with several indirect stakes of 2.5 million shares, 1.8 million shares, and 6 million options.

Ironbark remains focused on its Citronen Zinc Project in Greenland, which is one of the largest undeveloped zinc projects in the world.

The company is currently raising up to $1.5 million at $0.032 per share in an oversubscribed bookbuild, which will be followed by a Share Purchase Plan at the same price.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

]]>
Tue, 05 Apr 2016 15:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/157022/ironbark-zinc-ltd-md-jonathan-downes-lifts-stake-on-market-67881.html
<![CDATA[News - Ironbark Zinc Ltd raises funds to advance Citronen Zinc Project ]]> http://www.proactiveinvestors.com.au/companies/news/157019/ironbark-zinc-ltd-raises-funds-to-advance-citronen-zinc-project-67851.html Ironbark Zinc Ltd (ASX:IBG) will raise up to $1.5 million at $0.032 per share in an oversubscribed bookbuild capital raising from institutional and professional investors to advance its Citronen Zinc Project in Greenland.

The project is one of the largest undeveloped zinc projects in the world.

A Share Purchase Plan at the same price has also been launched.


Why Citronen is world-class

The high grade zone alone at Citronen boasts 29.9 million tonnes at 7.1% zinc and 0.5% lead. This is within a larger resource of 132 million tonnes at 4.0% zinc and 0.4% lead.

The Citronen resource remains open ended in every direction, conceivably significantly extending the current life of mine of 14 years.

This provides leveraged exposure to investors.


Zinc outlook

The outlook for the zinc price is looking up as final production of zinc concentrate has been shipped from both the Lisheen mine in Ireland and the Century mine in Australia, following the closure of the mines due to exhaustion of their ore bodies.

The two mines are known to account for 5% of the global zinc supply, which is likely to provide further support for the zinc price through ongoing tightening of supply and stockpiles.

The positive supply and demand imbalance in the zinc market is expected to support a firming zinc price and the development of the next tranche of zinc mines in the future. The zinc price has risen 25% since January 2016.


Jonathan Downes, managing director, commented:

“We are delighted by the overwhelming interest received for the placement, reflecting the strong support for Ironbark and our 100% owned world class Citronen Zinc Project.

“The funds will be used for continued permitting and application activities required to secure a mining license for the Citronen Project in the short term, further work to update the Citronen Feasibility Studies by China Nonferrous and general working capital purposes.

“We wish to take this opportunity to thank our existing shareholders for their continued support and note that as zinc stockpiles fall below 5 year lows we expect upward pressure on the zinc price which will provide a supportive development environment for the Citronen project."


Share Purchase Plan

In addition to the placement, Ironbark has launched a Share Purchase Plan to raise up to $0.5 million at the same price as the placement.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

]]>
Mon, 04 Apr 2016 10:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/157019/ironbark-zinc-ltd-raises-funds-to-advance-citronen-zinc-project-67851.html
<![CDATA[News - Ironbark Zinc Ltd to lift cash position ]]> http://www.proactiveinvestors.com.au/companies/news/157017/ironbark-zinc-ltd-to-lift-cash-position-67790.html Ironbark Zinc Ltd (ASX:IBG) has been granted a trading halt by the ASX, pending details of a capital raising.

The halt will remain in place until the opening of trade on Monday 4th April 2016, or earlier if an announcement is made to the market.

Ironbark is focused on the Citronen Zinc Project in Greenland, which is one of the world's largest undeveloped zinc resources.

Earlier in the month the company received a draft Impact Benefit Agreement (IBA) from the Greenland Government for Citronen.

This was a significant milestone in the progression toward an Exploitation Licence Application for the project.

The IBA is the remaining document that needs to be finalised and agreed in the Exploitation Licence process before an Exploitation Licence can be awarded.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

]]>
Thu, 31 Mar 2016 12:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/157017/ironbark-zinc-ltd-to-lift-cash-position-67790.html
<![CDATA[News - Ironbark Zinc Ltd reaches next milestone for Citronen Project ]]> http://www.proactiveinvestors.com.au/companies/news/157015/ironbark-zinc-ltd-reaches-next-milestone-for-citronen-project-67441.html Ironbark Zinc Ltd (ASX:IBG) has received a draft Impact Benefit Agreement (IBA) from the Greenland Government for the 100% owned Citronen Base Metal Project.

This is a significant milestone in the progression toward a Exploitation Licence Application for Citronen, one of the world’s largest zinc tonnage projects.

The IBA is the remaining document that needs to be finalised and agreed in the Exploitation Licence process before an Exploitation Licence can be awarded.

The terms of the IBA typically focus on formalising employment and training commitments as well as detailing how the Government, Municipalities and Ironbark will work together to maximise the beneficial opportunities for both Greenland and Ironbark.

Specific details are expected to be negotiated between Ironbark, the Greenland Government and the four Municipalities of Greenland. The parameters and standards have largely been settled in the previous negotiations for the grant of the London Mining Plc, Hudson Resources and True North Gems Exploitation Licences.

Ironbark said in a statement it is delighted to reach this next milestone in the licencing process. Ironbark has developed a solid relationship with relevant parties through the Public Consultation process.

The company has not yet received the final transcripts from the Public Consultation process and, while advanced, work is ongoing and will have to be satisfactorily completed and compiled into the White Book before an Exploitation Licence can be awarded.

The White Book findings will need to be considered and accommodated where required in the IBA.

Ironbark said it will advise on further developments regarding the Exploitation Licence Application for the Citronen Base Metal Project.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

]]>
Thu, 10 Mar 2016 16:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/157015/ironbark-zinc-ltd-reaches-next-milestone-for-citronen-project-67441.html
<![CDATA[News - Ironbark Zinc takes strides in development of giant Citronen project ]]> http://www.proactiveinvestors.com.au/companies/news/157013/ironbark-zinc-takes-strides-in-development-of-giant-citronen-project--66531.html Ironbark Zinc (ASX:IBG) continues to take strides toward the development of its giant Citronen Base Metal Project in Greenland.

Citronen is one of the world’s largest zinc projects by resource size.

The high grade zone alone at Citronen boasts 29.9 million tonnes at 7.1% zinc and 0.5% lead. This is within a larger resource of 132 million tonnes at 4.0% zinc and 0.4% lead.

Staggeringly, the Citronen resource remains open ended in every direction, conceivably adding many years to the current life of mine of 14 years.

The Public Consultation period has finished and Ironbark had now received all the comments from the stakeholders regarding the public consultation as part of the Exploitation Licence Application for the 100% owned Citronen project.

This follows the China Mining Conference on behalf of the Greenland Government.

Ironbark recently met with the Minister of Finance and Raw Materials (Mining) Minister Anda Uldum and the Greenland delegation to discuss the development of the Citronen Project.

Next step is that feedback from the Public Consultation process will be assessed by Ironbark and move towards entering into an Impact Benefit Agreement (IBA).

Ironbark said it is satisfied to make progress and will advise on further developments regarding the Exploitation Licence Application Citronen in due course.

Ironbark has an MoU with China Nonferrous (NFC) to provide assistance for project development and funding Citronen.


Strong DFS metrics

The projected returns from development of Citronen befit a project of this size:

Life of Mine Revenue: US$5.65 billion
NPV: US$609 million
IRR: 43%
Mine life: 14 years+
Payback period: 18 months
Operating cost: $0.71/lb
Production Rate: 3.3mtpa ROM ore


Analysis

Credits are difficult to come by in the current challenging share market but Ironbark continues to make progress in Greenland with the recognition of Citronen as one of the world's largest credible zinc development projects at an advanced post-feasibility stage.

The global drawdown in the zinc stockpiles which has moved towards a supply deficit is widely expected to accelerate following the closure of several large mines. This provides momentum for development of Citronen as well as a catalyst for share price gain.

The current focus at Citronen continues to be the granting of a Mining Licence which provides a further share price catalyst.

Ironbark said it is satisfied to make progress on the Public Consultation Period and will advise on further developments regarding the Exploitation Licence Application Citronen in due course.

Greenland’s authorities have demonstrated sustained support for the development of Citronen, the country has a history of zinc and lead mining.

Citronen is a fairly simple project with flat and continuous ore zones. There is open pit sulphide potential with low strip ratios to augment higher grade underground mined ore.

The mining operation is predominantly underground room and pillar mining operation. Proven DMS and flotation techniques can be used to produce zinc and lead concentrates.

The MoU with China NFC to provide assistance in acquiring project funding provides further upside potential.

 

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

 

]]>
Tue, 12 Jan 2016 14:31:00 +1100 http://www.proactiveinvestors.com.au/companies/news/157013/ironbark-zinc-takes-strides-in-development-of-giant-citronen-project--66531.html
<![CDATA[News - Ironbark Zinc appoints Jason Dunning a non-executive director ]]> http://www.proactiveinvestors.com.au/companies/news/157012/ironbark-zinc-appoints-jason-dunning-a-non-executive-director-65016.html Ironbark Zinc (ASX:IBG) have appointed Jason Dunning as the replacement nominee of Nyrstar NV as a non-executive director.

Ironbark is focussed on the wholly-owned Citronen Zinc Project in Greenland which hosts more than 13.1 billion pounds of zinc and lead.

Chris James has resigned as a result of him accepting another role outside of Nyrstar.

Dunning joined Nyrstar in October 2014 as its Group Manager – Geology & Exploration responsible for management of all activities at its mines and on its land tenure

He has previously held positions Alamos Gold Inc.’s Vice President, Exploration; as Selwyn Resources Ltd.’s Vice President, Exploration; as Yukon Zinc Corporation’s Vice President, Exploration.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Fri, 09 Oct 2015 15:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/157012/ironbark-zinc-appoints-jason-dunning-a-non-executive-director-65016.html
<![CDATA[News - Ironbark Zinc starts public consultation for Citronen mining licence ]]> http://www.proactiveinvestors.com.au/companies/news/157010/ironbark-zinc-starts-public-consultation-for-citronen-mining-licence-64736.html Ironbark Zinc (ASX:IBG) has reached a major milestone with Greenland starting public consultation for the Citronen Zinc Project Mining Licence application.

The wholly-owned project hosts more than 13.1 billion pounds of zinc and lead with open-pit fresh sulphide potential and very low strip ratios to supplement higher grade underground mined mineralisation.

Public consultation will take place from 23rd September to 1st December 2015 for the following documents in English, Greenlandic and Danish:
   
- Social Impact Assessment (SIA) Report;
- Non-Technical Summary of the SIA;
- Environmental Impact Assessment (EIA) Report;
- Summary of the EIA; and
- Report on investigation of navigational safety issues.

A Mining Licence application in Greenland is comprehensive and encompasses regulations which cover all aspects of the proposed mine, including environmental permitting and social commitments.

The Mining Licence would provide Ironbark with the right to mine at Citronen for a period of 30 years.

Jonathan Downes, managing director, commented:

"We are delighted to have reached this significant milestone which is the culmination of not only the feasibility study and the work conducted on the project but also includes exhaustive work on the environmental and social aspects of the project.

"The environmental and social aspect are critically important to the Greenlandic people and we have had to show that the operation will be sustainable, environmentally friendly and also of national importance to the Greenlandic people and Government.

"We are pleased at the strong signal of support shown by reaching this milestone from the Greenland Government and look forward to moving towards the objective of gaining an Exploitation Licence (Mining Licence)."


Public Consultation

During the consultation period written responses from stakeholders are submitted to the MRA who will then forward the responses to Ironbark as they come in.

When received Ironbark will be responsible for translating the responses into Greenlandic and Danish and subsequently resubmit the translated responses to the Greenland Government.

The responses will afterwards be published on Naalakkersuisut.gl.

Furthermore, Ironbark will be responsible for drafting a White Paper with the purpose of addressing relevant consultation statements and comments on the project, which among other have been submitted during the consultation period.

The purpose of the White Paper is to ensure transparency.

Ironbark will have to address all the comments and state which sections in the SIA report or in the EIA report have been changed due to comments or questions from the submitted consultations responses.

The company will also be responsible for translating the White Paper into Greenlandic and Danish.

The period required to complete the White Paper has not yet been determined.


Citronen Zinc Project

Citronen is one of the world’s largest zinc development projects at an advanced post-feasibility stage with a meaty resource of 70.8 million tonnes at 5.7% zinc + lead at a 3.5% zinc cut-off.

This includes a highly profitable higher grade resource zone of 29.9 million tonnes at 7.1% zinc + lead at a 5% zinc cut-off.

In 2013, a Bankable Feasibility Study confirmed the world-class scale of the project, which is located adjacent to deep, protected water on the doorstep of Europe and North America.

Other advantages are simple, flat and continuous ore zones, with open-pit fresh sulphide potential and very low strip ratios to supplement higher grade underground mined mineralisation.

This would deliver a simple, predominantly underground room and pillar mining operation, with a proven DMS and flotation techniques to produce zinc and lead concentrates.

Ironbark is also working with China Nonferrous on construction and financing solutions for the development of Citronen.

The company is currently operating under a Memorandum of Understanding and is advancing this through to a detailed scope of works.

Ironbark plans to adapt this information into a format suitable for Chinese banks with updated costs and development schedules.


Analysis

Ironbark Zinc is moving closer towards securing a Mining Licence for its Citronen Zinc Project, which has the potential to be a long life base metal mining operation with world-class scale and economics.

Securing the licence is a key price catalyst for Ironbark.

The company also continues to review promising opportunities through its US$50 million Glencore (LON:GLEN) mergers and acquisition funding facility.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Thu, 24 Sep 2015 13:40:00 +1000 http://www.proactiveinvestors.com.au/companies/news/157010/ironbark-zinc-starts-public-consultation-for-citronen-mining-licence-64736.html
<![CDATA[News - Ironbark Zinc has more high grade zinc potential at Mestersvig ]]> http://www.proactiveinvestors.com.au/companies/news/157008/ironbark-zinc-has-more-high-grade-zinc-potential-at-mestersvig-63738.html Ironbark Zinc (ASX:IBG) has increased the economic potential of the Sortebjerg Prospect at its Mestersvig Project in Greenland after a laboratory error was corrected.

A high grade 2011 intercept have been increased to 4.95 metres at 11.23% zinc and 2.9 grams per tonne silver, up from the previously reported 2.5 metres at 8.9% zinc and 2g/t silver.

This represents a 150% increase in contained metal and upgrades the economic potential of the prospect, given the widely spaced drilling.

High grade sulphide mineralisation is now interpreted to occur over a 1.5 kilometres strike and remains open on strike and at depth.

The high grade Sortebjerg Vein Prospect is one of several that form along the boundaries of the graben structure that hosts the Blyklippen Mine.

Mineralisation, in the form of galena, sphalerite, +/- chalcopyrite and silver are found within outcropping quartz veins located throughout the project area.

Blyklippen was operated from 1956 to 1962 and yielded 544,600 tonnes for a recovered grade of 9.9% zinc and 9.3% lead.

Mining took place from three adits, the deepest 160 metres below surface, by cut-and-fill method.

The mining town and wharf are still located at Nyhavn, approximately 8 kilometres northeast of the mine.


Sortebjerg Prospect

Ironbark conducted a three hole diamond drilling programme at the Sortebjerg prospect in 2011 whilst drilling nearby Blyklippen.

The drilling targeted extensions of observed base metal mineralisation hosted in steeply dipping, north-trending fault zones.

Abundant sphalerite (zinc sulphide ore mineral) was noted in quartz veins within the fault zone.

All three drill holes intersected high grade mineralisation with significant results including:

- SB017 (corrected): 4.95 metres at 11.23% zinc 2.9g/t silver from 5.8 metres
- SB018: 0.5 metres at 11.45% zinc and 5.4g/t silver from 6.4 metres and 1 metre at 17.95% zinc and 4.2g/t silver from 21.8 metres; and
- SB019: 1 metre at 17.33% zinc and 2.8g/t silver from 53.8 metres.

In addition, drilling at Blyklippen returned 1.4 metres at 10.93% zinc+lead and 6.8g/t silver from 263 metres, confirming the continuation of high-grade mineralisation at depth below the mine.

The Sortebjerg vein system was initially investigated by Nordisk Mineselskab A/S in the 1950’s, concurrent with mining and exploration at and around the Blyklippen Mine.

Exploration included 1,126 metres of diamond drilling at the southern extent of the vein system which is adjacent to Ironbark’s current exploration licence.

Results from the historically drilled area (now held by KGHM International) returned some very high grade intercepts including 5.17 metres at 18.55% zinc+lead from 40 metres.


Analysis

The increased intercept further highlights the potential of Ironbark Zinc’s high grade Sortebjerg Prospect, one of the veins surrounding the previously producing Blyklippen Mine.

With the 2011 intercept increased to 4.95 metres at 11.23% zinc and 2.9g/t silver, high grade sulphide mineralisation is now interpreted to occur over a 1.5 kilometres strike that remains open on strike and at depth.

Separately, the company is preparing for the public consultation stage of the Mining Licence Application for its Citronen Base Metals Project in Greenland.

Following the public consultation process, it plans to enter into an Impact Benefit Agreement (IBA) that will be used to provide a formal framework for the company’s obligations under the Social Impact Assessment, including training and employment commitments to the Greenlandic people.

The company also continues to review promising opportunities through its US$50 million Glencore (LON:GLEN) mergers and acquisition funding facility.

Ironbark has $2.13 million as at 30th June 2015 with no debt.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Thu, 30 Jul 2015 11:55:00 +1000 http://www.proactiveinvestors.com.au/companies/news/157008/ironbark-zinc-has-more-high-grade-zinc-potential-at-mestersvig-63738.html
<![CDATA[News - Ironbark Zinc MD Jonathan Downes speaks on Captains Flat ]]> http://www.proactiveinvestors.com.au/companies/news/157006/ironbark-zinc-md-jonathan-downes-speaks-on-captains-flat-63129.html Ironbark Zinc (ASX:IBG) is move to increase its stake in the Captains Flat base metals project in New South Wales to 50% has the potential to unlock an underexplored, proven high grade base metals province.

Captains Flat includes the Lake George Mine that was at one time Australia’s second largest producer of copper.

It produced 4 million tonnes of high-grade ore at 10% zinc, 6% lead, 0.7% copper, 1.8 grams per tonne gold and 55g/t silver until closure in 1962.

The project covers a strike length of 49 kilometres of a highly endowed volcanic massive sulphide horizon that hosts numerous historic mineral occurrences and mines.

Managing director Jonathan Downes speaks exclusively with Proactive Investors about the joint venture with Glencore subsidiary NSW Base Metals Pty Ltd (NSWBM).


PROACTIVE INVESTORS: Welcome Jonathan.


What are the next steps that IBG and NSWBM intend to take at the project?

Ironbark and Glencore are preparing an exploration program at Captains Flat.


Given that drilling at Lake George Mine has demonstrated excellent potential below historic mining, will this be one of the areas of focus?

The historic mine will continue to be a focus as mining finished in high grade zinc. The mine closed during one of the low zinc market cycles so it affords us a great opportunity.

The scale of mineralisation at Jerangle, located on the same belt to the south, is actually very exciting.

There are historic drill hits exceeding 5% copper and we have encountered zones of lower grade mineralisation in excess of 50 meters thick so we are looking for regions that might be both high grade and wide.

We consider the prospects very interesting.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Fri, 26 Jun 2015 07:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/157006/ironbark-zinc-md-jonathan-downes-speaks-on-captains-flat-63129.html
<![CDATA[News - Ironbark Zinc, Glencore now equal partners at Captains Flat project ]]> http://www.proactiveinvestors.com.au/companies/news/157004/ironbark-zinc-glencore-now-equal-partners-at-captains-flat-project-63104.html Ironbark Zinc (ASX:IBG) is poised to advance exploration at the Captains Flat base metals project joint venture in New South Wales by negotiating to increase its ownership up to 50%.

Captains Flat will complement the company’s core focus of bringing the advanced, large scale Citronen Base Metal project, in Greenland, into production.

The NSW project, which includes Lake George Mine – once Australia’s second largest producer of copper, was previously held by Rutila Resources (ASX:RTA) with Ironbark and NSW Base Metals Pty Ltd (NSWBM), a subsidiary of Glencore Plc (LON:GLEN), together earning up to 75% of the project.

Ironbark has now renegotiated the joint venture agreement and will now advance exploration of the project with NSWBM.

It will issue 1 million IBG shares to Rutila and a minor cash adjustment as consideration for its increased stake in the JV.

Both JV partners will pay a proportional share of a 0.25% trailing production royalty to Rutila.   

“Ironbark have already enjoyed exploration success at the Captains Flat project with significant base metal intercepts returned from the Jerangle Prospect in drilling conducted in 2013, and we now look forward to continuing our exploration works on this significant and underexplored, proven high grade base metals province,” managing director Jonathan Downes said.


Captains Flat project

The Captains Flat Base Metal Project is located 45 kilometres southeast of Canberra in New South Wales.

It covers a strike length of 49 kilometres of a highly endowed volcanic massive sulphide horizon that hosts numerous historic mineral occurrences and mines. There are 26 identified prospects.

Lake George Mine, which produced 4 million tonnes of high-grade ore at 10% zinc, 6% lead, 0.7% copper, 1.8 grams per tonne gold and 55g/t silver until closure in 1962 and was at one time Australia’s second largest producer of copper.

Drilling below mine workings demonstrates potential below historic mining with the deepest drill hole returning 1.22 metres at 12.4% zinc and 5.4% lead with very little follow-up.

Vanderbilt Hill Prospect is located to the east of the Lake George Mine and drilling has returned results including 3.9 metres at 10% zinc, 5.3% lead and 0.1% copper with very little follow-up drilling completed to date.

The Anembo Prospect has a historic drill intercept of 3 metres at 6.9% zinc, 5.5% lead, 21g/t silver and 2.0 g/t gold that has not been followed up.

At the Jerangle Prospect, which has historic drill intercepts of 2.25 metres at 5.2% copper as well as 29.4 metres at 0.5% copper, 2.2% zinc, 8 g/t silver including 1.9 metres at 4.9% copper, 6.3% zinc and 17g/t silver, Ironbark has also carried out drilling that has returned the following results:

- 3.6 metres at 5.47% zinc+lead;
- 5 metres at 4.62% zinc+lead;
- 1.1 metres at 12.22% zinc+lead and 0.91% copper; and
- 2.2 metres at 8.56% zinc+lead.

Exploration planning at Captains Flat is already well advanced.


Analysis

While it is still early days, Ironbark Zinc’s move to increase its stake in the Captains Flat Project to 50% has the potential to unlock an underexplored, proven high grade base metals province.

That this is being carried out under an equal joint venture with Glencore subsidiary NSW Base Metals Pty Ltd is encouraging as it places a major miner squarely in the company’s corner.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Wed, 24 Jun 2015 12:33:00 +1000 http://www.proactiveinvestors.com.au/companies/news/157004/ironbark-zinc-glencore-now-equal-partners-at-captains-flat-project-63104.html
<![CDATA[News - Ironbark Zinc on road to Mining Licence for Citronen ]]> http://www.proactiveinvestors.com.au/companies/news/107383/ironbark-zinc-on-road-to-mining-licence-for-citronen-107383.html Ironbark Zinc's (ASX:IBG) wholly-owned world-class Citronen zinc project is further down the development road in Greenland, as the company looks to tap into the looming zinc shortage caused by major zinc mine closures.

Ironbark has now received notice from the Greenland Ministry of Industry, Labour and Trade (MILT) that the Social Impact Assessment (SIA) regarding the Mining Licence Application for the project is in compliance with the minimum requirements.

The SIA is now ready for the Public Consultation stage of the Application process.

Demand for zinc is increasing, and this will be a key inflection point driving upward pressure on the zinc price - and therefore supporting new mines.

Greenland has a history of zinc and lead mining and continues to seek to re-establish a mining industry.

Ironbark is finalising and submitting the SIA in order to prepare for a public consultation, and the MILT will review the final Greenlandic and Danish versions before the consultation begins.

The consultation will be coordinated between Ironbark, the Ministry of Mineral Resources, the Environment Agency for Mineral Resources Activities (EAMRA) and the MILT.

Ironbark has also recently formally lodged shipping studies, and completed mine closure reports.


Citronen is world class and strategically located

Citronen currently hosts in excess of 13.1 billion pounds of zinc and lead.

A completed Bankable Feasibility Study confirmed the world-class scale of the project, which is located adjacent to deep, protected water on the doorstep of Europe and North America.

Other advantages are simple, flat and continuous ore zones, with open-pit fresh sulphide potential and very low strip ratios to supplement higher grade underground mined mineralisation.

This would deliver a simple, predominantly underground room and pillar mining operation, with a proven DMS and flotation techniques to produce zinc and lead concentrates.


Greenland a zinc and lead supporter

Greenland is seeking to develop a strong mineral and petroleum industry and has returned very high global rankings on the annual Fraser Institute survey.

Zinc and lead minerals have been approved for exploitation in Greenland, which has a history of zinc and lead mining and continues to seek to re-establish a mining industry.


Mining License applications in Greenland

A Mining Licence application in Greenland is comprehensive and encompasses regulations which cover all aspects of the proposed mine, including environmental permitting and social commitments.

Following approval, the Mining Licence would provide Ironbark with the right to mine at Citronen for a period of 30 years.


Ironbark and China Nonferrous

Ironbark is also working with China Nonferrous on construction and financing solutions for the development of Citronen.

The company is currently operating under a Memorandum of Understanding and is advancing this through to a detailed scope of works.

Ironbark plans to adapt this information into a format suitable for Chinese banks with updated costs and development schedules.


Analysis

Ironbark continues to drive development of Citronen, where a completed Bankable Feasibility Study confirmed the world-class scale and economics of the project.

Citronen has the potential to be a long life base metal mining operation, with a simple process flow sheet with high recoveries.

Ironbark has now received notice that the Social Impact Assessment (SIA) regarding the Mining Licence Application for the project is in compliance with the minimum requirements.

The SIA is now ready for the Public Consultation stage of the Application process.

The mining license is a key price catalyst for Ironbark.

Ironbark also has a pathway to funding under the MOU with China Nonferrous offering minimal shareholder dilution.

Adding further interest, Ironbark also has an undrawn US$50 million funding facility provided by Glencore to expand its project base through acquisition.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Tue, 26 May 2015 12:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/107383/ironbark-zinc-on-road-to-mining-licence-for-citronen-107383.html
<![CDATA[News - Ironbark Zinc brings Citronen Project to Melbourne, Sydney Luncheons ]]> http://www.proactiveinvestors.com.au/companies/news/157002/ironbark-zinc-brings-citronen-project-to-melbourne-sydney-luncheons-61202.html Ironbark Zinc (ASX:IBG) is well positioned to benefit from the continued global drawdown in the zinc stockpiles as it progress the grant of a Mining Licence for its Citronen Base Metal Project in Greenland.

Citronen is one of the world’s largest credible zinc development projects at an advanced post-feasibility stage, find out more about its prospects for growth and development.


Come and hear from managing director Jonathan Downes at Proactive Investor’s upcoming "Melbourne Investor Luncheon” on Tuesday 24th March 2015, and the "Sydney Investor Luncheon" on Wednesday 25th March 2015.

REGISTER by clicking on the city below for additional details:

Melbourne OR Sydney. Otherwise call (02) 9299 5001(02) 9299 5001 and ask for John Phillips.


While zinc is the fourth most used metal, decades of under investment have resulted in the continued global drawdown in zinc stockpiles over the last three years.

This has proven a supply deficit scenario that is widely expected to accelerate following the closure of the large Century (Australia) and Lisheen (Ireland) zinc mines later in 2015.

Zinc prices are expected to rise as a result of tightening supply.

Ironbark has few zinc peers on the ASX and its Citronen Base Metal Project provides exceptional leverage to the zinc price.

Citronen already has a meaty resource of 70.8 million tonnes at 5.7% zinc + lead at a 3.5% zinc cut-off as well as a highly profitable higher grade resource zone of 29.9 million tonnes at 7.1% zinc + lead at a 5% zinc cut-off.

This could increase further given that the current resource is likely to be just tip of the iceberg as the deposit is still open in every direction.

This provides huge exploration potential given 11 kilometre strike of drilling contains economic grade mineralisation.

There is potential for the exploitation licence to be awarded in the current quarter with financing negotiations and early site works in the June 2015 quarter.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

Call Send SMS Add to Skype You'll need Skype CreditFree via Skype ]]>
Fri, 13 Mar 2015 08:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/157002/ironbark-zinc-brings-citronen-project-to-melbourne-sydney-luncheons-61202.html
<![CDATA[News - Ironbark Zinc to raise capital ]]> http://www.proactiveinvestors.com.au/companies/news/157000/ironbark-zinc-to-raise-capital-56831.html Ironbark Zinc (ASX:IBG) has been granted a trading halt by the ASX pending details of a capital raising.

The company's Citronen Base Metal Project in Greenland is one of the world’s largest undeveloped zinc projects.

The resource is currently pegged at 71 million tonnes at 5.7% of zinc and lead, or 13 billion pounds of contained zinc and lead.

In June the company lodged the key Social Impact Assessment, a vital requirement for the Mining Licence.

Ironbark is leveraged to the zinc price, with over the past few months has moved from ~US$0.90/lb to ~US$1.10/lb (> 20% increase).

Major investors in Ironbark include Nyrstar and Glencore.

The halt will remain in place until the opening of trade on Wednesday 13th August 2014, or earlier if an announcement is made to the market.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Mon, 11 Aug 2014 14:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/157000/ironbark-zinc-to-raise-capital-56831.html
<![CDATA[News - Ironbark Zinc finds 253g/t gold,14.9% copper rock chips from project in NSW ]]> http://www.proactiveinvestors.com.au/companies/news/156999/ironbark-zinc-finds-253gt-gold149-copper-rock-chips-from-project-in-nsw-42721.html Ironbark Zinc (ASX: IBG) has recorded peak results of up to 253 grams per tonne (g/t) gold and 14.9% copper from rock chip sampling of the Fiery Creek and Macanally Prospects at the Peakview Project, New South Wales.

This follows the earlier discovery of unexpectedly high-grade copper and gold rock chip results from its 100% owned Fiery Creek Prospect where six rock chip samples taken from around the historic pits and shafts returned up to 15.25% copper and 22.7 g/t gold during a recent reconnaissance trip in the last quarter.

About 85% of the current samples were in excess of 1g/t gold with the average grade being 17.5g/t gold, confirming the high tenor of the historical workings where the 54 samples were taken from.

Other notable gold results include 94.8g.t, 91.5g/t and 53.4g/t while other top copper results were 7.6% and 6.6%.

These are substantially better than expected and notably, were taken from workings that stretch for over 7 kilometres and consist of multiple parallel mineralised zones.

Ironbark believes there is high potential to locate economic grade mineralisation in the area as there has been limited drill testing of the lodes below the historically mined material.

Nine diamond holes drilled by Horizon Resources in 1998 that targeted deep induced polarisation targets rather than mineralisation directly under the workings returned intersections of 1.09 metres at 3.63g/t gold from 30.56 metres and 2 metres at 1.67g/t gold from 35.7 metres.

The extent of the historical workings indicates a good probability that sufficient tonnes to be of interest could be located in the area.

Fiery Creek & Macanally Prospects

Gold mining was conducted at the Fiery Creek area from 1887 to 1908. Numerous private miners exploited north-south trending steeply dipping mineralised shear zones.

Information available from 1892 indicates six separate groups of miners were active in the area.

The mineralisation at Fiery Creek was historically reported as a series of parallel reefs and was mined down to a depth of about 12 metres below surface.

This is thought to coincide with the depth of oxidation, thus leaving behind the sulphide dominant ore below.

The sulphide dominant ore would have been much harder to treat during the time of mining in the 1890’s as the processing would have been substantially more complex.

Notably, the highest grading gold samples were all from the sulphide dominant samples while the highest grade copper value came from an oxidised sample though high grade copper was also seen in sulphide samples.

There are no records of copper produced from the Fiery Creek site despite there being significant copper mineralisation.

Drilling permits have recently been granted for the Peakview Prospect and Ironbark is currently working towards gaining approval to conduct a drill program at the Fiery Creek & Macanally Prospects.

 

Citronen Project in Greenland

Ironbark this week released the highly anticipated Citronen Feasibility Study with the following key metrics for the project:

- NPV: US$609 Million (US$354M post tax)
- IRR: 32.0% (22.2% post tax)
- Equity Return: 37.9% (Geared NPV after tax)
- Capital Cost: US$429.3 Million inc contingency (US$484.8M with First Fills)
- Operating Cost: US$0.79/lb Zn in real terms (Payable, net of by-product credits, Years 1-5, including smelter fees)
- Mine Life: 14 years
- Life of Mine Revenue: US$5.65 Billion
- Life of Mine Operating Costs: US$3.42 Billion

Citronen’s Feasibility Study with all the supporting studies is being presented to China Nonferrous Metal Industry’s Foreign Engineering and Construction Co. Ltd (NFC) for the purposes of preparing the EPC and financing work.

NFC is expected to be in a position to begin delivering the results from their work scheduled for later in 2013.

The engineering and construction MOU with NFC encompasses a 70% debt funding proposal through Chinese banks and provides NFC with a right to buy a 20% direct interest in the Citronen Project.

Ironbark had $3 million in cash as of 31 March 2013.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Wed, 01 May 2013 15:50:00 +1000 http://www.proactiveinvestors.com.au/companies/news/156999/ironbark-zinc-finds-253gt-gold149-copper-rock-chips-from-project-in-nsw-42721.html
<![CDATA[News - Ironbark Zinc submits key Environmental Impact Assessment for Citronen base metals project ]]> http://www.proactiveinvestors.com.au/companies/news/156997/ironbark-zinc-submits-key-environmental-impact-assessment-for-citronen-base-metals-project--33461.html Ironbark Zinc (ASX: IBG) has submitted the critical Environmental Impact Assessment for its Citronen base metal project to Greenland’s Bureau of Minerals and Petroleum (BMP).

“The EIA is a critical element of the Feasibility Study and shows that the Citronen base metal mine will be one of the most environmentally sound operations in the world,” managing director Jonathan Downes said.

“We remain focused on delivering one of the largest zinc mines in the world to our shareholders as quickly as possible.

“The Citronen project is currently being evaluated by China Nonferrous Metal Industry’s Foreign Engineering and Construction Co. Ltd (NFC) for final engineering and construction which will also see the completion of the Capital Cost section of the Feasibility Study.”

Downes said the completion of the EIA is a major milestone.

Ironbark and its environmental consultant Orbicon AS have worked extensively with the BMP and its advisors over the last three years to ensure that the Assessment meets the highest standards of environmental sustainability and addresses all of the concerns of the regulators.

All supporting testwork including extensive Humidity Cell Test-work, three environmental base line surveys and Scoping Level Environmental Review Assessment (SLERA) has been completed.

The EIA is subject to a final and public review process during the final submission of all elements of the completed Feasibility Study and Mineral Exploitation license application.

Citronen

Ongoing engineering work has suggested the existing process plant design at Citronen has the potential to treat ore at a peak rate of 3.6 million tonnes per annum throughput by upgrading the primary and secondary crushers at a relatively small additional capital cost.

Ironbark is currently investigating the maximum continuous production rate that could be obtained through these plant modifications, with final processing plant modifications expected to increase capital costs by a nominal amount.

The wholly owned Citronen base metal project currently hosts in excess of 13.1 billion pounds of zinc and lead.

The production target is between 140,000 and 220,000 tpa zinc metal and around 10,000 tpa lead metal over a mine life of at least 14 years.

 

Proactive Investors is a market leader in the investment news space, providing ASX “Small and Mid-cap” company news, research reports, StockTube videos and One2One Investor Forums.

]]>
Fri, 14 Sep 2012 11:50:00 +1000 http://www.proactiveinvestors.com.au/companies/news/156997/ironbark-zinc-submits-key-environmental-impact-assessment-for-citronen-base-metals-project--33461.html
<![CDATA[News - Ironbark Zinc to discuss strong case for Greenland base metal project at One2One Forum in Perth ]]> http://www.proactiveinvestors.com.au/companies/news/156995/ironbark-zinc-to-discuss-strong-case-for-greenland-base-metal-project-at-one2one-forum-in-perth-29940.html Ironbark Zinc (ASX: IBG) is demonstrating the strength of its Citronen Base Metal Project in Greenland through an increase in Resources, a longer mine life and US$50 million in finance secured from Glencore International.

*** CLICK HERE TO REGISTER ***

The company has delivered positive open pit optimisation studies for Citronen which show a more than 15% increase in mill feed tonnage and a longer mine life.

The open pit ore scheduling study results show over 9 million tonnes of mineralised material optimised by open pit mining with very low strip ratios.

Importantly, this material has the capacity to supplement the underground mined mineralisation to the process plant and increase the mine life by an additional three years from the underground only sourced material.

In early January, Ironbark announced an increase in both the grade and confidence of the resource at the project.

The global resource at Citronen now stands at 13.1 billion pounds of zinc and lead, using a 2% zinc cut-off, compared to the previously reported estimate of 132.6 million tonnes at 4% zinc and lead for 11 billion pounds.

EVENT DETAILS

The event will be held on Wednesday 20th June, 2012 at the Hyatt Regency Perth – 99 Adelaide Terrace from 5:15pm (for a 5:30pm start).

Light refreshments will be served during the event and following the presentations will be a Wine & Canape Reception allowing you to personally interact with presenting CEOs.
 
While the event is FREE to attend, registrations are essential.

EARLY BIRD DOOR PRIZE: If you arrive by 5:15pm and register for the event – you qualify for the Special Door Prize of a HD James Bond Spy Pen Digital Video Camera & Recorder.

LUCKY DOOR PRIZES: All attendees instantly go into the draw to win 1 of 3 lucky door prizes drawn on the night of a $100 STA Travel Voucher or a $100 Ticketek Voucher.

FULL PRESENTER LIST

Ironbark Zinc (ASX:IBG) is focused on the world class Citronen Base Metals Project in Greenland, which hosts in excess of 13.1 billion pounds of zinc and lead. The project has attracted Glencore and a US$50m convertible note facility.

Gunson Resources' (ASX:GUN) assets include the Coburn Mineral Sands Project in Western Australia, with the company currently in advanced discussions with POSCO – the world’s fourth largest steel producer – to purchase a large minority interest in the project.

Alara Resources (ASX: AUQ) has interests in some highly prospective base metals projects in Saudi Arabia, Oman and Chile. The Khnaiguiyah Zinc Copper Project remains on track to deliver a DFS by July 2012, with a 70,000tpa zinc production target.

Trafford Resources (ASX: TRF) continues to advance the Wilcherry Hill Project in South Australia where the company is exploring for iron oxide, copper, gold and uranium (IOCGU) deposits with partner IronClad Mining. Trafford has the right to all the minerals mined except iron ore.

Ezeatm (ASX: EZA) has just secured an exclusive five Year Distribution Agreement for ATMs and ATM-related products, parts and software manufactured by NeoICP Korea, Inc. Ezeatm has forecast an annual EBITDA of $5,000,000. Cash balance at 31 March 2012 was $2,045,245.

Pioneer Resources (ASX: PIO) is a well-funded Kalgoorlie focused gold explorer with a proven discovery capacity. Pioneer owns over 800 square kilometres of gold tenements, with this footprint set to increase in the near term through pegging.

Paramount Mining (ASX:PCP) has acquired a controlling interest in the Gunung Rosa gold, silver and base metal mine project in West Java.  Helicopter-borne magnetic results and existing field mapping and sampling indicate the scope for the definition of additional resources of gold, silver and base metal mineralisation.


Prosperity Resources' (ASX: PSP) strategic focus is the recently acquired Pinang-Pinang gold-copper in Aceh, Indonesia.

 

Proactive Investors is a market leader in the investment news space, providing ASX “Small and Mid-cap” company news, research reports, StockTube videos and One2One Investor Forums.

]]>
Wed, 13 Jun 2012 08:37:00 +1000 http://www.proactiveinvestors.com.au/companies/news/156995/ironbark-zinc-to-discuss-strong-case-for-greenland-base-metal-project-at-one2one-forum-in-perth-29940.html
<![CDATA[News - Ironbark Zinc secures US$50m facility from Glencore to fund base metals deals ]]> http://www.proactiveinvestors.com.au/companies/news/156993/ironbark-zinc-secures-us50m-facility-from-glencore-to-fund-base-metals-deals-20741.html Ironbark Zinc (ASX:IBG) has secured a US$50 million convertible note funding facility and offtake facility with a Glencore International (LSE:GLEN) subsidiary that allows Ironbark to add to its considerable base metals assets when opportunities are available.

Ironbark is currently concluding a Feasibility Study for the Citronen project, a globally significant base metal project in Greenland.

The facility has been struck by Ironbark managing director Jonathon Downes at a level that provides for conversions to shares at a significant premium to Ironbark’s last traded share price of A$0.30.

The funding facility could see Ironbark expand to become a significant base metals house with this further backing from Glencore.

Following shareholder approval, Ironbark plans to use the funds to acquire assets, at either a project level or a company level, which are identified and agreed upon between Ironbark and Glencore, and for working capital.

Opportunities for acquisition may include assets or companies that have base metal assets in jurisdictions where Ironbark does not currently operate, which would provide Ironbark with diversification by operation, commodity and geography.

The company believes this type of diversification has the potential to deliver significant net benefits to Ironbark.

The timing of the facility is particularly favourable for the company, with global financial uncertainty resulting in growing opportunities for well-funded companies to expand through inorganic growth.
 
The majority of the Ironbark board believes that the ability to offer significant cash consideration to secure base metal project(s) is highly valuable in the present market.

The benefits of increased scale and project diversification as a result of successful acquisitions funded by the facility could also result in Ironbark’s cost of capital for future funding being improved.

The facility will be provided in two tranches of convertible notes with minimum drawdown amounts of $5 million.

Tranche 1 comprises $30 million which may be converted into Ironbark shares at the election of either Glencore or Ironbark at A$0.42 per share, and tranche 2 comprises US$20 million which may be converted into Ironbark shares at the election of Glencore at A$0.50 per share.

Ironbark and Glencore will also enter into an offtake agreement for 35% of the production of concentrates from Ironbark’s Citronen Project in Greenland. If any amount is drawn down pursuant to the facility then the offtake agreement will increase to 55%.

The deal will also allow Ironbark to further strengthen its board, with Glencore having the right to request the addition of three of its representatives to the board if any convertible notes are issued.

Hartleys is Ironbark’s corporate advisor for the facility.

]]>
Fri, 14 Oct 2011 10:11:00 +1100 http://www.proactiveinvestors.com.au/companies/news/156993/ironbark-zinc-secures-us50m-facility-from-glencore-to-fund-base-metals-deals-20741.html
<![CDATA[News - Ironbark Zinc confidence boost as fund manager L1 Capital increases stake again ]]> http://www.proactiveinvestors.com.au/companies/news/156991/ironbark-zinc-confidence-boost-as-fund-manager-l1-capital-increases-stake-again-15502.html Ironbark Zinc (ASX: IBG) operations have recently been receiving a major vote of confidence from substantial shareholder L1 Capital, as the specialist fund manager continues to increase its stake.

This week L1's interest in Ironbark jumped to 10.9%, from 9.5%.

The interest in Ironbark no doubt is due to the company's Citronen Zinc-Lead project located in the mining friendly European nation of Greenland.

The wholly owned Citronen base metal deposit in Northern Greenland currently hosts in excess of 10 billion pounds of zinc and lead.

The current JORC Resource for Citronen is; 55.8 million tonnes at 6.1% zinc plus lead.

Earlier in the year Ironbark concluded the resource estimate, process design and key project engineering aspects within the ongoing Feasibility Study for Citronen.

Final mine optimisation and financial modelling is currently being conducted.

The results to date confirm the relevance of the Citronen project as a large scale and long life mining operation that is situated within the stability of a first world Government regime.

 

]]>
Thu, 14 Apr 2011 13:07:00 +1000 http://www.proactiveinvestors.com.au/companies/news/156991/ironbark-zinc-confidence-boost-as-fund-manager-l1-capital-increases-stake-again-15502.html
<![CDATA[News - Ironbark Zinc in a trading halt pending a capital raising announcement ]]> http://www.proactiveinvestors.com.au/companies/news/156989/ironbark-zinc-in-a-trading-halt-pending-a-capital-raising-announcement-11698.html A trading halt request to the ASX by Ironbark Zinc (ASX: IBG) has been granted, pending a capital raising announcement from the company.

It is not yet known where the company will allocate the potential new inflow of funds, but last month Ironbark announced a stunning high grade intercept of; 16 metres at 20.8% zinc, in follow-up drilling at Citronen Fjord in Greenland.

Of major importance to this intercept, is that the majority of the flat-lying strata-bound mineralisation in the area has not been effectively explored, representing significant exploration opportunity, with the potential for a resource upgrade.

A revised resource for Citronen incorporating the +20,000m of diamond core drilling completed since November 2008 is expected in the December quarter of 2010.

Total diamond core drilling on the site up to October 2010 is over 62,000m.

 

]]>
Mon, 15 Nov 2010 09:50:00 +1100 http://www.proactiveinvestors.com.au/companies/news/156989/ironbark-zinc-in-a-trading-halt-pending-a-capital-raising-announcement-11698.html
<![CDATA[News - Ironbark Zinc responds to ASX price and volume query ]]> http://www.proactiveinvestors.com.au/companies/news/156987/ironbark-zinc-responds-to-asx-price-and-volume-query-11609.html With a price spike to $0.295 on Wednesday 10 November, from $0.255 on Tuesday 9 November, on substantially increased volume, the ASX has initiated a price and volume query to Ironbark Zinc (ASX: IBG).

The company said it is not aware of any information to explain recent trading in the stock.

Ironbark did state, 'The company continues with its ongoing promotional endeavours.

'To this end, the company is embarking on a series of Investor Roadshows.'

Ironbark said the presentation for the roadshows '... does not contain any information that is not otherwise publicly available.'

Last month Ironbark reported high grade results from the Citronen base metal deposit in Greenland including; 35m at 9.6% zinc+lead from 61 metres, including 21 metres at 14.4% zinc+lead , including 7 metres at 22.3% zinc+lead .

In September, a stunning high grade of; 16 metres at 20.8% zinc, was announced.

The wholly owned Citronen base metal deposit currently hosts in excess of 10 billion pounds of zinc and lead, with a current JORC compliant resource of; 55.8 million tonnes at 6.1% zinc + lead .

The presence on the Ironbark share register of Nystar, the world’s largest zinc refiner with a 31% stake is telling, and takes away significant financing and off take risk - increasing the probability that Citronen will be brought into production.

Ironbark shares have continued to rally in trade towards midday, with the stock up 14% to $0.325.

]]>
Thu, 11 Nov 2010 11:23:00 +1100 http://www.proactiveinvestors.com.au/companies/news/156987/ironbark-zinc-responds-to-asx-price-and-volume-query-11609.html
<![CDATA[News - Ironbark Zinc hits highest grade and highest contained zinc intercept at Citronen ]]> http://www.proactiveinvestors.com.au/companies/news/156985/ironbark-zinc-hits-highest-grade-and-highest-contained-zinc-intercept-at-citronen-10155.html Ironbark Zinc (ASX: IBG) has just unveiled a stunning high grade intercept from Hole 249 at Citronen Fjord in Greenland, so high that it represents the highest grade and highest contained zinc intercept of any drill hole drilled to date at Citronen. 

Results received for CF10_249 are 16 metres @ 20.8% zinc, within a broader intercept of 29.4 metres @ 13.4% zinc from 69.5 metres down hole and a narrower zone of 2m @ 20.7% zinc from 58.3 metres down hole.

The hole was from drilling outside quoted resource areas this season.  Interestingly, the drilling was conducted along a zone interpreted that could potentially link the major mineralisation at Discovery and Beach Zones.

Jonathan Downes, managing director of Ironbark said the true width of the intercept and its significance is "unknown at this stage." However, the drill hole is situated 550 metres to the north-west of the Discovery Zone resource.

Citronen currently hosts in excess of 10 billion pounds of zinc (Zn) and lead (Pb). The current JORC compliant resource for Citronen is 55.8 million tonnes at 6.1% zinc (Zn) + lead (Pb).  This includes a higher grade resource of including a higher grade resource of 22.6 million tonnes at 8.2% zinc (Zn) + lead (Pb).

The Citronen Zinc Project possesses one of the worlds largest undeveloped zinc resources.

The mineralisation starts from surface, is shallow, flat lying and adjacent to a deep water fjord that could conceivably provide near mine ship docking and loading potential.

]]>
Tue, 21 Sep 2010 05:09:00 +1000 http://www.proactiveinvestors.com.au/companies/news/156985/ironbark-zinc-hits-highest-grade-and-highest-contained-zinc-intercept-at-citronen-10155.html
<![CDATA[News - Ironbark Zinc hits more high grade zinc at Citronen ]]> http://www.proactiveinvestors.com.au/companies/news/156982/ironbark-zinc-hits-more-high-grade-zinc-at-citronen-8147.html Ironbark Zinc (ASX: IBG) has reported on further high grade drilling results received from the Citronen Base Metal Project in Greenland with hole CF10-215 including 5.4m at 12.3% zinc from 122m.

The holes represent extensional and infill holes. Drill results with assays exceeding 4% zinc include:

- CF10-212 4.5m at 4.4% zinc from 133m;
- CF10-214 14m at 5.7% zinc from 94.7m including 3m at 14.8% zinc from 102.7m; and
- CF10-215 10.5m at 8.0% zinc from 121.5m including 5.4m at 12.3% zinc from 122m.

Jonathan Downes, managing director, said additional drill results are awaited and drilling will remain ongoing 24 hours per day until the completion of the field season in September.

Engineering, design and development work is ongoing and on schedule towards completing the Feasibility Study.

Citronen currently hosts in excess of 10 billion pounds of zinc (Zn) and lead (Pb).

The current JORC compliant resource for Citronen (November 2008) is 55.8 million tonnes at 6.1% zinc (Zn) + lead (Pb). It has an Indicated resource of 29.9Mt @ 5.8% Zn and 0.6% Pb and Inferred resource of 25.9Mt @ 5.0% Zn and 0.7% Pb.

]]>
Thu, 24 Jun 2010 11:28:00 +1000 http://www.proactiveinvestors.com.au/companies/news/156982/ironbark-zinc-hits-more-high-grade-zinc-at-citronen-8147.html
<![CDATA[News - Ironbark Zinc's high grade zinc results to boost Citronen resource ]]> http://www.proactiveinvestors.com.au/companies/news/156981/ironbark-zincs-high-grade-zinc-results-to-boost-citronen-resource-7634.html Ironbark Zinc (ASX: IBG) has reported that first round drilling at its key Citronen Base Metal Project in Northern Greenland has been completed, with high grade zinc results received.

The company said several of the holes were designed to test the basement rock for foundation stability for plant, equipment and infrastructure and include the fuel storage area, concentrate storage dome, process plant and camp.

Best results from holes that targeted resource extension and infill drilling include CF10-211: 5m at 12.7% zinc from 132m and CF10-213: 7.5m @ 10.2% zinc from 130m including 1m @ 28.2% zinc from 135.9m.

Jonathan Downes, managing director, said these high grade results are expected to enhance the resource model.

The holes represent geotechnical, metallurgical, extensional and infill holes.

Ironbark said additional drill results are awaited and drilling will remain ongoing 24 hours per day until the completion of the field season in September.

Greenland provides a very supportive mineral development environment with a tax rate of 37% and no Government royalties.

In addition development expenditure and plant and equipment are deductable through depreciation at a rate of 30% on a declining balance basis.

Citronen currently hosts in excess of 10 billion pounds of zinc (Zn) and lead (Pb).

]]>
Thu, 03 Jun 2010 11:44:00 +1000 http://www.proactiveinvestors.com.au/companies/news/156981/ironbark-zincs-high-grade-zinc-results-to-boost-citronen-resource-7634.html
<![CDATA[News - Ironbark Zinc up on $15 million deal with Nyrstar ]]> http://www.proactiveinvestors.com.au/companies/news/156980/ironbark-zinc-up-on-15-million-deal-with-nyrstar-6119.html Ironbark Zinc (ASX: IBG) has rocketed on news it will issue Nyrstar International BV with 42,857,143 shares in Ironbark at 35 cents each to raise $15,000,000.

The funding will be used to complete the Definitive Feasibility Study for one of the world’s largest undeveloped zinc projects late this year.

Ironbark said the funding is sufficient to take it to major project financing stage.

The company aims to commence commercial production within the next 3 to 5 years.

The wholly owned Citronen base metal deposit in Northern Greenland currently hosts in excess of 10 billion pounds of zinc and lead. The current JORC compliant resource for Citronen is 55.8 million tonnes at 6.1% zinc (Zn) + lead (Pb).

]]>
Wed, 31 Mar 2010 08:47:00 +1100 http://www.proactiveinvestors.com.au/companies/news/156980/ironbark-zinc-up-on-15-million-deal-with-nyrstar-6119.html
<![CDATA[News - Ironbark Gold lands Nystar as major investor, to develop Citronen zinc project in Greenland ]]> http://www.proactiveinvestors.com.au/companies/news/156978/ironbark-gold-lands-nystar-as-major-investor-to-develop-citronen-zinc-project-in-greenland-2692.html World's largest zinc metal producer Nystar has inked a deal with Ironbark Gold (ASX: IBG) to acquire up to 19.9% of the company via a $6.6 million placement at 12.5 cents per share.

Ironbark's Citronen zinc-lead project in northern Greenland has an indicated resource of 29.9Mt @ 5.8% zinc and 0.6% lead and an inferred resource of 25.9Mt @ 5.0% zinc and 0.7% lead.

Jonathan Downes managing director of Ironbark believes Citronen to be one of the world's largest undeveloped zinc resources.

As part of the acquisition agreement, Ironbark has also granted Nyrstar a life of mine off-take agreement, in relation to Ironbark's 35% of the production of the Citronen zinc-lead deposit once commercial production commences. 

Nyrstar believes this could be achieved in the next 3 to 5 years, depending on market conditions.

The placement to Nystar will occur in two tranches, the second in November 2009 will require shareholder approval.

The proximity of the project to supply European smelters would also be favourable to development of the project as would Citronen's positioning on the zinc cost curve, factors not likely to be lost on Nystar.

Nystar was formed on 31 August 2007 through a merger between the zinc alloys operations of the Belgian company Umicore and the zinc and lead smelting operations of the Australian zinc miner Zinifex. It is the world's largest producer of zinc and listed on the Euronext Brussels stock exchange. 

]]>
Tue, 29 Sep 2009 08:39:00 +1000 http://www.proactiveinvestors.com.au/companies/news/156978/ironbark-gold-lands-nystar-as-major-investor-to-develop-citronen-zinc-project-in-greenland-2692.html
<![CDATA[News - Ironbark Gold's Pre-Feasibility study to increase zinc resources ]]> http://www.proactiveinvestors.com.au/companies/news/156977/ironbark-golds-pre-feasibility-study-to-increase-zinc-resources-0277.html Ironbark Gold Limited is an ASX listed emerging zinc producer with its major asset a 100 per cent owned zinc deposit in northern Greenland – a self governed territory of Denmark.


Ironbark’s Citronen Zinc deposit – one of the world’s largest undeveloped high grade zinc resources – was owned by the Government of Greenland.  Ironbark managed to acquire it for A$6m in cash, 16 million options at A$1.50, eight million shares in Ironbark and a net smelter royalty of 2.5 per cent.
Greenland is looking to minerals development to support independence.  JORC Compliant and Canadian Standard NI 43101 Resource for Citronen is 72.5m tonnes at 4.2 per cent zinc.


The global mining giant, Glencore International AG acquired a 19.8 per cent stake in Ironbark at prices from A$0.71 per share up to A$1.25 per share (share split adjusted).


Comment by Andrew McCrea (AFSL: 288191)


Ironbark Gold’s name belies its future claim to fame. 

Herein is an opportunity for the canny long-term investor.   Ironbark’s share price has been beaten down due to: the market meltdown, investor confusion about Greenland and the forecast zinc market oversupply in 2009-2010.

   
In terms of current market valuation of Ironbark versus  zinc tonnage in the ground (and access to infrastructure, quality of deposit (one of largest zinc deposits in the world) and likely capital costs of the mine – Ironbark looks very cheap at A$0.20 per share.  Less than a year ago, it traded at A$1.27.

Glencore’s 19.8 per cent major shareholding adds further spice.  Ironbark ranks as one of the cheapest of emerging zinc producers and producers on Enterprise Value/Zinc tonnage – a US$8billion resource.


For an emerging significant zinc producer, life doesn’t get much better.  Consider this:  Ironbark’s Citronen Zinc Project is large scale, low sovereign risk, long mine life, high profit margin, close to deep water fjords, with further significant increases in resource size and likely to come on-stream after current zinc oversupply dries up.   Currently, at Pre Feasibility study stage, annual zinc revenues may be as high as A$450m.  Cash in the bank is healthy at A$10m.


The management of Ironbark we consider to be top rate.

Apart from adding value by developing the Citronen Zinc Project, Ironbark has also “spun-out” FOUR listed ASX companies (maintaining holdings) that will create even more value for Ironbark shareholders.  One of these companies – ASX listed Wolf Minerals Limited (ASX:WLF)  (13% owned by Ironbark) has a world class tungsten and tin resource in Devon, United Kingdom.


Ironbark is also listed on OTCQX – liquidity is tight.  We believe Ironbark’s Pre Feasibility study (due in late 2008) will show compelling development potential.  We would not rule out a listing on TSX as it progresses into 2009.


Ironbark is evolving its Citronen Zinc Project.  While early days, the global zinc oversupply is likely to have evaporated by production time-table of 2010/11.  Handily rewarding - the canny patient investor – who soaks up Ironbark shares at current low cycle valuation prices.

 

Vital Statistics


ASX Code: IBG  OTCQX: IRBGY
Share Price: A$0.20 (26 September 2008)
52 Week Range: A$0.20 – A$1.27
Market Capitalisation:  A$42.8m
Shares Outstanding: 214m
Options unlisted: 91.5m (at A0.20 – A$1.60 strike)
Ave. Daily Turnover:  Low
Cash on hand: A$10.4 (June 30)
 

 

 

 

Disclaimer


This document is intended solely for the information of the particular person to whom it was provided by Proactive Investors Australia Pty Ltd and should not be relied upon by any other person. Although we believe that the advice and information which this document contains is accurate and reliable, Proactive Investors Australia Pty Ltd Limited has not independently verified information contained in this document which is derived from publicly available sources, directors and proposed directors and management. Proactive Investors Australia Pty Ltd assumes no responsibility for updating any advice, views, opinions, or recommendations contained in this document or for correcting any error or omission which may become apparent after the document has been issued. Proactive Investors Australia Pty Ltd Limited does not give any warranty as to the accuracy, reliability or completeness of advice or information which is contained in this document. Except insofar as liability under any statute cannot be excluded, Proactive Investors Australia Pty Ltd Limited and its directors, employees and consultants do not accept any liability (whether arising in contract, in tort or negligence or otherwise) for any error or omission in this document or for any resulting loss or damage (whether direct, indirect, consequential or otherwise) suffered by the recipient of this document or any other person.


This document has not been written for the specific needs of any particular person and it is not possible to take into account each investor’s individual circumstances and that investors should make their adviser aware of their particular needs before acting on any information or recommendation. Proactive Investors Australia Pty Ltd Limited, its employees, consultants and its associates within the meaning of Chapter 7 of the Corporations Law may receive commissions, underwriting and management fees, calculated at normal client rates, from transactions involving securities referred to in this document and may hold interests in the securities referred to in this document from time to time.
Disclosure of Interest


Proactive Investors Australia Pty Ltd and its associates may have owned shares in the above company as at the date of the report. This position is subject to change without notice.

]]>
Fri, 26 Sep 2008 00:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/156977/ironbark-golds-pre-feasibility-study-to-increase-zinc-resources-0277.html