Proactiveinvestors Australia Ironbark Zinc Ltd https://www.proactiveinvestors.com.au Proactiveinvestors Australia Ironbark Zinc Ltd RSS feed en Thu, 20 Dec 2018 03:18:39 +1100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Ironbark Zinc expands Citronen project area in Greenland ]]> https://www.proactiveinvestors.com.au/companies/news/210921/ironbark-zinc-expands-citronen-project-area-in-greenland-210921.html Ironbark Zinc Ltd (ASX:IBG) has applied for new licences to expand its Citronen project area in Greenland.

Citronen expanded licence application

The Citronen Zinc Project currently remains open-ended at depth, laterally and also on strike to the northwest.

Mineralised outcropping gossans identified in the far North West (The Western Gossans) occur over an extensive region overlying the interpreted source fault that follows the trend of the licence.

This new licence application covers the identified areas that are considered prospective and the trend of the Western Gossans.

READ: Ironbark Zinc to fund Citronen Zinc Project development with $2 million placement

The open-ended nature of the resource at Citronen and the exploration target of 302- 347 million tonnes at 4.4-5.0% zinc + lead presents a promising opportunity for Ironbark.

Ironbark now controls the district which places the company in a very strong position as it moves to determine the scale of the project in the future.

READ: Ironbark Zinc and Glencore subsidiary begin exploration at Captains Flat base metals project

The company recently commenced exploration at the Captains Flat base metals project in New South Wales.

This project is being financed jointly by Ironbark and New South Wales Base Metals (NSW BM – a subsidiary of Glencore) on a 50:50 basis.

Importantly, an airborne HeliSAM electromagnetic survey has already commenced, providing the first large-scale modern geophysical survey over the Captains Flat project area.

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Tue, 11 Dec 2018 15:45:00 +1100 https://www.proactiveinvestors.com.au/companies/news/210921/ironbark-zinc-expands-citronen-project-area-in-greenland-210921.html
<![CDATA[News - Ironbark Zinc and Glencore subsidiary begin exploration at Captains Flat base metals project ]]> https://www.proactiveinvestors.com.au/companies/news/210624/ironbark-zinc-and-glencore-subsidiary-begin-exploration-at-captains-flat-base-metals-project-210624.html Ironbark Zinc Ltd (ASX:IBG) has commenced exploration at the Captains Flat base metals project in New South Wales.

A HeliSAM electromagnetic (EM) survey has commenced over the proven large-scale Jerangle Prospect at Captains Flat.

This work has been financed in advance jointly by Ironbark and New South Wales Base Metals (NSW BM – a subsidiary of Glencore) on a 50:50 basis (which is the same as the ownership).

Importantly, this program will provide the first large-scale modern geophysical survey over the Captains Flat project area.

READ: Ironbark Zinc to fund Citronen Zinc Project development with $2 million placement

It is worth noting that historical drilling has returned high-grade copper and zinc drill intercepts over numerous prospects at Captains Flat.

Drilling by Ironbark also returned high-grade base metal results that warrant follow-up. Some of the identified targets that warrant follow up include:

Jerangle

The Jerangle Prospect is at the southern end of the project area and drilling over a strike length of 1.5 kilometres has returned drill intercepts assaying up to 5.25% copper.

Recent drilling has returned results including 4.4 metres at 12.05% zinc and 5 metres at 4.6% zinc+lead, 0.13% copper and 4.2 g/t silver.

Lake George Mine

The high-grade Lake George Mine produced about 4 million tonnes of ore at 10% zinc, 6% lead, 0.7% copper, 1.8 g/t gold and 55 g/t silver and remains prospective for remnant ore at current base metal prices.

Mineralisation is open at depth and may represent possible repeats of the historically mined areas.

Vanderbilt Hill

The Vanderbilt Hill prospect is situated east of the Lake George Mine and drilling has returned results such as 3.9 metres at 10% zinc, 5.3% lead.

The prospect is considered to be highly prospective with open ended historical high-grade drill results yet to be followed up.

Anembo Prospect

The Anembo Prospect is 12 kilometres north of the Jerangle prospect. Historical drilling returned 3 metres at 6.9% zinc, 5.5% lead, 21 g/t silver and 2 g/t gold which has not been followed up.

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Thu, 06 Dec 2018 13:54:00 +1100 https://www.proactiveinvestors.com.au/companies/news/210624/ironbark-zinc-and-glencore-subsidiary-begin-exploration-at-captains-flat-base-metals-project-210624.html
<![CDATA[News - Ironbark Zinc substantial holder increases interest by more than 14 million shares ]]> https://www.proactiveinvestors.com.au/companies/news/210264/ironbark-zinc-substantial-holder-increases-interest-by-more-than-14-million-shares-210264.html Ironbark Zinc Limited (ASX:IBG) substantial shareholder Danny Segman has increased his stake in Ironbark by 14.1 million fully paid ordinary shares.

Segman’s total holding now amounts to 71.1 million shares, representing a 10.02% stake in the company.

Shares were gained by two proprietary limited companies of which Segman is a common director, the larger holder of the two being Toronga Pty Ltd.

 

READ: Ironbark Zinc to fund Citronen Zinc Project development with $2 million placement

Ironbark’s September 2017 feasibility study for its Citronen Zinc Project targeted a 14-year mine life where 180,000 tonnes a year of zinc and 25,000 tonnes per annum lead would be produced for the first five years.

The deposit has a mineral resource estimate of 70 million tonnes grading at 5.1% zinc and 0.5% lead.

The company’s resource is large and could see it become one of the top five zinc producers in the world.

The largest smelting house in the world, Switzerland-based Nyrstar NV (OTCMKTS:NYRSF), is Ironbark’s largest shareholder, and is joined on the register by the world’s largest zinc miner and marketer Glencore PLC (LON:GLEN).

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Thu, 29 Nov 2018 20:54:00 +1100 https://www.proactiveinvestors.com.au/companies/news/210264/ironbark-zinc-substantial-holder-increases-interest-by-more-than-14-million-shares-210264.html
<![CDATA[News - Ironbark Zinc to fund Citronen Zinc Project development with $2 million placement ]]> https://www.proactiveinvestors.com.au/companies/news/209640/ironbark-zinc-to-fund-citronen-zinc-project-development-with-2-million-placement-209640.html Ironbark Zinc Limited (ASX:IBG) has completed a book build for a placement of more than 71.4 million shares to institutional and sophisticated professional investors.

The placement will raise up to $2 million at an issue price of 2.8 cents a share.

Funds raised in the placement will be primarily used to advance financing and development of Ironbark’s Citronen Zinc Project in Greenland, as well as for general working capital.

Australia-based financial services firms Patersons Securities Ltd and Petra Capital Pty Ltd acted as joint lead managers to the placement.

 

Ironbark managing director Jonathan Downes said the company was delighted with the support received for the placement.

He said: “The project represents one of the largest global zinc resources and remains open to further mineralisation in almost every direction.

“The project is permitted for production and supported by a feasibility study and we are making solid progress as the company progresses towards financing.

“The development of Citronen coincides with critically-low levels of zinc stocks available for purchase in warehouses and a strong zinc price.”

READ: Ironbark Zinc signs Citronen MoU for Metso services-and-equipment agreement

Ironbark’s September 2017 feasibility study for Citronen targeted a 14-year mine life where 180,000 tonnes a year of zinc and 25,000 tonnes per annum lead would be produced for the first five years.

The deposit has a mineral resource estimate of 70 million tonnes grading at 5.1% zinc and 0.5% lead.

The company’s resource is large and could see it become one of the top five zinc producers in the world.

The largest smelting house in the world, Switzerland-based Nyrstar NV (OTCMKTS:NYRSF), is Ironbark’s largest shareholder, and is joined on the register by the world’s largest zinc miner and marketer Glencore PLC (LON:GLEN).

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Wed, 21 Nov 2018 00:23:00 +1100 https://www.proactiveinvestors.com.au/companies/news/209640/ironbark-zinc-to-fund-citronen-zinc-project-development-with-2-million-placement-209640.html
<![CDATA[News - Ironbark Zinc granted trading halt with capital raising news pending ]]> https://www.proactiveinvestors.com.au/companies/news/209412/ironbark-zinc-granted-trading-halt-with-capital-raising-news-pending-209412.html Ironbark Zinc Limited (ASX:IBG) has capital raising news pending and has been granted a trading halt by the ASX.

The halt will remain in place until the start of normal trading on Wednesday, November 21, or when an announcement is released to the market, whichever occurs earliest.

Ironbark Zinc’s shares closed at 3.5 cents last Friday.

READ: Ironbark Zinc signs Citronen MOU for Metso services-and-equipment agreement

The company recently signed an MOU with Metso Oyj (HEL:METSO) (FRA:VLM) (OTCMKTS:MXCYY) to reach a commercial services and equipment agreement for its flagship Citronen Zinc-Lead Project in Greenland.

Platform for commercial agreement

This MOU with Metso Sweden AB provides the parties with a negotiating platform for a commercial agreement for the project.

It also allows Metso to start on engineering tasks before processing equipment specifications are fully complete.

Ironbark stated: “The completion of the design works, and manufacture of the key process equipment is contingent upon the parties entering into a commercially binding agreement to design, manufacture and supply the Citronen processing plant.”

READ: Ironbark Zinc retains speculative buy rating from Patersons

A commercial agreement would take in:

- The scope of Metso’s supply of services and equipment; - The price for Metso’s supply of services and equipment and payment terms, including a lump sum cost for remaining engineering works and project management scope; - Delivery terms; - Process guarantee provision; - Metso compliance with Greenlandic Government requirements and guidelines. Positive feasibility study

Ironbark’s September 2017 feasibility study for Citronen targeted a 14-year mine life where 180,000 tonnes of zinc and 25,000 tonnes of lead would be produced each year for the first five years.

The study outlined a net present value (NPV) of US$1.034 billion (US$909 million post-tax) and an internal rate of return (IRR) of 36% (35% post-tax).

Citronen’s mining inventory consists of 45 million tonnes at 5.3% zinc and 0.5% lead found in a 70 million tonne resource grading 5.1% zinc and 0.5% lead.

Ironbark has previously expressed its hope of attracting equipment suppliers to reduce the US$514 million capital cost of building its mine by 30% or US$150 million.

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Mon, 19 Nov 2018 12:23:00 +1100 https://www.proactiveinvestors.com.au/companies/news/209412/ironbark-zinc-granted-trading-halt-with-capital-raising-news-pending-209412.html
<![CDATA[News - Ironbark Zinc signs Citronen MOU for Metso services-and-equipment agreement ]]> https://www.proactiveinvestors.com.au/companies/news/207987/ironbark-zinc-signs-citronen-mou-for-metso-services-and-equipment-agreement-207987.html Ironbark Zinc Limited (ASX:IBG) has signed a memorandum of understanding (MOU) with Metso Oyj (HEL:METSO) (FRA:VLM) (OTCMKTS:MXCYY) to reach a commercial services-and-equipment agreement.

The Australian company’s memo with Metso Sweden AB provides the parties with a negotiating platform for a commercial agreement for Ironbark’s flagship Citronen Zinc-Lead Project in Greenland.

READ: Greenland Government highlights value of open frontier at Greenland Day Perth

The MOU also allows Helsinki and Frankfurt-listed Metso to start on engineering tasks before processing equipment specifications are fully complete.

Ironbark reported today: “The completion of the design works, and manufacture of the key process equipment is contingent upon the parties entering into a commercially binding agreement to design, manufacture and supply the Citronen processing plant.”

 

READ: Ironbark Zinc retains speculative buy rating from Patersons

Ironbark managing director Jonathan Downes said: “We are delighted to have moved towards building on our long-running relationship with Metso and the Citronen zinc project.

“Metso is exceptionally well regarded internationally and has direct experience with projects with very similar commodities, grades and scales to Citronen.

“Metso is also located in Scandinavia and therefore is well positioned to comply and assist with the training and employment obligations that Ironbark is operating under in Greenland.”

The commercial agreement will take in:

the scope of Metso’s supply of services and equipment;

the price for Metso’s supply of services and equipment and payment terms, including a lump sum cost for remaining engineering works and project management scope;

delivery terms;

process guarantee provision;

Metso compliance with Greenlandic Government requirements and guidelines.

Feasibility study specifics

Ironbark’s September 2017 feasibility study for Citronen targeted a 14-year mine life where 180,000 tonnes zinc and 25,000 tonnes of lead would be produced each year for the first five years.

The study sharpened up project economics to put its net present value (NPV) at US$1.034 billion (US$909 million post-tax) and its internal rate of return (IRR) at 36% (35% post-tax).

FEASIBILITY STUDY: Ironbark Zinc reveals robust economics for Citronen as zinc prices rise

The study’s US$514 million capital cost estimated averages out to US66 cents for each pound of zinc produced from Ironbark’s mining inventory.

Ironbark’s inventory consists of 45 million tonnes grading 5.3% zinc and 0.5% lead is found in a 70 million tonne mining resource grading 5.1% zinc and 0.5 lead.

The treasured semiconductor germanium has been found at the site but knowledge of the element’s presence is still emerging and was not included in the resource.

The JORC 2012-compliant resource for Citronen's zinc and lead assets

Ironbark has previously expressed its hope of attracting equipment suppliers to reduce the US$514 million capital cost of building its big zinc mine by 30% or US$150 million.

Subiaco company Ironbark inked a mining services MOU with Byrnecut Offshore Pty Ltd, early on in August 2018, which Downes had said provided Ironbark with “bolt-on” underground expertise for the shallow underground mine.

READ: Ironbark Zinc crosses a major milestone by proving shipping access to its project in Greenland​

The company has been courting suppliers — and bankers and financiers with the help of UK-based major project finance facilitators from Cutfield Freeman & Co Ltd — this field season in Greenland and Europe.

Today the Western Australian company reported talks with potential suppliers were progressing.

The company said: “Ironbark is also in discussions with other highly-regarded groups regarding the supply of all components of the Citronen facility.

“These companies have the potential to significantly assist with the overall project financing.”

World-leading industrial company Metso has worked with Ironbark for several years, making a significant contribution to the company’s feasibility study with its work on a process flow sheet for Citronen.

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Mon, 29 Oct 2018 00:40:00 +1100 https://www.proactiveinvestors.com.au/companies/news/207987/ironbark-zinc-signs-citronen-mou-for-metso-services-and-equipment-agreement-207987.html
<![CDATA[News - Ironbark Zinc ready to continue discussions with Glencore International ]]> https://www.proactiveinvestors.com.au/companies/news/207249/ironbark-zinc-ready-to-continue-discussions-with-glencore-international-207249.html Ironbark Zinc Ltd (ASX:IBG) has provided further disclosure regarding the resignation of David Kelly, a Glencore International AG nominee, as a director of the company.

Concurrent with the notification of Kelly’s resignation announced on October 8 2018, Ironbark received a request from Glencore to appoint a replacement nominee director.

READ: Ironbark Zinc retains speculative buy rating from Patersons

The board of Ironbark have decided not to appoint a replacement Glencore nominee director and have informed Glencore of that decision.

Glencore has provided a further notice to Ironbark that it:
• considers it has a contractual right to appoint a nominee director to the Ironbark board;
• requests the immediate reinstatement of a nominee director; and
• reserves its rights in relation to the matter.

Ironbark disagrees that Glencore has a contractual right to an ongoing board position.

At this stage Ironbark rejects the appointment of a nominee Glencore director but remains open to discussions with Glencore regarding Glencore’s future support of and involvement with the company.

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Wed, 17 Oct 2018 17:09:00 +1100 https://www.proactiveinvestors.com.au/companies/news/207249/ironbark-zinc-ready-to-continue-discussions-with-glencore-international-207249.html
<![CDATA[News - Ironbark Zinc retains speculative buy rating from Patersons ]]> https://www.proactiveinvestors.com.au/companies/news/206534/ironbark-zinc-retains-speculative-buy-rating-from-patersons-206534.html Ironbark Zinc Limited’s (ASX:IBG) Citronen Zinc project in Greenland has the potential to be a globally significant zinc project with substantial exploration upside, according to Perth-based broker Patersons.

Patersons has retained its Speculative Buy rating for Ironbark with a 12-month target price of $0.14 per share. The following is an extract from Patersons’ research note:

Globally significant zinc project

The Citronen project is a globally significant zinc project with a contemplated 14-year mine life and peak production rate of about 200,000 tonnes per annum (tpa) of zinc metal.

Based on our price forecasts, we estimate the project generates an average of >US$100 million per annum in free-cash generation over 10 years with a payback period of about 4.5 years.

READ: Ironbark Zinc crosses a major milestone by proving shipping access to its project in Greenland

In addition, the deposit has exploration upside.

Ironbark has published an exploration target of 302-347 million tonnes (mt) at 4.4-5% zinc over the 11 kilometres of strike of known mineralisation which suggests a potential mine life of over 100 years is possible at contemplated production rates (about 3.3 mtpa).

The exploration target exceeds the last published mineral resource of 70.8 mt at 5.7% zinc+lead.

  Funding the key to unlocking value

We see funding as the key for Ironbark to unlock value from the Citronen Zinc project.

Upfront capital costs are estimated at US$514 million. We have assumed a highly dilutive 30% equity raise at the current share price with 70% funded via debt.

In reality, Ironbark may look to sell down part of its equity in the project to a partner and receive assistance to raise the remainder with debt.

In addition, Ironbark is targeting supplier financing for key items such as the mining fleet (recently entered in an agreement with Byrnecut Mining), the processing plant, power station, ship loader and fuel farm.

Site visit update

We recently visited IBG’s Citronen Zinc project located in northern Greenland. Our key takeaways are:
• Financing is the key to unlocking the projects value;
• the project has significant scale;
• initial site works are underway;
• sheltered fjord and shipping pathway is available; and
• there is potential for cost savings opportunities/capital cost savings.

Initial site works underway

Whilst at site we visited the proposed portal location which has been marked out.

Proposed Portal into the “Beach Zone”

Assuming financing this should allow construction to commence in mid-2019 which would allow first production to commence in late 2020/early 2021 (given the 18-24 month construction time).

Valuation: $0.14 per share

We have decreased our valuation to $0.14 per share (from $0.26 per share) based on our revised zinc price forecasts and incorporating the lower Ironbark share price.

We feel the decrease in the zinc price is overdone and should return to about US$1.25 per share long term to encourage further supply.

Concluding further vendor financing transaction and entering into a strategic partnership could result in an upward re-valuation.

Ironbark Zinc will be among a number of Australian companies to join the Government of Greenland at the free walk-in event Greenland Day Perth on Wednesday, October 23 at the University of Western Australia’s University Club in Crawley. To view a program, click here. To RSVP or request a one-to-one meeting with a government official, email Dr Anna Vass at anva@nanoq.gl.

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Mon, 08 Oct 2018 13:06:00 +1100 https://www.proactiveinvestors.com.au/companies/news/206534/ironbark-zinc-retains-speculative-buy-rating-from-patersons-206534.html
<![CDATA[News - Ironbark Zinc substantial shareholder lifts stake to 8.93% ]]> https://www.proactiveinvestors.com.au/companies/news/205085/ironbark-zinc-substantial-shareholder-lifts-stake-to-893-205085.html Ironbark Zinc Limited (ASX:IBG) has had one of its major shareholders increase its stake through a series of trades.

The shareholding, which now totals 57 million shares is held across two private companies, Toronga Pty Ltd and Dulyne Pty Ltd.

The two private companies have lifted their combined stake to 8.93% from the previous interest of 7.83%.

READ: Ironbark Zinc crosses a major milestone by proving shipping access to its project in Greenland

Ironbark recently achieved a significant milestone by proving shipping access to its Citronen base metal project in Greenland, hosting one of the world’s largest zinc deposits.

The Nunavik, a 189-metre long Polar Class Cargo ship has marked the first time a large commercial ship has travelled so far north on the eastern coast of Greenland.

READ: Ironbark Zinc completes site visits at Greenland zinc project, begins portal work

The Citronen project has some unique characteristics that are likely to make this one of the most environmentally friendly and sustainable global operations.

Ironbark plans to draw on these advantages to deliver the cleanest zinc mine in the world.

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Tue, 18 Sep 2018 15:55:00 +1000 https://www.proactiveinvestors.com.au/companies/news/205085/ironbark-zinc-substantial-shareholder-lifts-stake-to-893-205085.html
<![CDATA[Media files - Ironbark Zinc demonstrates 'proof of concept that derisks the project in a very big way' ]]> https://www.proactiveinvestors.com.au/companies/stocktube/10309/ironbark-zinc-demonstrates-proof-of-concept-that-derisks-the-project-in-a-very-big-way--10309.html Mon, 03 Sep 2018 16:44:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/10309/ironbark-zinc-demonstrates-proof-of-concept-that-derisks-the-project-in-a-very-big-way--10309.html <![CDATA[News - Ironbark Zinc crosses a major milestone by proving shipping access to its project in Greenland ]]> https://www.proactiveinvestors.com.au/companies/news/203838/ironbark-zinc-crosses-a-major-milestone-by-proving-shipping-access-to-its-project-in-greenland-203838.html Ironbark Zinc Limited (ASX:IBG) has achieved a significant milestone by proving shipping access to the Citronen base metal project in Greenland, hosting one of the world’s largest zinc deposits.

The Nunavik, a 189-metre long Polar Class Cargo ship has marked the first time a large commercial ship has travelled so far north on the eastern coast of Greenland.

Preliminary shipping route

The vessel took advantage of late summer ice conditions and open water leads to prove viable access to the project site.

Ironbark chartered the icebreaking Nunavik to transit the area as part of the overall proof of logistical plan for Citronen, which will be a largely conventional mine with the exception of its location.

Junction of the main Fjord, Frederik Hyde Fjord and the open ocean - taken from an aircraft servicing the Citronen project

Ironbark managing director Jonathan Downes said: “The relative ease with which the vessel was able to negotiate the ice conditions, even this late in the season, has given a huge boost to our level of confidence in the practicality of operating this world class base metal project in a safe and environmentally responsible manner.

“The proposed mine would be a significant global producer of zinc metal and, while the mine would be conventional in almost every way, its location has previously been perceived to be a point of difference and as a challenge. We are delighted to achieve this significant milestone.”

READ: Ironbark Zinc completes site visits at Greenland zinc project, begins portal work

The Citronen project has some unique characteristics that are likely to make this one of the most environmentally friendly and sustainable global operations.

Ironbark plans to draw on these advantages to deliver the cleanest zinc mine in the world.

The company has already broken first ground on-site and has started preliminary site works for portal preparation at the decline.

Equipment on site has been serviced and is now prepared for large-scale early works beginning next year.

READ: Ironbark Zinc examines feasibility of extracting germanium at Citronen Zinc-Lead Project ]]>
Thu, 30 Aug 2018 12:47:00 +1000 https://www.proactiveinvestors.com.au/companies/news/203838/ironbark-zinc-crosses-a-major-milestone-by-proving-shipping-access-to-its-project-in-greenland-203838.html
<![CDATA[News - Ironbark Zinc completes site visits at Greenland zinc project, begins portal work ]]> https://www.proactiveinvestors.com.au/companies/news/203655/ironbark-zinc-completes-site-visits-at-greenland-zinc-project-begins-portal-work-203655.html Ironbark Zinc Ltd (ASX:IBG) has concluded a series of site visits to its Citronen Zinc-Lead Project in Greenland.

Groups invited to the site included potential investors, private equity groups, bankers, equipment suppliers and mining operators.

The company said it was pleased with the calibre of groups represented and the interest that was expressed in financing discussions.

 

The company has also broken first ground on-site and has started preliminary site works for portal preparation at the decline.

Equipment on site has been serviced and is now prepared for large-scale early works beginning next year.

READ: Ironbark Zinc examines feasibility of extracting germanium at Citronen Zinc-Lead Project

Inspections comprised of an appraisal of drill core selected from the site’s library as well as viewing areas of outcropping mineralisation that occur over a 2-kilometre strike length.

One of the Ironbark’s key aims for visits was to impress upon investors the open-ended nature of the mineralisation and the exploration target of 302-347 million tonnes at 4.4-5% zinc-lead.

Visitors were also shown the proposed decline area, tailings dam and various other infrastructure plans.

Portal location against the outcropping rock dome

  READ: Ironbark Zinc courts build-to-operate partners for Citronen mine as field operations begin

Ironbark’s September 2017 feasibility study for Citronen targeted a 14-year mine life where 180,000 tonnes a year of zinc and 25,000 tonnes per annum lead would be produced for the first five years.

The deposit has a mineral resource estimate of 70 million tonnes grading at 5.1% zinc and 0.5% lead.

The company’s resource is large and could see it become one of the top five zinc producers in the world.

Ironbark is also awaiting testing results for the treasured semiconductor of germanium but this element is not factored into the company’s resource.

The largest smelting house in the world, Switzerland-based Nyrstar NV (EPA:NYR) (FRA:3NY1) (OTCMKTS:NYRSY), is Ironbark’s largest shareholder, and is joined on the register by the world’s largest zinc miner and marketer Glencore PLC (LON:GLEN) (JSE:GLN) (OTCMKTS:GLNCY).

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Mon, 27 Aug 2018 23:57:00 +1000 https://www.proactiveinvestors.com.au/companies/news/203655/ironbark-zinc-completes-site-visits-at-greenland-zinc-project-begins-portal-work-203655.html
<![CDATA[News - Ironbark Zinc examines feasibility of extracting germanium at Citronen Zinc-Lead Project ]]> https://www.proactiveinvestors.com.au/companies/news/203187/ironbark-zinc-examines-feasibility-of-extracting-germanium-at-citronen-zinc-lead-project-203187.html Ironbark Zinc Limited (ASX:IBG) plans further test work to determine the feasibility of extracting the treasured semiconductor germanium from within the ore body at the Citronen Zinc-Lead Project in Greenland.

While a Scanning Electron Microscope (SEM) report has not definitively proved the recoverability or payability of germanium, it shows that the tech metal is present in lead minerals.

The report indicates germanium is likely to report to the planned lead concentrate where it is likely to be concentrated.

READ: Ironbark Zinc courts build-to-operate partners for Citronen mine as field operations begin

Ironbark is assessing whether germanium can build value on the base metal project which hosts in excess of 13.1 billion pounds of zinc and lead.

SEM test work was commissioned to answer ongoing questions regarding the occurrence and nature of any potential germanium credits.

This work was unable to get a satisfactory explanation to explain ongoing assay discrepancies and poor repeatability from several laboratories.

 

In the current flow sheet, Ironbark produces a pyrite pre-float which is planned to be sent to the tailings.

The SEM report indicates that germanium is associated with the pyrite and that the germanium grades might potentially be payable.

READ: Ironbark Zinc enters mining services agreement for Citronen project in Greenland

Germanium is attracting interest owing to its increasing use in technology with the silicon germanium materials and devices market projected to grow to around $5.045 billion by 2021, at a CAGR of 13.7%.

This growth is attributed to the increasing requirement for huge data transfer, high applicability in wireless communication systems and rising demand from the automotive sector for sophisticated sensors and radar systems.

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Mon, 20 Aug 2018 14:34:00 +1000 https://www.proactiveinvestors.com.au/companies/news/203187/ironbark-zinc-examines-feasibility-of-extracting-germanium-at-citronen-zinc-lead-project-203187.html
<![CDATA[News - Ironbark Zinc courts build-to-operate partners for Citronen mine as field operations begin ]]> https://www.proactiveinvestors.com.au/companies/news/202544/ironbark-zinc-courts-build-to-operate-partners-for-citronen-mine-as-field-operations-begin-202544.html Ironbark Zinc Limited (ASX:IBG) has started its latest field season in Greenland with a firm focus on pursuing financing options to build the massive Citronen zinc mine in association with investors and partners.

The company is seeking to reduce the capital expenditure costs of its wholly-owned project with strategic deals such as the recent mining services agreement it unveiled with Byrnecut Offshore Pty Ltd last Friday.

Ironbark Zinc managing director Jonathan Downes told Proactive Investors the company’s approach was to progressively knock off items from the US$514 million capital cost of the Citronen project.

 

“What we’re hoping to do is get some of the providers of certain services to see if they could assist us with the financing.

“For example, it’s unusual for a small mining company to have the entire mining fleet on its own balance sheet, normally they’d have a contract miner in; it’s usual that we would own our own power station; it’s unusual we would have our own ship loader.

READ: Ironbark Zinc enters mining services agreement for Citronen project in Greenland

“So what we’re trying to do now is attract equipment suppliers of these items, to see if they could be bought in under a financing agreement.

“That has the potential to take about $150 million off our capital expenditure costs and would be a big step in terms of the overall financing and there is potential, given we own 100% of this and it’s such a large project that a partner would help resolve the balance of the capital as well.”

The company’s strategy is to convert capital costs into build-to-operate agreements that could reduce costs and lift the internal rate of return for the project.

A previous estimate that converted US$245 million of the capital cost in build-to-operate deals estimated the internal rate of return for the project would go up from the feasibility study estimate of 23% to 36%.

The planned portal location at Citronen Fjord.

Financiers take a look

Ironbark will be showing around potential financiers, especially from Europe, during the field season underway this month.

Downe said: “We’re running numerous site tours now for potential financiers, bankers, industry groups to private equity groups.”

READ: Ironbark zinc set to begin site activities at Citronen Zinc Project in Greenland

The company has teamed up with UK-based major project finance facilitators from Cutfield Freeman & Co Ltd to court potential financiers.

Downe said Cutfield staffers would “be helping us tie the financing packages together”.

Ironbark had $5.2 million in cash at the end of the June quarter to fund its current development operations this year which will include the ship-sail and establishing the ground portal on a rock outcrop at its planned underground Beach Zone.

The JORC 2012-compliant resource for Citronen's zinc and lead assets.

Costs factor in inventory

Ironbark’s September 2017 feasibility study targeted a 14-year mine life where 180,000 tonnes a year of zinc and 25,000 tonnes per annum lead would be produced for the first five years.

The US$514 million estimate averages out to US66 cents for each pound of zinc produced from Ironbark’s mining inventory.

Ironbark’s inventory of 45 million tonnes grading 5.3% zinc and 0.5% lead is found in a 70 million tonne mining resource grading 5.1% zinc and 0.5 lead.

The company’s resource is large and could see it become one of the top five zinc producers in the world if all goes ahead.

Ironbark is also awaiting testing results for the treasured semiconductor of germanium but this element is not factored into the company’s resource.

READ: Ironbark zinc secures services of 30,000-tonne cargo ship

The Citronen project is near a deepwater fjord where a port is planned.

Ironbark needs to prove vessels can travel in and out to commercial destinations from the fjord and is deploying a vessel known as Nunavik this season to prove the concept.

 

Ironbark’s vessel Nunavik will sail into the fjord the company hopes will become a shipping port.

READ: Ironbark zinc secures services of 30,000-tonne cargo ship

The Citronen project is near a deepwater fjord where a port is planned.

Ironbark needs to prove vessels can travel in and out to commercial destinations from the fjord and is deploying a vessel known as Nunavik this season to prove the concept.

Contract miner on board

Ironbark’s memorandum of understanding (MOU) with internationally-recognised, three-decade-old underground mining contractor Byrnecut is expected to result in the two organisations nutting out a formal commercial agreement that covers project stages and performance margins.

Byrnecut will also help Ironbark meet training and employment obligations in Greenland.

Downes reported the agreement gave Ironbark “bolt-on” underground expertise which the company viewed as a positive step towards financing and delivering its development project.

Ironbark’s feasibility study envisaged shallow underground mining and conventional dense-heavy medium separation or floatation processing methods.

 

 

The five-year spot price for zinc.

Zinc heavyweights buy in

Downes acknowledged the company’s capital structure remained “fairly tight”.

The largest smelting house in the world, Switzerland-based Nyrstar NV (EPA:NYR) (FRA:3NY1) (OTCMKTS:NYRSY), is Ironbark’s largest shareholder, and is joined on the register by the world’s largest zinc miner and marketer Glencore PLC (LON:GLEN) (JSE:GLN) (OTCMKTS:GLNCY).

READ: Ironbark Zinc appoints Nyrstar nominee Maciej Sciazko to its board

Glencore typically has about 65% of the world’s zinc under contract at any point in time.

Zinc stockpiles have been eroded over the past five years.

Future shines brightly

Ironbark’s managing director said he believed the price of zinc had a bright future, noting global consumption of the metal increased about 3.5% a year.

Zinc is used in alloys such as brass, nickel, silver and aluminium solder, while zinc oxides are used in batteries, electrical equipment, pharmaceutical drugs and over-the-counter formulations such as vitamins, plastics, paints and rubber.

Downes said: “It’s the fourth most used metal in the world, it’s not substitutable and (China) has typically consumed half of the world’s zinc and produced half of the world’s zinc.

“But in the last few years we’ve seen much stricter environmental regulations in China, really cramping production.

“The Chinese used to increase production when the zinc price rallied and this time we have seen a very strong zinc price rally but we’re not seeing a big supply response out of China.

“There’s been a fundamental shift and I don’t see those regulations being reduced from here on in, so that bodes very well for clean, fresh modern operations elsewhere around the world.”

Ironbark and Downes believe they have a modern operation to meet demand for zinc.

Downes said: “We’re looking a little further ahead and building the team and getting those parties involved that we need to.

“It’s full steam ahead, trying to build the mine. If everything goes according to plan it will be a great thing to close off.”

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Thu, 09 Aug 2018 00:55:00 +1000 https://www.proactiveinvestors.com.au/companies/news/202544/ironbark-zinc-courts-build-to-operate-partners-for-citronen-mine-as-field-operations-begin-202544.html
<![CDATA[News - Ironbark Zinc enters mining services agreement for Citronen project in Greenland ]]> https://www.proactiveinvestors.com.au/companies/news/202154/ironbark-zinc-enters-mining-services-agreement-for-citronen-project-in-greenland-202154.html Ironbark Zinc Limited (ASX:IBG) has taken another step towards developing the Citronen Zinc Project in Greenland through an agreement with underground hard rock mechanised mining specialist Byrnecut Offshore Pty Ltd.

The two companies have signed an MOU for a mining services agreement covering Citronen.

This is intended to include underground contract mining services, underground mine cost modelling and providing the underground mining fleet.

It includes holding the debt and security of the equipment.

READ: Ironbark Zinc set to begin site activities at Citronen Zinc Project in Greenland

Ironbark Zinc managing director Jonathan Downes said: “We are extremely pleased to have attracted the interest of a group as well regarded and capable as Byrnecut.

“Byrnecut has the capacity to provide Ironbark with an immediate ‘bolt-on’ underground mining expertise that will assist Ironbark as we move from financing to active mining.

“While only at an early stage, we consider this is a very positive step towards the project’s development and financing.”

 

Ironbark has started work seeking to remove capital items from the capital cost of the Citronen project and has identified several further key opportunities to reduce costs.

This process will now see Ironbark and Byrnecut work towards a more detailed cost-based commercial agreement operating under agreed margins through each project stage.

It will also encompass agreed performance margins.

READ: Ironbark Zinc secures services of 30,000-tonne cargo ship

The company is in discussions with other groups for the remaining disciplines or to support the project that have potential to collectively and significantly assist with overall project financing.

Byrnecut will operate under the Greenland Government guidelines and will assist Ironbark achieve its training and employment obligations.

A Byrnecut technical representative will be visiting the site later this month.

Downes said: “Byrnecut is aware and supportive of the training and employment obligations that Ironbark is operating under in Greenland.”

Strong demand for zinc

The wholly-owned Citronen project is well placed to meet the strong and growing global demand for zinc and represents a large-scale, high-margin operation in a stable and safe jurisdiction.

Citronen, which is held under a granted 30-year mining licence, hosts in excess of 13.1 billion pounds of zinc and lead.

Byrnecut has global contracts

Byrnecut is a global underground mining contractor offering a full range of professional mining support services and a 30-year history of world-class mining experience.

It specialises in mechanised underground mine feasibility, mine development and mine production and has been successful in securing many Australian and international contracts.

Since starting international operations in 1999, it has grown into one of the most experienced underground mining contractors across the globe.

Byrnecut employs over 4,000 people worldwide with operations in Australia, the Democratic Republic of Congo, Mali, Burkina Faso, Saudi Arabia and Tanzania.

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Fri, 03 Aug 2018 10:24:00 +1000 https://www.proactiveinvestors.com.au/companies/news/202154/ironbark-zinc-enters-mining-services-agreement-for-citronen-project-in-greenland-202154.html
<![CDATA[News - Ironbark Zinc appoints Nyrstar nominee Maciej Sciazko to its board ]]> https://www.proactiveinvestors.com.au/companies/news/201877/ironbark-zinc-appoints-nyrstar-nominee-maciej-sciazko-to-its-board-201877.html Ironbark Zinc Limited (ASX:IBG) has appointed Maciej Sciazko as a non-executive director to its board as a nominee of Nyrstar N.V. (EPA:NYR), one of the world’s largest zinc metal producers.

Sciazko is the vice president for mining operations at Nyrstar. In his role, he is responsible for Nyrstar’s mining and milling operations in Canada.

Sciazko brings almost two decades of senior management experience in mining operations, building of mega-mining projects and turnarounds.

He worked in various mining executive roles in Europe, Turkey, Indonesia, India, Australia, Canada and South America.

These roles included working at underground and open pit operations in coal, copper, zinc, molybdenum, gold and silver.

READ: Ironbark Zinc set to begin site activities at Citronen Zinc Project in Greenland

Ironbark is making further advances towards developing its world-class Citronen Zinc Project in Greenland.

The company is now entering the financing stage toward developing the advanced and large-scale project with site activities due to start next month.

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Tue, 31 Jul 2018 13:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/201877/ironbark-zinc-appoints-nyrstar-nominee-maciej-sciazko-to-its-board-201877.html
<![CDATA[News - Ironbark Zinc set to begin site activities at Citronen Zinc Project in Greenland ]]> https://www.proactiveinvestors.com.au/companies/news/201792/ironbark-zinc-set-to-begin-site-activities-at-citronen-zinc-project-in-greenland-201792.html Ironbark Zinc Limited (ASX:IBG) is making further advances towards developing its world-class Citronen Zinc Project in Greenland.

The company is now entering the financing stage toward developing the advanced and large-scale project with site activities due to start in August this year.

 

The Citronen data room has been open to potential investors for several months now. There has been an encouraging level of interest in the project from a broad range of investors.

Several site visits will be facilitated this year as part of the due diligence process for potential financiers.

This is expected to include bankers, private equity groups and industrial groups. The site visit is a customary and critical requirement as part of the due diligence process.

Cutfield Freeman & Co. are assisting Ironbark with the overall financing process and are operating as the first contact to manage the potential financing scenarios.

READ: Ironbark Zinc secures services of 30,000-tonne cargo ship

The company recently secured the services of a 30,000-tonne cargo ship to sail to its Citronen project site.
By sailing the ship to the project, Ironbark will validate a commercial shipping route to Citronen, one of the world’s largest undeveloped zinc projects.

Cash position

Ironbark held about $5.2 million cash with no debt as at the end of the June 2018 quarter.

This places the company in a strong position to aggressively progress the financing and development activities.

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Mon, 30 Jul 2018 16:05:00 +1000 https://www.proactiveinvestors.com.au/companies/news/201792/ironbark-zinc-set-to-begin-site-activities-at-citronen-zinc-project-in-greenland-201792.html
<![CDATA[News - Ironbark Zinc secures services of 30,000-tonne cargo ship ]]> https://www.proactiveinvestors.com.au/companies/news/201282/ironbark-zinc-secures-services-of-30000-tonne-cargo-ship-201282.html Ironbark Zinc Ltd (ASX:IBG) has secured the services of a 30,000-tonne cargo ship to sail to its flagship Citronen base metal project site in Greenland next month.

By sailing the ship to the project, Ironbark will validate a commercial shipping route to Citronen, one of the world’s largest undeveloped zinc projects.

Ironbark continues to remain heavily focused on securing project financing for Citronen.

READ:  Ironbark Zinc progressing development and financing at Citronen Zinc Project

The Citronen project’s data room has been open to potential investors for several months and continues to receive encouraging levels of interest from a broad range of investors.

Several customary site visits will be facilitated this year as part of the due diligence process for potential financiers.

Minor site works to commence

Ironbark will be commencing minor site works, fuel delivery and servicing of the plant and equipment on site.

Detailed portal and decline engineering plans have been drafted to allow Ironbark to commence activities this year including a portal and decline drive towards the first and highest grade underground ore source, the Beach Zone.

This will support the proposed 2019 construction and mining plans.

Simple, flat ore zones

The Citronen project hosts one of the world’s largest zinc deposits.

Citronen is adjacent to water and consists of simple, flat and continuous ore zones that form a large-scale zinc and lead JORC 2012 resource.

The resource stands at 132 million tonnes grading 4.4% zinc and lead, equivalent to 12.8 billion pounds of zinc making it a genuine tier one base metal resource.

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Mon, 23 Jul 2018 12:45:00 +1000 https://www.proactiveinvestors.com.au/companies/news/201282/ironbark-zinc-secures-services-of-30000-tonne-cargo-ship-201282.html
<![CDATA[Media files - Ironbark Zinc 'on the cusp' of developing what could be a global Top 5 zinc mine ]]> https://www.proactiveinvestors.com.au/companies/stocktube/9559/ironbark-zinc-on-the-cusp-of-developing-what-could-be-a-global-top-5-zinc-mine-9559.html Wed, 13 Jun 2018 15:53:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/9559/ironbark-zinc-on-the-cusp-of-developing-what-could-be-a-global-top-5-zinc-mine-9559.html <![CDATA[News - Ironbark Zinc progressing development and financing at Citronen Zinc Project ]]> https://www.proactiveinvestors.com.au/companies/news/195706/ironbark-zinc-progressing-development-and-financing-at-citronen-zinc-project-195706.html Ironbark Zinc Ltd (ASX:IBG) remains focused on the development of its world-class 100% owned Citronen Zinc Project in Greenland.

The company will take a ship to Citronen in August this year to transport essential equipment and fuel to site.

Site activities are planned to commence this year including a portal and decline drive towards the first underground ore source, the Beach Zone.

READ: Ironbark Zinc’s major shareholder increases stake on-market

The Citronen project hosts one of the world’s largest zinc deposits and is being advanced during a period of rising zinc prices.

Citronen is adjacent to water and consists of simple, flat and continuous ore zones that form a large-scale zinc and lead JORC 2012 resource.

The resource stands at 132 million tonnes grading 4.4% zinc and lead, equivalent to 12.8 billion pounds of zinc making it a genuine tier one base metal resource.

Well-funded to pursue activities

Ironbark held a cash position at the end of the March 2018 quarter of about $6 million with no debt.

This places Ironbark in a strong position to aggressively progress the financing and development activities.

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Thu, 26 Apr 2018 07:38:00 +1000 https://www.proactiveinvestors.com.au/companies/news/195706/ironbark-zinc-progressing-development-and-financing-at-citronen-zinc-project-195706.html
<![CDATA[News - Ironbark Zinc’s major shareholder increases stake on-market ]]> https://www.proactiveinvestors.com.au/companies/news/193030/ironbark-zincs-major-shareholder-increases-stake-on-market-193030.html Ironbark Zinc (ASX:IBG) has had one of its major shareholders increase its stake through a series of on-market trades.

The shareholding, which now totals over 42 million shares is held across two private companies, Toronga Pty Ltd and Dulyne Pty Ltd.

The two private companies have lifted their combined stake to 6.59% from the previous interest of 5%.

READ: Ironbark Zinc makes key appointments to advance Citronen project in Greenland

Other major shareholders of Ironbark include Belgium-based global multi-metals business Nyrstar (EBR:NYR) and Glencore (LON:GLEN).

Ironbark is poised to begin the development process at one of the world’s largest zinc deposits, the 100% owned Citronen Project in Greenland.

Citronen is adjacent to water and consists of simple, flat and continuous ore zones that form a large-scale zinc and lead JORC 2012 resource.

The resource stands at 132 million tonnes grading 4.4% zinc and lead, equivalent to 12.8 billion pounds of zinc making it a genuine tier one base metal resource.

Germanium recently identified, adding further value

Recently, germanium was identified in the Citronen ore.

Notably, zinc smelters are able to extract and pay for the germanium from zinc concentrate with no changes required to the Citronen process flow-sheet.

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Tue, 13 Mar 2018 12:05:00 +1100 https://www.proactiveinvestors.com.au/companies/news/193030/ironbark-zincs-major-shareholder-increases-stake-on-market-193030.html
<![CDATA[News - Ironbark Zinc makes key appointments to advance Citronen project in Greenland ]]> https://www.proactiveinvestors.com.au/companies/news/192727/ironbark-zinc-makes-key-appointments-to-advance-citronen-project-in-greenland-192727.html Ironbark Zinc Limited (ASX:IBG) has made several key appointments as it moves towards the development of its Citronen Zinc Project in Greenland.

READ: Ironbark moves to financing stage of zinc strategy

The company has brought in Michael Bourguignon as project director. Bourguignon’s most recent role was as the capital project manager for Syrah Resources’ (ASX:SYR) Balama Graphite Mine.

Bourguignon has over 20 years’ experience in project management within the mining Industry both in Australia and Internationally.

Ironbark has appointed Henrik Laursen as logistics manager. Laursen has over 12 years’ experience with most of his experience gained through the Danish military within Denmark and Greenland.

Engineering and finance appointments

The company has appointed Mining Plus to provide engineering and technical services for the Citronen Project.

Mining Plus designed the open pit and underground mine schedule for Citronen in 2011 and will now produce a detailed portal batter and design for the underground mine.

Cutfield Freeman & Co will assist Ironbark structure and secure the financing for the Citronen zinc project.

John Fitzgerald is Ironbark’s new finance and commercial advisor and will work closely with Cutfield Freeman on the Citronen debt financing.

READ: Ironbark Zinc attracts $0.35 target from Perth broker ]]>
Wed, 07 Mar 2018 13:43:00 +1100 https://www.proactiveinvestors.com.au/companies/news/192727/ironbark-zinc-makes-key-appointments-to-advance-citronen-project-in-greenland-192727.html
<![CDATA[News - Ironbark Zinc enters trading halt ahead of capital raising ]]> https://www.proactiveinvestors.com.au/companies/news/190335/ironbark-zinc-enters-trading-halt-ahead-of-capital-raising-190335.html Ironbark Zinc Limited (ASX:IBG) has been granted a trading halt by the ASX pending the release of further details regarding a capital raising.

Shares will remain in a trading halt until the earlier of the commencement of normal trading on Wednesday, 24 January 2018, or when the raising has been finalised.

READ: Ironbark moves to financing stage of zinc strategy

The company is progressing towards the financing stage of its large-scale Citronen zinc project located in Greenland.

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Mon, 22 Jan 2018 10:23:00 +1100 https://www.proactiveinvestors.com.au/companies/news/190335/ironbark-zinc-enters-trading-halt-ahead-of-capital-raising-190335.html
<![CDATA[News - Ironbark moves to financing stage of zinc strategy ]]> https://www.proactiveinvestors.com.au/companies/news/189993/ironbark-moves-to-financing-stage-of-zinc-strategy-189993.html Ironbark Zinc Limited (ASX:IBG) has appointed an international financial advisory firm to assist in financing for the Citronen Zinc Project in Greenland.

Independent corporate finance house Cutfield Freeman & Co will assist Ironbark in structuring the financing.

The firm has offices in London, Toronto and Hong Kong, and provides independent advice to companies in the mining and metals sectors.

It also advises on all aspects of corporate, project and offtake-related finance, mergers and acquisitions, and joint ventures.

Cutfield Freeman has acted on a variety of transactions for a range of mining companies including BHP Billiton, Dynatec Corporation, Molycorp Inc and Zijin Mining Group.

READ: Ironbark Zinc attracts $0.35 target from Perth broker

Ironbark also intends to establish a project development team as it aims to move to development later this year.

This includes the appointment of a senior project manager and senior finance manager.

The feasibility study project execution document is being reviewed by CPC Engineering.

Long lead items and logistical plans are being prepared to ensure a seamless transition into production in line with Ironbark’s plans to begin mining in 2019.

EPC contract work progresses

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

This includes lump sum, fixed price construction and commissioning with associated 70% debt and 20% direct project investment.

It continues to work with NFC with the majority of the design and planning studies completed.

Germanium identified in ore

The company recently identified the presence of germanium in the Citronen ore with further assaying underway.

Germanium is a potential credit in some zinc ore bodies that formed in low temperature environments, such as Citronen.

Certain zinc smelters around the world are able to extract and pay for the germanium from zinc concentrate, requiring no change to the Citronen processing of concentrate on site.

Demand for germanium in fibre optic communication networks, solar panels, infrared night vision systems, and polymerisation catalysts has increased dramatically in recent years.

The U.S. government has designated germanium as a strategic and critical material, and holds a supply in the national defence stockpile.

Ironbark’s wholly-owned Citronen project hosts more than 13.1 billion pounds of zinc and lead.

Zinc prices at decade high levels

Zinc prices continue to rise and are at decade high levels of more than US$1.56 per pound supported by falling London Metal Exchange (LME) inventories.

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Tue, 16 Jan 2018 09:02:00 +1100 https://www.proactiveinvestors.com.au/companies/news/189993/ironbark-moves-to-financing-stage-of-zinc-strategy-189993.html
<![CDATA[News - Ironbark Zinc attracts $0.35 target from Perth broker ]]> https://www.proactiveinvestors.com.au/companies/news/188232/ironbark-zinc-attracts-035-target-from-perth-broker-188232.html Ironbark Zinc Ltd (ASX:IBG) is currently trading in the $0.07 range, with Perth broker Patersons outlining a strong upside potential with a $0.35 target price.

Patersons considers the stock to be highly leveraged to the Citronen Fjord Zinc project which it says is likely to be funded in the near-term.

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

The following is an extract from the report.

Investment Highlights

We are initiating coverage of Ironbark Zinc Limited (IBG) with a Speculative Buy rating and $0.35/sh price target.

IBG is focussed on developing its fully permitted Citronen Fjord Zinc project (100%) (Citronen) located in northern Greenland.

The project is a globally significant zinc project with a contemplated 14-year mine life and peak production rate of c.200,000tpa of zinc metal.

In addition, the deposit has outstanding exploration upside.

Based on our price forecasts, we estimate the project generates >US$150mpa in freecash generation with a payback period of c.2.5 years.

We believe that the current supportive zinc pricing environment should allow the project to be financed and move towards construction potentially in 2018.

IBG has a supportive shareholder base with Nyrstar and Glencore on the register.

In addition, IBG has the support of China Non-Ferrous (NFC) who are looking to potentially fund the project.

Significant Zinc Project with Strong Upside

We see the Citronen Project as having the potential to significantly exceed the contemplated 14-year mine life.

Citronen is a SEDEX style deposit and these tend to be very large whilst maintaining excellent grades.

IBG has published an exploration target of 302-347Mt at 4.4-5% Zn over the 11km of strike of known mineralisation which suggests a potential mine life of over 100 years is possible.

This significantly exceeds the last published Mineral Resource of 70.8Mt at 5.7% Zn+Pb.

Funding the Key for Development

We believe the current supportive zinc pricing environment will likely allow Citronen to be funded.

IBG recently signed a MoU with China Non-Ferrous for an engineering procurement and construction (EPC) lump sum, fixed price construction and commissioning contract with associated 70% debt and 20% direct project investment.

In addition, IBG is examining alternative non-Chinese proposals for project funding.

Supportive Shareholders

IBG has a supportive shareholder base with Nyrstar and Glencore owning 19% and 9% of the stock respectively.

Treatment charges especially out of China are rapidly reducing as there is increased demand for good quality zinc concentrates (such as Citronen) to blend with lower quality ores.

Valuation

We have determined a valuation of $0.35/sh.

Our valuation is based on the recent updated feasibility assuming the project is funded 70% debt and 30% equity via a highly dilutive capital raising.

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Tue, 05 Dec 2017 11:50:00 +1100 https://www.proactiveinvestors.com.au/companies/news/188232/ironbark-zinc-attracts-035-target-from-perth-broker-188232.html
<![CDATA[News - Ironbark Zinc appoints Nyrstar nominee as non-executive director ]]> https://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.

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Tue, 14 Nov 2017 13:52:00 +1100 https://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 ]]> https://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.

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Tue, 12 Sep 2017 12:44:00 +1000 https://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 ]]> https://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.

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Fri, 11 Aug 2017 13:22:00 +1000 https://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 ]]> https://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.

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Fri, 12 May 2017 13:00:00 +1000 https://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 ]]> https://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.

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Wed, 12 Apr 2017 14:30:00 +1000 https://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 ]]> https://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.

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Mon, 06 Mar 2017 09:00:00 +1100 https://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 ]]> https://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.

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Tue, 24 Jan 2017 10:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/172061/ironbark-zinc-in-capital-raising-172061.html
<![CDATA[News - Ironbark Zinc awarded mining permit for Citronen ]]> https://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.

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Mon, 19 Dec 2016 13:00:00 +1100 https://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 ]]> https://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.

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Fri, 16 Dec 2016 10:00:00 +1100 https://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 ]]> https://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.

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Mon, 26 Sep 2016 10:00:00 +1000 https://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 ]]> https://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.

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Thu, 21 Apr 2016 11:30:00 +1000 https://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 ]]> https://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.

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Thu, 14 Apr 2016 17:30:00 +1000 https://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 ]]> https://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.

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Thu, 07 Apr 2016 09:30:00 +1000 https://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 ]]> https://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.

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Tue, 05 Apr 2016 15:00:00 +1000 https://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 ]]> https://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.

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Mon, 04 Apr 2016 10:00:00 +1000 https://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 ]]> https://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.

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Thu, 31 Mar 2016 12:00:00 +1100 https://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 ]]> https://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.

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Thu, 10 Mar 2016 16:30:00 +1100 https://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 ]]> https://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.

 

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Tue, 12 Jan 2016 14:31:00 +1100 https://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 ]]> https://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.

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Fri, 09 Oct 2015 15:00:00 +1100 https://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 ]]> https://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.

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Thu, 24 Sep 2015 13:40:00 +1000 https://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 ]]> https://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.

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Thu, 30 Jul 2015 11:55:00 +1000 https://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 ]]> https://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.

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Fri, 26 Jun 2015 07:00:00 +1000 https://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 ]]> https://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.

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Wed, 24 Jun 2015 12:33:00 +1000 https://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 ]]> https://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.

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Tue, 26 May 2015 12:00:00 +1000 https://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 ]]> https://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.

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Fri, 13 Mar 2015 08:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/157002/ironbark-zinc-brings-citronen-project-to-melbourne-sydney-luncheons-61202.html