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Ironbark Zinc substantial holder increases interest by more than 14 million shares

Ironbark shares were up more than 3% in intra-day trading.
Ironbark Zinc substantial holder increases interest by more than 14 million shares
The Citronen camp in Greenland

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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