This less capital intensive revised model would see a much smaller initial operation developed with a targeted 1 million tonnes per annum (Mtpa) production rate.
While this avenue is evaluated, Ironbark reiterates that encouraging discussions surrounding the development of the current 3.3Mtpa planned and permitted feasibility study remain ongoing.
Citronen hosts a large high-grade inventory, primarily in the Beach and Esrum resource areas.
Notably, the Beach Zone mineralisation starts at only 40 metres below surface and is adjacent to the planned deep water shipping point.
By targeting higher grades at a reduced mining rate, this provides Ironbark with an opportunity to expand production at a later date during better market conditions.
Galena successfully revised their historical plans to a new high-grade operation.
Ironbark has been given expressions of support by leading international commercial banks and indicated that the project is likely to support US$300 million in debt to partly fund the original planned mine development.
The challenge for Ironbark lies in solving the equity component of the project financing.
While Ironbark is in encouraging confidential discussions on joint venture opportunities, it is also looking at alternative solutions such as a lower cost starter mine to be expanded over time.