Ironbark has continued to progress the development of the wholly owned Citronen zinc project which is now permitted for a 30 year mine life. The permit includes the essential social and environmental permitting and guidelines and provides an exceptional platform for the company to progress its mining plans. With the support of strong zinc prices, Ironbark is focused on progressing the project towards financing with the study currently being brought into line with Chinese banking requirements.
During the quarter:
- Executed an agreement with China Nonferrous Metal Industry's Foreign Engineering and Construction Co., Ltd ("NFC") to provide a feasibility costs update and advance the project towards financing and construction
- Commenced discussions with banks and banking advisors
- Ironbark completed a placement to strengthen the balance sheet as we commence the financing stage
- Appointed the Owners Engineers
- Advanced shipping and logistics planning
- Ongoing review of potential transaction
- Zinc stockpiles fall to 8 year lows and trending down with rising zinc prices
Ironbark is also pleased to note that the grant of the Mining Permit at Citronen coincides with a period of ongoing tightness in global zinc supply and demand dynamics and a corresponding strong zinc price. Following the grant of the 30 year Mining Permit Ironbark immediately commenced development and financing activities to pave the way for the Company to become one of the world's largest zinc mining companies.
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About Ironbark Zinc Limited
Ironbark Zinc Limited (ASX:IBG) (OTCMKTS:IRBGY) is listed on the Australian Securities Exchange and is seeking to become a base metal mining house. Ironbark has an undrawn US$50M funding facility provided by Glencore to expand its project base through acquisition.
Ironbark seeks to build shareholder value through exploration and development of its projects and also seeks to actively expand the project base controlled by Ironbark through acquisition. The management and board of Ironbark have extensive technical and corporate experience in the minerals sector.
The wholly owned Citronen base metal project currently hosts in excess of 13.1 Billion pounds of zinc (Zn) and lead (Pb). For full details refer to ASX announcement 25 November 2014 –Citronen Project Resource Update – JORC 2012 compliant resource.
Ironbark Zinc Limited