Ironbark Zinc Ltd (ASX:IBG) non-executive director and major shareholder Danny Segman has made a further on-market share purchase, his fifth this month, extending his overall holding in indirect interests to 132 million.
From January 13 to 15 Segman’s indirect interest Toronga Pty Ltd acquired a further 500,000 shares and now holds 66 million.
This is the same amount held in Segman's other indirect interest Dulyne Pty Ltd.
Series of purchases
This month Dulyne’s holding has increased to 66 million from 61 million while Toronga has been boosted to 66 million from 65.5 million.
In the December quarter, Segman also demonstrated his confidence in the company’s zinc-lead focus by increasing Dulyne’s holding to 61 million from 55 million and Toronga’s to 65.5 million from 60 million.
Ironbark Zinc has reaffirmed its focus on the flagship Citronen Zinc-Lead Project in Greenland by trimming its exploration tenure.
There were seven exploration licences relinquished in Greenland that had a minimum annual required expenditure commitment of $3.95 million.
Funds freed up
This frees up these funds to be allocated towards developing the Citronen project.
At the time managing director Michael Jardine said: “These relinquishments further confirm the new board’s focus on the development of the Citronen Zinc-Lead Project, in terms of both directing overall project expenditure toward areas that will be most effective in rebuilding value and aligning management time with that goal.
“The company has also materially reduced its annual cash commitments, which will give Ironbark more time to enact the current turnaround plan.”
The company now has a single Greenland licence covering Citronen as well as three licences in New South Wales.
It expects to complete a scoping study next month based on a 1 million tonnes per annum operation at Citronen.