viewIronbark Zinc Ltd

Ironbark moves to financing stage of zinc strategy

The company is focused on project financing and then moving into production.

Greenland map
The company is focused on the Citronen Zinc Project in northern Greenland

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.

Quick facts: Ironbark Zinc Ltd

Price: 0.013 AUD

Market: ASX
Market Cap: $11.97 m

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on 3/9/18

3 min read