The principal achievement was the grant of a 30 year Mining Licence for the Citronen Zinc Project.
The Company obtained a 30 year Mining Licence (Exploitation Licence) and immediately commenced work on updating the Feasibility Study to meet Western World banking standards and at the same time entered into an agreement with China Nonferrous Metal Industry's Foreign Engineering and Construction Co. Ltd (NFC) to complete its due diligence and engineering work with a view to having the Feasibility Study in a Chinese bank friendly format. The NFC study is expected fairly soon and will be reported to the market in due course.
As part of NFC's work Ironbark concluded a site visit to Citronen with the Greenland Government Minister for Mines, Mute Bourup Egede and the Deputy Minister, Jorgen T. Hammeken-Holm as well as Vice President of China Nonferrous Metal Industry's Foreign Engineering and Construction Co., Ltd ("NFC"), Mr. Qin Junman. NFC has a Memorandum of Understanding with Ironbark for the potential funding and construction of the Citronen Project, and Mr. Junman led a team of engineers and experts from NFC and the Nerin Group in the site visit as part of NFC's ongoing project assessment. In addition Ironbark was supported by a senior engineer from CPC Project Design ("CPC"), a senior Ironbark geologist and a support crew. The site inspection formed part of the NFC project review and a Feasibility Study update being compiled by NFC for the purpose of preparing the project to access Chinese financing and development with current costs, pursuant to the MoU.
The site inspection was successful in introducing the Greenland Government Mines Minister and Deputy Minister to the Vice President of NFC and his selected team. It provided a solid understanding around the construction requirements and operating conditions for the Project. Presentations and reviews were conducted on the mineralisation, site locations of the open pit and underground mine, the process plant and tailings location, the port location and water supply among many other aspects of the Project.
As an event subsequent to the reporting period for this Annual Report Ironbark announced the updated Feasibility Study. The Feasibility Study Update (2017) was based on the original Feasibility Study but has incorporated a recent review of capital and operating costs.
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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