Proactiveinvestors United Kingdom Ironbark Zinc Ltd https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Ironbark Zinc Ltd RSS feed en Tue, 25 Jun 2019 10:46:26 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Ironbark Zinc Ltd's Gary Comb takes up full allotment in Share Purchase Plan ]]> https://www.proactiveinvestors.co.uk/companies/news/157028/ironbark-zinc-ltds-gary-comb-takes-up-full-allotment-in-share-purchase-plan-68215.html Ironbark Zinc Ltd (ASX:IBG) non-executive director, Gary Comb, has increased his indirect stake in the company by taking up his full entitlement of $15,000 in the recent Share Purchase Plan (SPP).

Comb now holds over 1.1 million shares, and 1 million unlisted options.

The SPP raised $500,000, which follows $1.5 million from a bookbuild.

Funds will be used for continued permitting and application activities required to secure a mining license for the Citronen Project in the short term, further work to enhance the Citronen Feasibility Studies by China Nonferrous and general working capital purposes.

Citronen, located in Greenland, is one of the largest undeveloped zinc projects in the world.

The project boasts a high grade zone of 29.9 million tonnes at 7.1% zinc and 0.5% lead, which is within a larger resource of 132 million tonnes at 4.0% zinc and 0.4% lead.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

]]>
Thu, 21 Apr 2016 11:30:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/157028/ironbark-zinc-ltds-gary-comb-takes-up-full-allotment-in-share-purchase-plan-68215.html
<![CDATA[News - Ironbark Zinc Ltd's receives strong support from Shareholder Purchase Plan ]]> https://www.proactiveinvestors.co.uk/companies/news/157025/ironbark-zinc-ltds-receives-strong-support-from-shareholder-purchase-plan-68079.html Ironbark Zinc Ltd (ASX:IBG) has received strong support from shareholders, raising $500,000 from a Shareholder Purchase Plan, which follows on the $1.5 million raised though a bookbuild.

Both raisings were priced at $0.032.

Funds will be used for continued permitting and application activities required to secure a mining license for the Citronen Project in the short term, further work to enhance the Citronen Feasibility Studies by China Nonferrous and general working capital purposes.

Citronen, located in Greenland, is one of the largest undeveloped zinc projects in the world.

The project boasts a high grade zone of 29.9 million tonnes at 7.1% zinc and 0.5% lead, which is within a larger resource of 132 million tonnes at 4.0% zinc and 0.4% lead.

The Citronen resource remains open ended in every direction, conceivably significantly extending the current life of mine of 14 years.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

]]>
Thu, 14 Apr 2016 17:30:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/157025/ironbark-zinc-ltds-receives-strong-support-from-shareholder-purchase-plan-68079.html
<![CDATA[News - Ironbark Zinc Ltd pockets A$1.5M in bookbuild, launches SPP ]]> https://www.proactiveinvestors.co.uk/companies/news/157023/ironbark-zinc-ltd-pockets-a15m-in-bookbuild-launches-spp-67922.html Ironbark Zinc Ltd (ASX:IBG) has now completed a bookbuild to raise A$1.5 million from institutional and professional investors at $0.032, with the issue of 47 million shares.

Ironbark has also launched a Share Purchase Plan at the same price, which will raise up to another $500,000. Shareholders can apply for up to another $15,000 worth of shares.

The directors of Ironbark who are eligible shareholders intend to participate.

Funds will be used for continued permitting and application activities required to secure a mining license for the Citronen Project in the short term, further work to enhance the Citronen Feasibility Studies by China Nonferrous and general working capital purposes.

Citronen, located in Greenland, is one of the largest undeveloped zinc projects in the world.

The project boasts a high grade zone of 29.9 million tonnes at 7.1% zinc and 0.5% lead, which is within a larger resource of 132 million tonnes at 4.0% zinc and 0.4% lead.

The Citronen resource remains open ended in every direction, conceivably significantly extending the current life of mine of 14 years.


Zinc price looks promising

The outlook for the zinc price is looking up as final production of zinc concentrate has been shipped from both the Lisheen mine in Ireland and the Century mine in Australia, following the closure of the mines due to exhaustion of their ore bodies.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

]]>
Thu, 07 Apr 2016 09:30:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/157023/ironbark-zinc-ltd-pockets-a15m-in-bookbuild-launches-spp-67922.html
<![CDATA[News - Ironbark Zinc Ltd MD Jonathan Downes lifts stake on-market ]]> https://www.proactiveinvestors.co.uk/companies/news/157022/ironbark-zinc-ltd-md-jonathan-downes-lifts-stake-on-market-67881.html Ironbark Zinc Ltd's (ASX:IBG) managing director, Jonathan Downes, has increased his stake in the company through an on-market trade.

Downes purchased 500,000 shares for a consideration of $17,860, or around $0.036 a share.

Downes now holds a direct interest of circa 5.8 million shares, along with several indirect stakes of 2.5 million shares, 1.8 million shares, and 6 million options.

Ironbark remains focused on its Citronen Zinc Project in Greenland, which is one of the largest undeveloped zinc projects in the world.

The company is currently raising up to $1.5 million at $0.032 per share in an oversubscribed bookbuild, which will be followed by a Share Purchase Plan at the same price.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

]]>
Tue, 05 Apr 2016 15:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/157022/ironbark-zinc-ltd-md-jonathan-downes-lifts-stake-on-market-67881.html
<![CDATA[News - Ironbark Zinc Ltd raises funds to advance Citronen Zinc Project ]]> https://www.proactiveinvestors.co.uk/companies/news/157019/ironbark-zinc-ltd-raises-funds-to-advance-citronen-zinc-project-67851.html Ironbark Zinc Ltd (ASX:IBG) will raise up to $1.5 million at $0.032 per share in an oversubscribed bookbuild capital raising from institutional and professional investors to advance its Citronen Zinc Project in Greenland.

The project is one of the largest undeveloped zinc projects in the world.

A Share Purchase Plan at the same price has also been launched.


Why Citronen is world-class

The high grade zone alone at Citronen boasts 29.9 million tonnes at 7.1% zinc and 0.5% lead. This is within a larger resource of 132 million tonnes at 4.0% zinc and 0.4% lead.

The Citronen resource remains open ended in every direction, conceivably significantly extending the current life of mine of 14 years.

This provides leveraged exposure to investors.


Zinc outlook

The outlook for the zinc price is looking up as final production of zinc concentrate has been shipped from both the Lisheen mine in Ireland and the Century mine in Australia, following the closure of the mines due to exhaustion of their ore bodies.

The two mines are known to account for 5% of the global zinc supply, which is likely to provide further support for the zinc price through ongoing tightening of supply and stockpiles.

The positive supply and demand imbalance in the zinc market is expected to support a firming zinc price and the development of the next tranche of zinc mines in the future. The zinc price has risen 25% since January 2016.


Jonathan Downes, managing director, commented:

“We are delighted by the overwhelming interest received for the placement, reflecting the strong support for Ironbark and our 100% owned world class Citronen Zinc Project.

“The funds will be used for continued permitting and application activities required to secure a mining license for the Citronen Project in the short term, further work to update the Citronen Feasibility Studies by China Nonferrous and general working capital purposes.

“We wish to take this opportunity to thank our existing shareholders for their continued support and note that as zinc stockpiles fall below 5 year lows we expect upward pressure on the zinc price which will provide a supportive development environment for the Citronen project."


Share Purchase Plan

In addition to the placement, Ironbark has launched a Share Purchase Plan to raise up to $0.5 million at the same price as the placement.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

]]>
Mon, 04 Apr 2016 10:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/157019/ironbark-zinc-ltd-raises-funds-to-advance-citronen-zinc-project-67851.html
<![CDATA[News - Ironbark Zinc Ltd to lift cash position ]]> https://www.proactiveinvestors.co.uk/companies/news/157017/ironbark-zinc-ltd-to-lift-cash-position-67790.html Ironbark Zinc Ltd (ASX:IBG) has been granted a trading halt by the ASX, pending details of a capital raising.

The halt will remain in place until the opening of trade on Monday 4th April 2016, or earlier if an announcement is made to the market.

Ironbark is focused on the Citronen Zinc Project in Greenland, which is one of the world's largest undeveloped zinc resources.

Earlier in the month the company received a draft Impact Benefit Agreement (IBA) from the Greenland Government for Citronen.

This was a significant milestone in the progression toward an Exploitation Licence Application for the project.

The IBA is the remaining document that needs to be finalised and agreed in the Exploitation Licence process before an Exploitation Licence can be awarded.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

]]>
Thu, 31 Mar 2016 12:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/157017/ironbark-zinc-ltd-to-lift-cash-position-67790.html
<![CDATA[News - Ironbark Zinc Ltd reaches next milestone for Citronen Project ]]> https://www.proactiveinvestors.co.uk/companies/news/157015/ironbark-zinc-ltd-reaches-next-milestone-for-citronen-project-67441.html Ironbark Zinc Ltd (ASX:IBG) has received a draft Impact Benefit Agreement (IBA) from the Greenland Government for the 100% owned Citronen Base Metal Project.

This is a significant milestone in the progression toward a Exploitation Licence Application for Citronen, one of the world’s largest zinc tonnage projects.

The IBA is the remaining document that needs to be finalised and agreed in the Exploitation Licence process before an Exploitation Licence can be awarded.

The terms of the IBA typically focus on formalising employment and training commitments as well as detailing how the Government, Municipalities and Ironbark will work together to maximise the beneficial opportunities for both Greenland and Ironbark.

Specific details are expected to be negotiated between Ironbark, the Greenland Government and the four Municipalities of Greenland. The parameters and standards have largely been settled in the previous negotiations for the grant of the London Mining Plc, Hudson Resources and True North Gems Exploitation Licences.

Ironbark said in a statement it is delighted to reach this next milestone in the licencing process. Ironbark has developed a solid relationship with relevant parties through the Public Consultation process.

The company has not yet received the final transcripts from the Public Consultation process and, while advanced, work is ongoing and will have to be satisfactorily completed and compiled into the White Book before an Exploitation Licence can be awarded.

The White Book findings will need to be considered and accommodated where required in the IBA.

Ironbark said it will advise on further developments regarding the Exploitation Licence Application for the Citronen Base Metal Project.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

]]>
Thu, 10 Mar 2016 16:30:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/157015/ironbark-zinc-ltd-reaches-next-milestone-for-citronen-project-67441.html
<![CDATA[News - Ironbark Zinc takes strides in development of giant Citronen project ]]> https://www.proactiveinvestors.co.uk/companies/news/157013/ironbark-zinc-takes-strides-in-development-of-giant-citronen-project--66531.html Ironbark Zinc (ASX:IBG) continues to take strides toward the development of its giant Citronen Base Metal Project in Greenland.

Citronen is one of the world’s largest zinc projects by resource size.

The high grade zone alone at Citronen boasts 29.9 million tonnes at 7.1% zinc and 0.5% lead. This is within a larger resource of 132 million tonnes at 4.0% zinc and 0.4% lead.

Staggeringly, the Citronen resource remains open ended in every direction, conceivably adding many years to the current life of mine of 14 years.

The Public Consultation period has finished and Ironbark had now received all the comments from the stakeholders regarding the public consultation as part of the Exploitation Licence Application for the 100% owned Citronen project.

This follows the China Mining Conference on behalf of the Greenland Government.

Ironbark recently met with the Minister of Finance and Raw Materials (Mining) Minister Anda Uldum and the Greenland delegation to discuss the development of the Citronen Project.

Next step is that feedback from the Public Consultation process will be assessed by Ironbark and move towards entering into an Impact Benefit Agreement (IBA).

Ironbark said it is satisfied to make progress and will advise on further developments regarding the Exploitation Licence Application Citronen in due course.

Ironbark has an MoU with China Nonferrous (NFC) to provide assistance for project development and funding Citronen.


Strong DFS metrics

The projected returns from development of Citronen befit a project of this size:

Life of Mine Revenue: US$5.65 billion
NPV: US$609 million
IRR: 43%
Mine life: 14 years+
Payback period: 18 months
Operating cost: $0.71/lb
Production Rate: 3.3mtpa ROM ore


Analysis

Credits are difficult to come by in the current challenging share market but Ironbark continues to make progress in Greenland with the recognition of Citronen as one of the world's largest credible zinc development projects at an advanced post-feasibility stage.

The global drawdown in the zinc stockpiles which has moved towards a supply deficit is widely expected to accelerate following the closure of several large mines. This provides momentum for development of Citronen as well as a catalyst for share price gain.

The current focus at Citronen continues to be the granting of a Mining Licence which provides a further share price catalyst.

Ironbark said it is satisfied to make progress on the Public Consultation Period and will advise on further developments regarding the Exploitation Licence Application Citronen in due course.

Greenland’s authorities have demonstrated sustained support for the development of Citronen, the country has a history of zinc and lead mining.

Citronen is a fairly simple project with flat and continuous ore zones. There is open pit sulphide potential with low strip ratios to augment higher grade underground mined ore.

The mining operation is predominantly underground room and pillar mining operation. Proven DMS and flotation techniques can be used to produce zinc and lead concentrates.

The MoU with China NFC to provide assistance in acquiring project funding provides further upside potential.

 

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

 

]]>
Tue, 12 Jan 2016 14:31:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/157013/ironbark-zinc-takes-strides-in-development-of-giant-citronen-project--66531.html
<![CDATA[News - Ironbark Zinc appoints Jason Dunning a non-executive director ]]> https://www.proactiveinvestors.co.uk/companies/news/157012/ironbark-zinc-appoints-jason-dunning-a-non-executive-director-65016.html Ironbark Zinc (ASX:IBG) have appointed Jason Dunning as the replacement nominee of Nyrstar NV as a non-executive director.

Ironbark is focussed on the wholly-owned Citronen Zinc Project in Greenland which hosts more than 13.1 billion pounds of zinc and lead.

Chris James has resigned as a result of him accepting another role outside of Nyrstar.

Dunning joined Nyrstar in October 2014 as its Group Manager – Geology & Exploration responsible for management of all activities at its mines and on its land tenure

He has previously held positions Alamos Gold Inc.’s Vice President, Exploration; as Selwyn Resources Ltd.’s Vice President, Exploration; as Yukon Zinc Corporation’s Vice President, Exploration.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Fri, 09 Oct 2015 15:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/157012/ironbark-zinc-appoints-jason-dunning-a-non-executive-director-65016.html
<![CDATA[News - Ironbark Zinc starts public consultation for Citronen mining licence ]]> https://www.proactiveinvestors.co.uk/companies/news/157010/ironbark-zinc-starts-public-consultation-for-citronen-mining-licence-64736.html Ironbark Zinc (ASX:IBG) has reached a major milestone with Greenland starting public consultation for the Citronen Zinc Project Mining Licence application.

The wholly-owned project hosts more than 13.1 billion pounds of zinc and lead with open-pit fresh sulphide potential and very low strip ratios to supplement higher grade underground mined mineralisation.

Public consultation will take place from 23rd September to 1st December 2015 for the following documents in English, Greenlandic and Danish:
   
- Social Impact Assessment (SIA) Report;
- Non-Technical Summary of the SIA;
- Environmental Impact Assessment (EIA) Report;
- Summary of the EIA; and
- Report on investigation of navigational safety issues.

A Mining Licence application in Greenland is comprehensive and encompasses regulations which cover all aspects of the proposed mine, including environmental permitting and social commitments.

The Mining Licence would provide Ironbark with the right to mine at Citronen for a period of 30 years.

Jonathan Downes, managing director, commented:

"We are delighted to have reached this significant milestone which is the culmination of not only the feasibility study and the work conducted on the project but also includes exhaustive work on the environmental and social aspects of the project.

"The environmental and social aspect are critically important to the Greenlandic people and we have had to show that the operation will be sustainable, environmentally friendly and also of national importance to the Greenlandic people and Government.

"We are pleased at the strong signal of support shown by reaching this milestone from the Greenland Government and look forward to moving towards the objective of gaining an Exploitation Licence (Mining Licence)."


Public Consultation

During the consultation period written responses from stakeholders are submitted to the MRA who will then forward the responses to Ironbark as they come in.

When received Ironbark will be responsible for translating the responses into Greenlandic and Danish and subsequently resubmit the translated responses to the Greenland Government.

The responses will afterwards be published on Naalakkersuisut.gl.

Furthermore, Ironbark will be responsible for drafting a White Paper with the purpose of addressing relevant consultation statements and comments on the project, which among other have been submitted during the consultation period.

The purpose of the White Paper is to ensure transparency.

Ironbark will have to address all the comments and state which sections in the SIA report or in the EIA report have been changed due to comments or questions from the submitted consultations responses.

The company will also be responsible for translating the White Paper into Greenlandic and Danish.

The period required to complete the White Paper has not yet been determined.


Citronen Zinc Project

Citronen is one of the world’s largest zinc development projects at an advanced post-feasibility stage with a meaty resource of 70.8 million tonnes at 5.7% zinc + lead at a 3.5% zinc cut-off.

This includes a highly profitable higher grade resource zone of 29.9 million tonnes at 7.1% zinc + lead at a 5% zinc cut-off.

In 2013, a Bankable Feasibility Study confirmed the world-class scale of the project, which is located adjacent to deep, protected water on the doorstep of Europe and North America.

Other advantages are simple, flat and continuous ore zones, with open-pit fresh sulphide potential and very low strip ratios to supplement higher grade underground mined mineralisation.

This would deliver a simple, predominantly underground room and pillar mining operation, with a proven DMS and flotation techniques to produce zinc and lead concentrates.

Ironbark is also working with China Nonferrous on construction and financing solutions for the development of Citronen.

The company is currently operating under a Memorandum of Understanding and is advancing this through to a detailed scope of works.

Ironbark plans to adapt this information into a format suitable for Chinese banks with updated costs and development schedules.


Analysis

Ironbark Zinc is moving closer towards securing a Mining Licence for its Citronen Zinc Project, which has the potential to be a long life base metal mining operation with world-class scale and economics.

Securing the licence is a key price catalyst for Ironbark.

The company also continues to review promising opportunities through its US$50 million Glencore (LON:GLEN) mergers and acquisition funding facility.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Thu, 24 Sep 2015 13:40:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/157010/ironbark-zinc-starts-public-consultation-for-citronen-mining-licence-64736.html
<![CDATA[News - Ironbark Zinc has more high grade zinc potential at Mestersvig ]]> https://www.proactiveinvestors.co.uk/companies/news/157008/ironbark-zinc-has-more-high-grade-zinc-potential-at-mestersvig-63738.html Ironbark Zinc (ASX:IBG) has increased the economic potential of the Sortebjerg Prospect at its Mestersvig Project in Greenland after a laboratory error was corrected.

A high grade 2011 intercept have been increased to 4.95 metres at 11.23% zinc and 2.9 grams per tonne silver, up from the previously reported 2.5 metres at 8.9% zinc and 2g/t silver.

This represents a 150% increase in contained metal and upgrades the economic potential of the prospect, given the widely spaced drilling.

High grade sulphide mineralisation is now interpreted to occur over a 1.5 kilometres strike and remains open on strike and at depth.

The high grade Sortebjerg Vein Prospect is one of several that form along the boundaries of the graben structure that hosts the Blyklippen Mine.

Mineralisation, in the form of galena, sphalerite, +/- chalcopyrite and silver are found within outcropping quartz veins located throughout the project area.

Blyklippen was operated from 1956 to 1962 and yielded 544,600 tonnes for a recovered grade of 9.9% zinc and 9.3% lead.

Mining took place from three adits, the deepest 160 metres below surface, by cut-and-fill method.

The mining town and wharf are still located at Nyhavn, approximately 8 kilometres northeast of the mine.


Sortebjerg Prospect

Ironbark conducted a three hole diamond drilling programme at the Sortebjerg prospect in 2011 whilst drilling nearby Blyklippen.

The drilling targeted extensions of observed base metal mineralisation hosted in steeply dipping, north-trending fault zones.

Abundant sphalerite (zinc sulphide ore mineral) was noted in quartz veins within the fault zone.

All three drill holes intersected high grade mineralisation with significant results including:

- SB017 (corrected): 4.95 metres at 11.23% zinc 2.9g/t silver from 5.8 metres
- SB018: 0.5 metres at 11.45% zinc and 5.4g/t silver from 6.4 metres and 1 metre at 17.95% zinc and 4.2g/t silver from 21.8 metres; and
- SB019: 1 metre at 17.33% zinc and 2.8g/t silver from 53.8 metres.

In addition, drilling at Blyklippen returned 1.4 metres at 10.93% zinc+lead and 6.8g/t silver from 263 metres, confirming the continuation of high-grade mineralisation at depth below the mine.

The Sortebjerg vein system was initially investigated by Nordisk Mineselskab A/S in the 1950’s, concurrent with mining and exploration at and around the Blyklippen Mine.

Exploration included 1,126 metres of diamond drilling at the southern extent of the vein system which is adjacent to Ironbark’s current exploration licence.

Results from the historically drilled area (now held by KGHM International) returned some very high grade intercepts including 5.17 metres at 18.55% zinc+lead from 40 metres.


Analysis

The increased intercept further highlights the potential of Ironbark Zinc’s high grade Sortebjerg Prospect, one of the veins surrounding the previously producing Blyklippen Mine.

With the 2011 intercept increased to 4.95 metres at 11.23% zinc and 2.9g/t silver, high grade sulphide mineralisation is now interpreted to occur over a 1.5 kilometres strike that remains open on strike and at depth.

Separately, the company is preparing for the public consultation stage of the Mining Licence Application for its Citronen Base Metals Project in Greenland.

Following the public consultation process, it plans to enter into an Impact Benefit Agreement (IBA) that will be used to provide a formal framework for the company’s obligations under the Social Impact Assessment, including training and employment commitments to the Greenlandic people.

The company also continues to review promising opportunities through its US$50 million Glencore (LON:GLEN) mergers and acquisition funding facility.

Ironbark has $2.13 million as at 30th June 2015 with no debt.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Thu, 30 Jul 2015 11:55:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/157008/ironbark-zinc-has-more-high-grade-zinc-potential-at-mestersvig-63738.html
<![CDATA[News - Ironbark Zinc MD Jonathan Downes speaks on Captains Flat ]]> https://www.proactiveinvestors.co.uk/companies/news/157006/ironbark-zinc-md-jonathan-downes-speaks-on-captains-flat-63129.html Ironbark Zinc (ASX:IBG) is move to increase its stake in the Captains Flat base metals project in New South Wales to 50% has the potential to unlock an underexplored, proven high grade base metals province.

Captains Flat includes the Lake George Mine that was at one time Australia’s second largest producer of copper.

It produced 4 million tonnes of high-grade ore at 10% zinc, 6% lead, 0.7% copper, 1.8 grams per tonne gold and 55g/t silver until closure in 1962.

The project covers a strike length of 49 kilometres of a highly endowed volcanic massive sulphide horizon that hosts numerous historic mineral occurrences and mines.

Managing director Jonathan Downes speaks exclusively with Proactive Investors about the joint venture with Glencore subsidiary NSW Base Metals Pty Ltd (NSWBM).


PROACTIVE INVESTORS: Welcome Jonathan.


What are the next steps that IBG and NSWBM intend to take at the project?

Ironbark and Glencore are preparing an exploration program at Captains Flat.


Given that drilling at Lake George Mine has demonstrated excellent potential below historic mining, will this be one of the areas of focus?

The historic mine will continue to be a focus as mining finished in high grade zinc. The mine closed during one of the low zinc market cycles so it affords us a great opportunity.

The scale of mineralisation at Jerangle, located on the same belt to the south, is actually very exciting.

There are historic drill hits exceeding 5% copper and we have encountered zones of lower grade mineralisation in excess of 50 meters thick so we are looking for regions that might be both high grade and wide.

We consider the prospects very interesting.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Fri, 26 Jun 2015 07:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/157006/ironbark-zinc-md-jonathan-downes-speaks-on-captains-flat-63129.html
<![CDATA[News - Ironbark Zinc, Glencore now equal partners at Captains Flat project ]]> https://www.proactiveinvestors.co.uk/companies/news/157004/ironbark-zinc-glencore-now-equal-partners-at-captains-flat-project-63104.html Ironbark Zinc (ASX:IBG) is poised to advance exploration at the Captains Flat base metals project joint venture in New South Wales by negotiating to increase its ownership up to 50%.

Captains Flat will complement the company’s core focus of bringing the advanced, large scale Citronen Base Metal project, in Greenland, into production.

The NSW project, which includes Lake George Mine – once Australia’s second largest producer of copper, was previously held by Rutila Resources (ASX:RTA) with Ironbark and NSW Base Metals Pty Ltd (NSWBM), a subsidiary of Glencore Plc (LON:GLEN), together earning up to 75% of the project.

Ironbark has now renegotiated the joint venture agreement and will now advance exploration of the project with NSWBM.

It will issue 1 million IBG shares to Rutila and a minor cash adjustment as consideration for its increased stake in the JV.

Both JV partners will pay a proportional share of a 0.25% trailing production royalty to Rutila.   

“Ironbark have already enjoyed exploration success at the Captains Flat project with significant base metal intercepts returned from the Jerangle Prospect in drilling conducted in 2013, and we now look forward to continuing our exploration works on this significant and underexplored, proven high grade base metals province,” managing director Jonathan Downes said.


Captains Flat project

The Captains Flat Base Metal Project is located 45 kilometres southeast of Canberra in New South Wales.

It covers a strike length of 49 kilometres of a highly endowed volcanic massive sulphide horizon that hosts numerous historic mineral occurrences and mines. There are 26 identified prospects.

Lake George Mine, which produced 4 million tonnes of high-grade ore at 10% zinc, 6% lead, 0.7% copper, 1.8 grams per tonne gold and 55g/t silver until closure in 1962 and was at one time Australia’s second largest producer of copper.

Drilling below mine workings demonstrates potential below historic mining with the deepest drill hole returning 1.22 metres at 12.4% zinc and 5.4% lead with very little follow-up.

Vanderbilt Hill Prospect is located to the east of the Lake George Mine and drilling has returned results including 3.9 metres at 10% zinc, 5.3% lead and 0.1% copper with very little follow-up drilling completed to date.

The Anembo Prospect has a historic drill intercept of 3 metres at 6.9% zinc, 5.5% lead, 21g/t silver and 2.0 g/t gold that has not been followed up.

At the Jerangle Prospect, which has historic drill intercepts of 2.25 metres at 5.2% copper as well as 29.4 metres at 0.5% copper, 2.2% zinc, 8 g/t silver including 1.9 metres at 4.9% copper, 6.3% zinc and 17g/t silver, Ironbark has also carried out drilling that has returned the following results:

- 3.6 metres at 5.47% zinc+lead;
- 5 metres at 4.62% zinc+lead;
- 1.1 metres at 12.22% zinc+lead and 0.91% copper; and
- 2.2 metres at 8.56% zinc+lead.

Exploration planning at Captains Flat is already well advanced.


Analysis

While it is still early days, Ironbark Zinc’s move to increase its stake in the Captains Flat Project to 50% has the potential to unlock an underexplored, proven high grade base metals province.

That this is being carried out under an equal joint venture with Glencore subsidiary NSW Base Metals Pty Ltd is encouraging as it places a major miner squarely in the company’s corner.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Wed, 24 Jun 2015 12:33:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/157004/ironbark-zinc-glencore-now-equal-partners-at-captains-flat-project-63104.html
<![CDATA[News - Ironbark Zinc on road to Mining Licence for Citronen ]]> https://www.proactiveinvestors.co.uk/companies/news/107383/ironbark-zinc-on-road-to-mining-licence-for-citronen-107383.html Ironbark Zinc's (ASX:IBG) wholly-owned world-class Citronen zinc project is further down the development road in Greenland, as the company looks to tap into the looming zinc shortage caused by major zinc mine closures.

Ironbark has now received notice from the Greenland Ministry of Industry, Labour and Trade (MILT) that the Social Impact Assessment (SIA) regarding the Mining Licence Application for the project is in compliance with the minimum requirements.

The SIA is now ready for the Public Consultation stage of the Application process.

Demand for zinc is increasing, and this will be a key inflection point driving upward pressure on the zinc price - and therefore supporting new mines.

Greenland has a history of zinc and lead mining and continues to seek to re-establish a mining industry.

Ironbark is finalising and submitting the SIA in order to prepare for a public consultation, and the MILT will review the final Greenlandic and Danish versions before the consultation begins.

The consultation will be coordinated between Ironbark, the Ministry of Mineral Resources, the Environment Agency for Mineral Resources Activities (EAMRA) and the MILT.

Ironbark has also recently formally lodged shipping studies, and completed mine closure reports.


Citronen is world class and strategically located

Citronen currently hosts in excess of 13.1 billion pounds of zinc and lead.

A completed Bankable Feasibility Study confirmed the world-class scale of the project, which is located adjacent to deep, protected water on the doorstep of Europe and North America.

Other advantages are simple, flat and continuous ore zones, with open-pit fresh sulphide potential and very low strip ratios to supplement higher grade underground mined mineralisation.

This would deliver a simple, predominantly underground room and pillar mining operation, with a proven DMS and flotation techniques to produce zinc and lead concentrates.


Greenland a zinc and lead supporter

Greenland is seeking to develop a strong mineral and petroleum industry and has returned very high global rankings on the annual Fraser Institute survey.

Zinc and lead minerals have been approved for exploitation in Greenland, which has a history of zinc and lead mining and continues to seek to re-establish a mining industry.


Mining License applications in Greenland

A Mining Licence application in Greenland is comprehensive and encompasses regulations which cover all aspects of the proposed mine, including environmental permitting and social commitments.

Following approval, the Mining Licence would provide Ironbark with the right to mine at Citronen for a period of 30 years.


Ironbark and China Nonferrous

Ironbark is also working with China Nonferrous on construction and financing solutions for the development of Citronen.

The company is currently operating under a Memorandum of Understanding and is advancing this through to a detailed scope of works.

Ironbark plans to adapt this information into a format suitable for Chinese banks with updated costs and development schedules.


Analysis

Ironbark continues to drive development of Citronen, where a completed Bankable Feasibility Study confirmed the world-class scale and economics of the project.

Citronen has the potential to be a long life base metal mining operation, with a simple process flow sheet with high recoveries.

Ironbark has now received notice that the Social Impact Assessment (SIA) regarding the Mining Licence Application for the project is in compliance with the minimum requirements.

The SIA is now ready for the Public Consultation stage of the Application process.

The mining license is a key price catalyst for Ironbark.

Ironbark also has a pathway to funding under the MOU with China Nonferrous offering minimal shareholder dilution.

Adding further interest, Ironbark also has an undrawn US$50 million funding facility provided by Glencore to expand its project base through acquisition.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Tue, 26 May 2015 12:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/107383/ironbark-zinc-on-road-to-mining-licence-for-citronen-107383.html
<![CDATA[News - Ironbark Zinc advancing Mining Licence to develop Citronen ]]> https://www.proactiveinvestors.co.uk/companies/news/68584/ironbark-zinc-advancing-mining-licence-to-develop-citronen-79882.html Ironbark Zinc (ASX:IBG) shares have been a strong performer in April, rising from $0.082 to a peak of $0.13 as it continues to advance development of the Citronen Base Metals Project in Greenland.

The stock last traded at $0.12, which is 46% higher than the start of the month.

The company has been advised that all environmental issues have been treated satisfactorily in its Ironbark Environmental Impact Assessment while grant of a Mining Licence is progressing.

Citronen is one of the world’s largest zinc development projects at an advanced post-feasibility stage with a meaty resource of 70.8 million tonnes at 5.7% zinc + lead at a 3.5% zinc cut-off.

This includes a highly profitable higher grade resource zone of 29.9 million tonnes at 7.1% zinc + lead at a 5% zinc cut-off.

Several questions and suggestions were subsequently introduced into the Social Impact Assessment (SIA) document by the Greenland Government which have been addressed by Ironbark and is now awaiting formal approval or further comment.

In addition, the final Danish Maritime Assessment (DMA) was lodged and the Mine Closure Plan was completed and is now ready to be submitted.

Once formal approval of the SIA has been granted Ironbark will move to manage a public consultation process and to enter into an Impact Benefit Agreement (IBA).

The IBA is a document used to provide a formal framework for Ironbark’s obligations under the SIA such as training and employment commitments to the Greenlandic people.

The Ministry of Industry, Labour and Trade is also currently working on the IBA.


Mining Lease Application

Progress during the March 2015 quarter has been solid with the Citronen Exploitation Licence Application (Mining Licence Application).

The Greenland Government has recently undergone significant change with new Ministers appointed across a range of Ministries and responsibility for the permitting now spread across three of these ministries.

Meetings were held with Minister for Ministry of Mineral Resources Andreas Uldum in Canada when Ironbark presented on behalf of the Greenland Day promotion at the Prospectors and Developers Association of Canada (PDAC).

Meetings were also held in Greenland with Minister for the Ministry of Nature, Environment and Justice Mala Høy Kúko and Minister for the Ministry of Industry, Labour and Trade Vittus Qujaukitsoq.

These were positive and constructive with strong support across the three relevant Ministries for the Citronen development.

Greenland is seeking to develop a strong mineral and petroleum industry and has returned very high global rankings on the annual Fraser Institute survey.

Zinc and lead minerals have been approved for exploitation in the country, which has a history of zinc and lead mining and continues to seek to re-establish a mining industry

A Mining Licence application in Greenland is comprehensive and encompasses regulations which cover all aspects of the proposed mine, including environmental permitting and social commitments.

Following approval, the Mining Licence would provide Ironbark with the right to mine at Citronen for a period of 30 years.

The Mining Licence application, which has been prepared in significant consultation with the relevant Greenlandic and Danish authorities, comprises a Feasibility Study, Social Impact Assessment (SIA), Environmental Impact Assessment with base line surveys (EIA), and a Navigational Safety Investigation (NSI).

Ironbark is also working with China Nonferrous on construction and financing solutions for the development of Citronen.


Zinc Market

Zinc prices have started moving on the back of a solid drawdown in the London Metal Exchange zinc inventories.

Tightening supply is expected to drive the zinc price substantially higher in the coming years.

The circumstances causing the supply constraints are unique and positive for the zinc industry due to decades of under investment in the fourth most used metal.

This deficit scenario is widely expected to accelerate following the closure of the large Century (Australia) and Lisheen (Ireland) zinc mines later in 2015.


Analysis

Ironbark Zinc continues to progress the Mining Licence Application for its Citronen Base Metals Project with all environmental issues now treated satisfactorily in its EIA.

Formal approval or further comment is being awaited on the Social Impact Assessment, which will allow the company to enter into an Impact Benefit Agreement.

The company also continues to explore business development opportunities available through its US$50M Glencore merger and acquisition funding facility.

It has $2.6 million in cash with no debt as at 31st March 2015.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Thu, 30 Apr 2015 14:12:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/68584/ironbark-zinc-advancing-mining-licence-to-develop-citronen-79882.html
<![CDATA[News - Ironbark Zinc brings Citronen Project to Melbourne, Sydney Luncheons ]]> https://www.proactiveinvestors.co.uk/companies/news/157002/ironbark-zinc-brings-citronen-project-to-melbourne-sydney-luncheons-61202.html Ironbark Zinc (ASX:IBG) is well positioned to benefit from the continued global drawdown in the zinc stockpiles as it progress the grant of a Mining Licence for its Citronen Base Metal Project in Greenland.

Citronen is one of the world’s largest credible zinc development projects at an advanced post-feasibility stage, find out more about its prospects for growth and development.


Come and hear from managing director Jonathan Downes at Proactive Investor’s upcoming "Melbourne Investor Luncheon” on Tuesday 24th March 2015, and the "Sydney Investor Luncheon" on Wednesday 25th March 2015.

REGISTER by clicking on the city below for additional details:

Melbourne OR Sydney. Otherwise call (02) 9299 5001(02) 9299 5001 and ask for John Phillips.


While zinc is the fourth most used metal, decades of under investment have resulted in the continued global drawdown in zinc stockpiles over the last three years.

This has proven a supply deficit scenario that is widely expected to accelerate following the closure of the large Century (Australia) and Lisheen (Ireland) zinc mines later in 2015.

Zinc prices are expected to rise as a result of tightening supply.

Ironbark has few zinc peers on the ASX and its Citronen Base Metal Project provides exceptional leverage to the zinc price.

Citronen already has a meaty resource of 70.8 million tonnes at 5.7% zinc + lead at a 3.5% zinc cut-off as well as a highly profitable higher grade resource zone of 29.9 million tonnes at 7.1% zinc + lead at a 5% zinc cut-off.

This could increase further given that the current resource is likely to be just tip of the iceberg as the deposit is still open in every direction.

This provides huge exploration potential given 11 kilometre strike of drilling contains economic grade mineralisation.

There is potential for the exploitation licence to be awarded in the current quarter with financing negotiations and early site works in the June 2015 quarter.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

Call Send SMS Add to Skype You'll need Skype CreditFree via Skype ]]>
Fri, 13 Mar 2015 08:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/157002/ironbark-zinc-brings-citronen-project-to-melbourne-sydney-luncheons-61202.html
<![CDATA[News - Ironbark Zinc encouraged by mining licence progress at Citronen Base Metal Project ]]> https://www.proactiveinvestors.co.uk/companies/news/65359/ironbark-zinc-encouraged-by-mining-licence-progress-at-citronen-base-metal-project-76325.html Ironbark Zinc (ASX:IBG) is closer to securing the Exploitation Licence for its Citronen Base Metal Project in Greenland with a positive notice from the Danish Centre for Environment and Energy (DCE).

The DCE advised that all environmental issues have now been treated satisfactorily in the company’s Environmental Impact Assessment (EIA).

This follows a review of the EIA and its appendices with reference to its suitability for being published on the Naalakersuisut Public consultations as part of the public hearing process.


Citronen Base Metal Project

Citronen's resource base is now a meaty 70.8 million tonnes at 5.7% zinc + lead at a 3.5% zinc cut-off.

Notably, this includes a potentially highly profitable higher grade resource zone of 29.9 million tonnes at 7.1% zinc + lead at a 5% zinc cut-off.

This is likely to be the tip of the iceberg as the deposit is still open in every direction – providing huge exploration potential given 11 kilometre strike of drilling contains economic grade mineralisation.

There is potential for the exploitation licence to be awarded in the current quarter with financing negotiations and early site works in the June 2015 quarter.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Tue, 13 Jan 2015 11:30:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/65359/ironbark-zinc-encouraged-by-mining-licence-progress-at-citronen-base-metal-project-76325.html
<![CDATA[News - Ironbark Zinc to ride higher zinc price in 2015 ]]> https://www.proactiveinvestors.co.uk/companies/news/63950/ironbark-zinc-to-ride-higher-zinc-price-in-2015-74731.html Ironbark Zinc (ASX:IBG) and its Citronen Base Metal Project should be a beneficiary of the higher zinc price as it advances a full feasibility study and Mining License application.

The sheer scale of the resource base at Citronen is impressive: 70.8 million tonnes at 5.7% zinc + lead at a 3.5% Zn cut-off; this also includes a potentially highly profitable higher grade resource zone of 29.9 million tonnes at 7.1% zinc + lead at a 5.0% Zn cut-off.

This is likely to be the tip of the iceberg as the deposit is still open in every direction – providing huge exploration 
potential given 11 kilometre strike of drilling contains economic grade mineralisation.

Over 315 holes totalling 67,083 metres of diamond drilling have been completed to date, with over 91% of effectively drilled holes intersecting sulphide mineralisation.

While 73% of effectively drilled holes intersected economic grade mineralisation.

Which is all very handy as zinc for delivery in three months has gained 12% this year to $2,303 a tonne on the London Metal Exchange.

However, there appears joy ahead as The International Lead and Zinc Study Group predicts demand will exceed production by 403,000 tonnes in 2014, driven mainly by increasing usage in China for steel-sheet production. 

Good news for Ironbark Zinc as its feasibility study for Citronen is underway.

Major share price catalysts include: Dec Qtr 2014 - March Qtr 2015: Granting of mining licence; March to June Qtrs 2015: Financing negotiations and June Qtr 2015: Some early site works could commence.

At some stage it could be expected that the Ironbark share price and valuation will play catchup with looming zinc supply side challenges. The combination of the macro side and project catalysts in 2014/15 may hold the answer.

Lesser known is that Ironbark continues to sift through business development opportunities available through its US$50 million Glencore mergers and acquisition funding facility.

Having Glencore firmly in your corner as a major shareholder is a handy thing.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Tue, 25 Nov 2014 08:52:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/63950/ironbark-zinc-to-ride-higher-zinc-price-in-2015-74731.html
<![CDATA[News - Ironbark Zinc director steps down ]]> https://www.proactiveinvestors.co.uk/companies/news/63817/ironbark-zinc-director-steps-down-74574.html Ironbark Zinc (ASX:IBG) Non-Executive Director John McConnell has stepped down due to other commitments.

This is effective from the company’s Annual General Meeting, held today.

The company's wholly owned Citronen base metal project in Greenland currently hosts in excess of 13.1 billion pounds of zinc and lead .

IBG continues to progress the project towards granting of the Mining Licence.

The company also has base metals interests in Australia.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Thu, 20 Nov 2014 17:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/63817/ironbark-zinc-director-steps-down-74574.html
<![CDATA[News - Ironbark Zinc increases ownership of NSW base metals play ]]> https://www.proactiveinvestors.co.uk/companies/news/63576/ironbark-zinc-increases-ownership-of-nsw-base-metals-play--74289.html Ironbark Zinc (ASX:IBG) has increased its ownership in the little explored Captains Flat Project in New South Wales to 50% following negotiations with Glencore Plc.

Ironbark and Glencore have already enjoyed exploration success with significant base metal intercepts returned from the Jerangle Prospect drilling in 2013.

Captains Flat has a 49 kilometre strike length of zinc, lead and copper prospective geology and contains 26 identified prospect including the historic Lake George Mine, which was Australia’s second largest copper producer at one time.

Under the renegotiated joint venture agreement, Ironbark will take on equal joint title of the Project and will continue exploration in an equal Joint Venture Agreement with Glencore.

The Project, which comprises one Exploration Licence, was previously held by Rutila Resources Limited, with Ironbark and NSW Base Metals (a wholly owned indirect subsidiary of Glencore) earning up to 75% of the Project.

Ironbark will issue 1 million IBG shares to Rutila and a minor cash adjustment. Both JV partners will pay a proportional share of a 0.25% trailing production royalty to Rutila.


Captains Flat Project

The Captains Flat Base Metal Project is located 45 kilometres southeast of Canberra in New South Wales. 

It covers a strike length of 49 kilometres of a highly endowed volcanic massive sulphide (VMS) horizon that hosts numerous historic mineral occurrences and mines.

This includes the Lake George Mine that produced 4 million tonnes of high-grade ore grading 10% zinc, 6% lead, 0.7% copper, 1.8 grams per tonne gold and 55g/t silver until closure in 1962.

Lake George remains prospective for remnant ore at current base metal prices as well as at depth.

Diamond drilling below historical workings has returned results such as 1.22 metres at 12.4% zinc and 5.4% lead over a strike length of at least 300 metres

Mineralisation is open at depth and may represent possible repeats of the historically mined areas.
Drilling by Ironbark in 2013 also returned high-grade base metal results at the Jerangle Prospect that will be followed-up.

Jerangle is located at the southern end of the project area and drilling over a strike length of 1.5 kilometres has returned drill intercepts assaying up to 5.25% copper.

Drilling by Ironbark has returned results including 4.4 metres at 12.05% zinc and 5 metres at 4.6% zinc+lead, 0.13% copper and 4.2g/t silver.

Other prospects include the Vanderbilt Hill and Anembo prospects.

Vanderbilt Hill is located to the east of the Lake George Mine and drilling has returned results such as 3.9 metres at 10% zinc and 5.3% lead. 

The prospect is considered to be highly prospective with open ended historic high grade drill results yet to be followed up.

The Anembo Prospect is located 12 kilometres north of the Jerangle prospect. 

Historic drilling returned 3 metres at 6.9% zinc, 5.5% lead, 21g/t silver and 2g/t gold, which has not been followed up.


Analysis

Ironbark Zinc’s increase in ownership of Captains Flat to be on par with Glencore reflects the potential of the under-explored base metals project.

This is unsurprising given that its drilling in 2013 returned significant base metals intercepts 4.4 metres at 12.05% zinc and 5 metres at 4.6% zinc+lead, 0.13% copper and 4.2g/t silver.

Further support comes from the historic Lake George Mine that was at one time Australia’s second largest copper producer.

Lake George remains prospective for remnant ore at current base metal prices while drilling at depth has returned such as 1.22 metres at 12.4% zinc and 5.4% lead over a strike length of at least 300 metres.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Wed, 12 Nov 2014 09:38:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/63576/ironbark-zinc-increases-ownership-of-nsw-base-metals-play--74289.html
<![CDATA[News - Ironbark Zinc makes progress with Mining Licence to develop Citronen ]]> https://www.proactiveinvestors.co.uk/companies/news/63500/ironbark-zinc-makes-progress-with-mining-licence-to-develop-citronen-74200.html Ironbark Zinc (ASX: IBG) continues to progress its Citronen Base Metal Project in Greenland towards granting of the Mining Licence.

Citronen is at an advanced post-feasibility stage and hosts a JORC compliant Measured, Indicated, and Inferred Resource of 70.8 million tonnes grading 5.7% zinc with lead credits, at a cut-off grade of 3.5% zinc. 

This could benefit from the continued uplift in the zinc price due to looming supply constraints facing the fourth most used metal from decades of under investment.

The company filed the Mining Licence application in October and the next stages require it to manage a public consultation process and enter into an Impact Benefit Agreement (IBA). 

The IBA is a document used to provide a formal framework for Ironbark’s obligations such as training and employment commitments to the Greenlandic people.

Evidence of investor support for the company and the Citronen project includes the overwhelming interest received for its $2.5 million placement that it completed in the September quarter.

It remains well funded and concentrated on its key goal of delivering shareholder value through building a globally significant base metals mining house.

Ironbark also continues to explore business development opportunities available through its US$50 million Glencore mergers and acquisition funding facility and is currently reviewing several promising opportunities.


Citronen Base Metal Project

Within the JORC Resource of 70.8 million tonnes grading 5.7% zinc with lead credits, the company has defined a higher grade resource of 29.9 million tonnes grading 7.1% zinc with lead credits, at a cut-off grade of 5.0% zinc. 

That includes a Measured Resource of 8.9 million tonnes grading 7.2% zinc equivalent, Indicated Resource of 13.7 million tonnes grading 7.3% zinc equivalent, and Inferred Resource 7.3 million tonnes grading 6.6% zinc equivalent. 

In April of 2013 Ironbark completed a feasibility study at Citronen that estimated:

NPV: US$609  Million (US$354M post tax)
IRR: 32.0% (22.2% post tax)
Equity Return: 37.9% (Geared NPV after tax)
Capital Cost: US$429.3 million inc contingency (US$484.8M with First Fills)
Operating Cost: US$0.59/lb zinc (Payable, Net of by-product credits, Years 1-5, Smelter fees additional US$0.12/lb zinc)
Mine Life: 14 years
Life of Mine Operating Costs: US$3.42 billion
Life of Mine Revenue: US$5.65 billion


Mining Licence Application 

The lodgement of the Mining Licence application is a defining step forward for Ironbark as the company progresses towards developing a globally significant zinc mining operation. 

A Mining Licence application in Greenland is comprehensive and encompasses regulations which cover all aspects of the proposed mine, including environmental permitting and social commitments. 

The application includes:

- Feasibility Study;
- Social Impact Assessment (SIA);
- Environmental Impact Assessment with base line surveys (EIA);
- Navigational Safety Investigation (NSI);
- Environmental Management;
- Training, Employment, Health and Safety planning (expanded through a later Impact Benefit Agreement); and
- Full Feasibility Study covering the Process Plant, Infrastructure Works, Mine Development- Underground and Open Pit, Tailings Disposal, Power Generation, Accommodation and Emergency Services, Ship-Loading and Shipping and Execution Planning.

The next stages of the Mining Licence application process require Ironbark to manage a public consultation process and enter into an Impact Benefit Agreement (IBA). 

The IBA is a document used to provide a formal framework for Ironbark’s obligations such as training and employment commitments to the Greenlandic people.

Following approval, the Mining Licence would provide Ironbark with the right to mine at Citronen for a period of 30 years.


Zinc supply side to drive development of Citronen

The continued uplift in the zinc price has put the spotlight on looming supply constraints facing the zinc industry.

Under investment in the zinc sector should continue to support the zinc price and management vision to build a major zinc mine.

The zinc price has risen from a yearly low of US$0.85 per pound to a high of US$1.10 and currently trades at US$1.01 per pound. 

Zinc stockpiles have also dropped from 1,030,000 tonnes to 700,000 tonnes over the same time span, and are indicating a tightening of supply and further upward price pressure. 


Cash position

The market’s growing appreciation of Ironbark’s positioning on the global zinc stage was evidenced in August this year by the overwhelming interest received for the company’s $2.5 million placement to be used to advance permitting and pre-development preparation works at Citronen.

This was more than four times oversubscribed, reflecting the strong support for Ironbark and the Citronen project. The placement was completed in one tranche of 28 million shares at $0.09 per share.

Cash available to the Company at the end of the September 2014 quarter was approximately $3.7 million with no debt. A payment contribution made to the Captains Flat exploration project in joint venture with Glencore resulted in a higher than normal $300,000 cost for exploration during the quarter.

Ironbark has continued to explore business development opportunities available through its US$50 million Glencore mergers and acquisition funding facility and is currently reviewing several promising opportunities. 

The Company reported expenditure of $608,000 on exploration and evaluation, and a total cash burn of $842,000 for the September quarter. 

Projected exploration outlay for the current quarter is estimated at $200,000, and a total cash burn of $450,000.


Analysis

Ironbark's future development of Citronen is tied to an appreciation in the price of zinc currently trades at US$1.01 per pound. However, there may be further gains ahead for zinc given supply side dynamics.

Zinc stockpiles have also dropped from 1,030,000 tonnes to 700,000 tonnes over the same time span, and are indicating a tightening of supply and further upward price pressure. 

Perth broker Hartleys placed a 12 month share price target of $0.34 on Ironbark.

The company last traded at $0.096. It noted that the company is leveraged to rising zinc prices is significant due to the scale of its Citronen zinc project in Greenland. 

Major catalysts include granting of mining licence by March quarter of 2015, completion of financing negotiations by June quarter of 2015, and possible commencement of site works in June quarter of 2015.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Mon, 10 Nov 2014 13:59:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/63500/ironbark-zinc-makes-progress-with-mining-licence-to-develop-citronen-74200.html
<![CDATA[News - Ironbark Zinc lodges Mining License for Citronen Base Metal Project ]]> https://www.proactiveinvestors.co.uk/companies/news/62485/ironbark-zinc-lodges-mining-license-for-citronen-base-metal-project-73017.html Ironbark Zinc (ASX:IBG) is a step closer to mining the massive Citronen Base Metal Project after it lodged a 30 year Mining License with the Greenland Government authorities.

The riches of Citronen include 10 billion pounds of zinc and lead with a JORC compliant resource of 55.8 million tonnes at 6.1% zinc + lead.

A Mining Licence application in Greenland does differ from mining licences in other jurisdictions in that it is comprehensive and encompasses all aspects of the proposed mine such as the environmental permitting and social commitments.

Following approval, the Mining Licence would provide Ironbark with the right to mine for a period of 30 years.

Greenland has a solid history of zinc and lead mining, is proactive and pro-mining with zinc and lead being approved metals for exploitation.

Mining Licence application, which has been prepared in significant consultation with the relevant Greenlandic and Danish authorities, comprises of the following documents:

- Feasibility Study;
- Social Impact Study (SIA);
- Environmental Impact Study with base line surveys (EIA); and
- Navigational Safety Investigation (NSI)

These encompass some of the following studies and plans:

-Environmental Management;
-Training, Employment, Health and Safety planning; and
-Full Feasibility Study covering the Process Plant, Infrastructure Works, Mine Development
-Underground and Open Pit, Tailings Disposal, Power Generation, Accommodation and Emergency Services, Ship-Loading and Shipping and Execution Planning

Ironbark will be required to manage a public consultation process as part of the application process and enter into an Impact Benefit Agreement before being awarded a Mining Licence. The IBA is a document used to provide a formal framework for Ironbark’s obligations such as training and employment commitments to the Greenlandic people.


Analysis

The ML application is a pivotal forward step towards Ironbark Zinc developing a globally significant zinc mining operation at Citronen.

This is terrific timing as the spot zinc price has motored on a 12 month perspective to US$1.04 a pound, with forward projections even stronger for zinc with many sell-side commodity analysts expecting the rally to continue.

Perth broker Hartleys placed a 12 month price target of $0.34 on Ironbark. The company last traded at $0.10.

It noted that the company’ leverage to rising zinc prices is significant due to the scale of its Citronen zinc project in Greenland.

Potential share price kickers include:

- Dec Qtr 2014 or March Qtr 2015: Granting of mining licence;
- March or June Qtrs 2015: Financing negotiations completed;
- June Qtr 2015: Some early site works could begin

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Tue, 07 Oct 2014 08:47:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/62485/ironbark-zinc-lodges-mining-license-for-citronen-base-metal-project-73017.html
<![CDATA[News - Ironbark Zinc receives Buy from Perth broker, $0.34 price target ]]> https://www.proactiveinvestors.co.uk/companies/news/62370/ironbark-zinc-receives-buy-from-perth-broker-034-price-target-72891.html Ironbark Zinc (ASX:IBG) has received a Speculative Buy Recommendation with a 12 month price target of $0.34 from Perth broker Hartleys. The company last traded at $0.10.

It noted that the company’ leverage to rising zinc prices is significant due to the scale of its Citronen zinc project in Greenland, which has a current Resource of over 13 billion pounds of contained zinc and lead.

The following is an extract from the research report.

Upside is still enormous if zinc prices keep going up

Zinc prices have had a significant rally in the past few months, and many sell-side commodity analysts expect the rally to continue.

We estimate every 1 cent that zinc rises above US$1/lb adds 0.7-1.5cps to our valuation.

The company is engaged with China Non-Ferrous Corp (NFC) for potential financing. 

The MOU encompasses a 70% debt funding proposal brokered through Chinese banks and provides NFC with a right to buy a 19.9% direct interest at the project level.

However, our base valuation assumes a traditional financing agreement and hence we assume equity dilution. 

Our base case dilution is significant because we also assume equity is raised at low prices (~19cps). 

More likely though, it is possible that equity could be raised at significantly higher levels should the share price factor in high zinc prices ahead of such a raising.

Upcoming news flow…

- September Qtr 2014: Lodging of mining licence application;
- Dec Qtr 2014 or March Qtr 2015: Granting of mining licence;
- March or June Qtrs 2015: Financing negotiations completed;
- June Qtr 2015: Some early site works could begin.

Retain Speculative Buy recommendation

Despite a decent rally in the share price, there remains significant upside if zinc prices rise in line with the upper end of expectations, in our view. We maintain our Speculative Buy recommendation.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Thu, 02 Oct 2014 14:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/62370/ironbark-zinc-receives-buy-from-perth-broker-034-price-target-72891.html
<![CDATA[News - Ironbark Zinc's shares continue to surge ]]> https://www.proactiveinvestors.co.uk/companies/news/61373/ironbark-zincs-shares-continue-to-surge-71839.html Ironbark Zinc (ASX:IBG) shares hit $0.175 intra-day yesterday, as the company's valuation continues to climb as its leveraged to a rising zinc price.

Zinc is currently trading at around US$1.06 a pound, which is 20% higher than six months ago.

Ironbark's shares closed at $0.155, or around three times higher than just two months ago.

To highlight the investor interest in Ironbark, daily share volume for the past three months has been around 2.5 million, or four times higher than the daily average in the preceding three month period.

In August the company raised $2.5 million at $0.09 but could have attracted $10 million in a heavily oversubscribed bookbuild to progress permitting and pre-development preparation works at its wholly-owned Citronen Zinc Project in Greenland.

Citronen is one of the world’s largest undeveloped zinc projects with a current resource of 71 million tonnes at 5.7% of zinc and lead.

The project is recognised as a project of strategic importance in the “Oil and Mineral Strategy for 2014 to 2018” document where its development is expected to deliver strong employment and revenues to Greenland.

Ironbark has a US$50 million convertible note funding facility with Glencore Xstrata to fund growth opportunities.

Zinc is the fourth most used metal globally with half of its used in construction, roofing and vehicle industries.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Wed, 03 Sep 2014 11:30:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/61373/ironbark-zincs-shares-continue-to-surge-71839.html
<![CDATA[News - Ironbark Zinc's shares hit fresh 12-month high ]]> https://www.proactiveinvestors.co.uk/companies/news/60924/ironbark-zincs-shares-hit-fresh-12-month-high-71362.html Ironbark Zinc (ASX:IBG) shares have tripled in the past two months as it receives a re-rating in line with a rising zinc price, with the company's recent $2.5 million placement more than four times oversubscribed.

Yesterday Ironbark shares peaked at $0.135, a new 12-month high.

Highlighting the interest in the stock, average daily volume for the past eight weeks has been around 2.3 million, more than double the average for all of 2014.

Ironbark wholly-owns the Citronen Zinc Project in Greenland, which hosts one of the world’s largest undeveloped zinc projects with a current resource of 71 million tonnes at 5.7% of zinc and lead.

The company raised $2.5 million earlier in the month in a heavily oversubscribed bookbuild at $0.09.

This funding will allow it progress the project as zinc princes continues rising amidst a looming zinc supply shortage.

At the time, Jonathan Downes, managing director, commented: “We are delighted by the overwhelming interest received for the placement, which was more than four times oversubscribed, reflecting the strong support for Ironbark and our Citronen Zinc Project.

“We have taken a disciplined approach to restrict the size of the raising to minimise dilution to our shareholders, due to our firm view that zinc prices will continue to increase in the face of a looming zinc supply shortage as major global zinc mines are scheduled to close, and as we continue to progress our Citronen Project over the coming period."


Citronen Zinc Project

The Citronen Project is recognised as a project of strategic importance in the “Oil and Mineral Strategy for 2014 to 2018” document where its development is expected to deliver strong employment and revenues to Greenland.

It is well positioned next to a deep water fjord and is considered to be of a SEDEX style zinc deposit that commences from the surface, is shallow, flat lying and shows no sign of limitation in its scale.

Resources at Citronen are contained within near surface and underground prospects known as Esram, Beach Zone, XX and Discovery Zone that are contained within mineral lease 2007/02, and are open ended along strike.

Ironbark continues to make towards the granting of a Mining Licence having submitted in June the key Social Impact Assessment.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Fri, 15 Aug 2014 11:20:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/60924/ironbark-zincs-shares-hit-fresh-12-month-high-71362.html
<![CDATA[News - Ironbark Zinc raises $2.5M through oversubscribed bookbuild ]]> https://www.proactiveinvestors.co.uk/companies/news/60800/ironbark-zinc-raises-25m-through-oversubscribed-bookbuild-71233.html Ironbark Zinc (ASX:IBG) has raised $2.5 million but could have attracted $10 million in a heavily oversubscribed bookbuild to progress permitting and pre-development preparation works at its wholly-owned Citronen Zinc Project in Greenland.

Citronen is one of the world’s largest undeveloped zinc projects with a current resource of 71 million tonnes at 5.7% of zinc and lead.

The placement will be undertaken in one tranche of up to 28 million shares at $0.09 each.

“We are delighted by the overwhelming interest received for the placement, which was more than four times oversubscribed, reflecting the strong support for Ironbark and our Citronen Zinc Project,” managing director Jonathan Downes said.

“We have taken a disciplined approach to restrict the size of the raising to minimise dilution to our shareholders, due to our firm view that zinc prices will continue to increase in the face of a looming zinc supply shortage as major global zinc mines are scheduled to close, and as we continue to progress our Citronen Project over the coming period.

He added that global zinc stockpiles have continued to fall while zinc prices have continued to rise.

“As the 100% owner of one of the world’s largest, and arguably only significant zinc projects held by a junior, Ironbark is uniquely positioned to take advantage of a stronger zinc market with its advanced and large scale Citronen Zinc Project and strategic partners China Nonferrous, Nyrstar and Glencore. 

“We look forward to making significant progress on permitting and development as we progress the project to the next stage.”

Citronen Zinc Project

The Citronen Project is recognised as a project of strategic importance in the “Oil and Mineral Strategy for 2014 to 2018” document where its development is expected to deliver strong employment and revenues to Greenland.

It is well positioned next to a deep water fjord and is considered to be of a SEDEX style zinc deposit that commences from the surface, is shallow, flat lying and shows no sign of limitation in its scale.

Resources at Citronen are contained within near surface and underground prospects known as Esram, Beach Zone, XX and Discovery Zone that are contained within mineral lease 2007/02, and are open ended along strike.

Ironbark continues to make towards the granting of a Mining Licence having submitted in June the key Social Impact Assessment.

It has also entered into a new non-binding Memorandum of Understanding with China Non-Ferrous Metal Industry’s Foreign Engineering and Construction to advance the Citronen engineering procurement and construction as well as financing arrangements.

The company had in the June quarter focused its attention on exploring opportunities for optimised shipping concepts, routes and marshalling areas for the Citronen project, working with NFC, Grontmij, Fednav and the relevant government bodies.

Ironbark is leveraged to the zinc price, with over the past few months has moved from ~US$0.90/lb to ~US$1.10/lb (> 20% increase).

Zinc is also the fourth most used metal globally with half of its used in construction, roofing and vehicle industries.

Analysis

The heavily oversubscribed bookbuild to raise $2.5 million is a clear sign of support from investors in the company and its Citronen Zinc Project and rising zinc prices over the past year.

This funding will allow it progress the project as zinc princes continues rising amidst a looming zinc supply shortage.

Ironbark Zinc has $2.2 million in cash as of 30 June 2014 and a US$50 million convertible note funding facility with Glencore Xstrata to fund growth opportunities.

Notably, this includes attractive offtake and marketing arrangements.

Shares in Ironbark Zinc have risen past Proactive Investors’ previous share price target of between $0.074 to $0.08 that was made on 10 June 2014. Shares in the company have risen 110% from $0.05 at that point to the current $0.105.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Tue, 12 Aug 2014 15:21:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/60800/ironbark-zinc-raises-25m-through-oversubscribed-bookbuild-71233.html
<![CDATA[News - Ironbark Zinc to raise capital ]]> https://www.proactiveinvestors.co.uk/companies/news/157000/ironbark-zinc-to-raise-capital-56831.html Ironbark Zinc (ASX:IBG) has been granted a trading halt by the ASX pending details of a capital raising.

The company's Citronen Base Metal Project in Greenland is one of the world’s largest undeveloped zinc projects.

The resource is currently pegged at 71 million tonnes at 5.7% of zinc and lead, or 13 billion pounds of contained zinc and lead.

In June the company lodged the key Social Impact Assessment, a vital requirement for the Mining Licence.

Ironbark is leveraged to the zinc price, with over the past few months has moved from ~US$0.90/lb to ~US$1.10/lb (> 20% increase).

Major investors in Ironbark include Nyrstar and Glencore.

The halt will remain in place until the opening of trade on Wednesday 13th August 2014, or earlier if an announcement is made to the market.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Mon, 11 Aug 2014 14:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/157000/ironbark-zinc-to-raise-capital-56831.html
<![CDATA[News - Ironbark Zinc's share spike attracts ASX query ]]> https://www.proactiveinvestors.co.uk/companies/news/60072/ironbark-zincs-share-spike-attracts-asx-query-70462.html Ironbark Zinc (ASX:IBG) has received an ASX Price Query after the stock soared 28.8% to $0.085 intra-day today, compared to the closing price last Thursday.

Ironbark said in its response to the ASX: "We note that the London Metal Exchange (LME) warehouse zinc stock levels has fallen by over 25% in 2014 to a level below 660,000 tonnes (representing less than 1 months global zinc consumption)."

The zinc price has recently shown a strong upward trend which mirrors the continuous reduction in the LME warehouse stocks with the price recently achieving US$1.05 per pound, the highest level in almost three years.

The company's Citronen Base Metal Project in Greenland is one of the world’s largest undeveloped zinc projects with a growing Resource currently pegged at 71 million tonnes at 5.7% of zinc and lead, or 13 billion pounds of contained zinc and lead.

Ironbark continued: "Recently we have also noted increased media coverage and general public awareness which has focused attention on the zinc shortfall and this has attracted investor attention.

"We also note that despite zinc being a major industrial metal, Ironbark has limited remaining zinc developer and miner peers listed on the ASX and we believe we are the largest sole focused zinc explorer and developer on the ASX."

The company also pointed to its news last month updating the progress in relation to the Mining application process, announcing the lodgement of the Social Impact Assessment for Citronen with the Greenland Government for comment.


Social Impact Assessment Details

The SIA was prepared by the company with the assistance of European consulting and engineering industry company Grontmij.

It is based on engagement with relevant stakeholders and current Greenland social baseline information.

The main objectives for the SIA process are:

- To engage all relevant stakeholders in consultations and public hearings;
- To provide a detailed description and analysis of the social pre-project baseline situation as a basis for development, mitigation and future monitoring;
- To provide an assessment based on collected baseline data to identify both positive and negative social impacts at both local and national level;
- To optimize positive impacts and mitigate negative impacts from the mining activities throughout the project lifetime; and
- To develop a Benefit and Impact Plan (BIP) for implementation of the Impact Benefit Agreement (IBA).

Comments on the SIA by the Greenlandic Government have been received by the company and are being addressed.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Wed, 16 Jul 2014 17:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/60072/ironbark-zincs-share-spike-attracts-asx-query-70462.html
<![CDATA[News - Ironbark Zinc lodges Social Impact Assessment for Citronen Base Metal Project ]]> https://www.proactiveinvestors.co.uk/companies/news/58986/ironbark-zinc-lodges-social-impact-assessment-for-citronen-base-metal-project-69323.html Ironbark Zinc (ASX:IBG) is progressing its Citronen Base Metal Project in Greenland with the lodgement of the key Social Impact Assessment, a vital requirement for the Mining Licence.
        
Citronen is one of the world’s largest undeveloped zinc projects with a growing Resource currently pegged at 71 million tonnes at 5.7% of zinc and lead, or 13 billion pounds of contained zinc and lead.

Managing director Jonathan Downes told Proactive Resources the company expects to have the mining licence granted by the end of this year.

He added that zinc “as an unloved, unexplored and forgotten essential metal is about to have its day in the sun”.

Zinc Price Powers

Zinc stockpiles at the London Metals Exchange have fallen below 700,000 tonnes from approximately 1,250,000 tonnes about 18 months ago.

This fall in stockpiles is accelerating with the closure of several mines recently, due to ore depletion.

Downes added that interest in zinc could rise once the US$1 per pound mark is reached.




Social Impact Assessment Details

The SIA was prepared by the company with the assistance of European consulting and engineering industry company Grontmij.

It is based on engagement with relevant stakeholders and current Greenland social baseline information.

The main objectives for the SIA process are:

- To engage all relevant stakeholders in consultations and public hearings;
- To provide a detailed description and analysis of the social pre-project baseline situation as a basis for development, mitigation and future monitoring;
- To provide an assessment based on collected baseline data to identify both positive and negative social impacts at both local and national level;
- To optimize positive impacts and mitigate negative impacts from the mining activities throughout the project lifetime; and
- To develop a Benefit and Impact Plan (BIP) for implementation of the Impact Benefit Agreement (IBA).

Comments on the SIA by the Greenlandic Government have been received by the company and are being addressed. 

Citronen Base Metal Project

The Citronen Base Metal Project is recognised as a project of strategic importance in the “Oil and Mineral Strategy for 2014 to 2018” document where the development of the Citronen base metal project is expected to deliver strong employment and revenues to Greenland.

It is well positioned next to a deep water fjord and is considered to be of a SEDEX style zinc deposit that commences from the surface, is shallow, flat lying and shows no sign of limitation in its scale.

The resources at Citronen are contained within near surface and underground prospects known as Esram, Beach Zone, XX and Discovery Zone that are contained within mineral lease 2007/02, and are open ended along strike.

In addition to the JORC Resource of 71 million tonnes at 5.7% of zinc and lead, or 13 billion pounds of contained zinc and lead, the project also includes a conceptual Exploration Target of 302 million to 347 million tonnes at 4.4% to 5.0% zinc and lead, for a combined total potential of up to 36 billion pounds of metal at a 2% zinc cut-off.

It has attracted major investors that include Glencore Xstrata, the world’s largest zinc miner and trader, and Nyrstar which is the world’s largest zinc and lead smelter group.

Life of Mine OPEX is estimated at US$3.42 billion (A$3.66 billion) to produce total revenue of US$5.65 billion. 

The Internal Rate of Return is estimated at 32% (22.2% post tax), and Net Present Value is US$609 million (US$354 million post tax).   

Ironbark is in final discussions with the Greenlandic Government on minor aspects of the Environmental Impact Assessment.

The company had in April reached a non-binding Memorandum of Understanding with China Non-Ferrous Metal Industry’s Foreign Engineering and Construction. NFC will engineer, design, procure, supply, construct, test and commission Citronen on a full turnkey basis and facilitate funding from Chinese banks to cover 70% of costs.

The SIA is one of the key documents required for the Application for Exploitation Licence. 

It is intended to identify and analyse the potential socio-economic impacts of the proposed mining activity and to recommend initiatives, realise sustainable development opportunities as well as to mitigate any negative impacts

Zinc Demand

Zinc is the fourth most globally used metal, with 50% of production utilised in the galvanising of metals in the construction, roofing and vehicle markets.

Chinese use of zinc has quintupled since 1999 and currently stands at 5.4 million tonnes per year. Wood Mackenzie forecasts that global demand for zinc will soar from a current annualised consumption rate of 11 million tonnes, and reach 20 million tonnes by 2025.

Mine closures over the next four years are expected to remove 1.7 million tonnes, or 11% of annual global zinc supply. Average mine grade for zinc has also dropped sharply from 7.0% to a current 5.8% and provides additional pressure on metal pricing.

Analysis

The lodgement of the Social Impact Assessment for Citronen places Ironbark Zinc on the route towards applying for a Mining Licence in Greenland.

Apart from a price accretive advancement, we view Ironbark Zinc as firmly moving back onto investor radars with macro developments in the zinc price.

With zinc stockpiles at the LME having fallen below 700,000 tonnes from circa 1,250,000 tonnes about 18 months ago, zinc has come in from the cold.

This fall in stockpiles is accelerating with the closure of several mines recently, due to ore depletion.  With further interest in zinc could rise once the US$1 per pound mark is reached the current share price of $0.049 is particularly un-demanding. 

Given the expected growth of zinc demand in China coupled with upcoming mine closures over the next four years, the timing could not be better for Citronen.

We could see the share price testing $0.074 to $0.08 levels in the near future.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Tue, 10 Jun 2014 02:53:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/58986/ironbark-zinc-lodges-social-impact-assessment-for-citronen-base-metal-project-69323.html
<![CDATA[News - Ironbark Zinc in new partnership with China’s NFC to progress Citronen ]]> https://www.proactiveinvestors.co.uk/companies/news/57295/ironbark-zinc-in-new-partnership-with-chinas-nfc-to-progress-citronen-67523.html Ironbark Zinc (ASX: IBG) has secured greater clarity on support and development of its Citronen Zinc Project in Greenland after entering into a new non-binding Memorandum of Understanding with China Non-Ferrous Metal Industry’s Foreign Engineering and Construction (NFC).

Under the agreement, NFC will engineer, design, procure, supply, construct, test and commission Citronen on a full turnkey basis and facilitate funding from Chinese banks to cover 70% of costs. 

This replaces the previous agreement and is based on the Feasibility Study following due diligence and site visits by senior NFC personnel.

Citronen is one of the world’s largest undeveloped zinc projects with a growing Resource currently pegged at 71 million tonnes at 5.7% of zinc and lead, or 13 billion pounds of contained zinc and lead.

The new MoU has important advantages for Ironbark from the previous MoU as it operates directly between Ironbark and NFC with no intermediary and is founded on a significant strengthening in the relationship between Ironbark and NFC. 

NFC is one of China’s leading construction and engineering groups and builds, owns and operates base metal mines, processing plants and smelters around the world. It undertakes international contracted engineering, equipment and labour services and is rated globally as a high quality engineering house.

“We are delighted that a group with the expertise and scale of NFC has provided its support and cemented its relationship with Ironbark.” IronBark managing director Jonathan Downes said.

“The new MoU shows not only support of the Citronen project but comfort with Greenland as a development destination. While the zinc market remains challenging, it faces uniquely positive future opportunities which will provide a strong platform to support the development of Citronen."

New Memorandum of Understanding

Under the new MoU the framework is established to conduct the following activities:

-    NFC to engineer, design, procure, supply, construct, test and commission Citronen on a full turnkey basis;
-    NFC to facilitate financing from banks in China to cover about 70% of the project costs;
-    NFC to have an option to purchase 19.9% of Citronen at a project;
-    NFC to have a right enter into an offtake agreement for a portion of the concentrate products from Citronen; and
-    NFC to provide a performance bank guarantee in favour of Ironbark to be released subject to plant performance tests to the satisfaction of Ironbark.

Meetings were recently held in Beijing between NFC and the Greenland Minister for Mines and his department representatives, with a subsequent meeting held between NFC and Ironbark’s key infrastructure engineering firm, MT Hojgaard, to collaborate on the development of Citronen. 

NFC has also recently announced that it has signed a MoU with Greenland Minerals and Energy Limited to form a fully integrated global rare earth supply chain.

Citronen Zinc Project

Ironbark continues to progress towards the granting of a Mining Licence for the Citronen Zinc Project as global zinc stockpiles fall.

The project is well positioned next to a deep water fjord and is considered to be of a SEDEX style zinc deposit that commences from the surface, is shallow, flat lying and shows no sign of limitation in its scale.

In addition to the JORC Resource of 71 million tonnes at 5.7% of zinc and lead, or 13 billion pounds of contained zinc and lead, the project also includes a conceptual Exploration Target of 302 million to 347 million tonnes at 4.4% to 5.0% zinc and lead, for a combined total potential of up to 36 billion pounds of metal at a 2% zinc cut-off.

It has attracted major investors that include GlencoreXstrata, the world’s largest zinc miner and trader, and Nyrstar which is the world’s largest zinc and lead smelter group.

Life of Mine OPEX is estimated at US$3.42 billion (A$3.66 billion) to produce total revenue of US$5.65 billion. 

The Internal Rate of Return is estimated at 32% (22.2% post tax), and Net Present Value is US$609 million (US$354 million post tax).   

The recent Feasibility Study used a long term zinc price of US$0.835 per pound, and lead price of US$0.95 per pound for the life of mine; and a zinc price of US$0.85 per pound and lead price of US$0.90 per pound for the first 5 years – confirming that the mine would be profitable now.

The resources at Citronen are contained within near surface and underground prospects known as Esram, Beach Zone, XX and Discovery Zone that are contained within mineral lease 2007/02, and are open ended along strike.

Zinc demand

Zinc is the fourth most globally used metal, with 50% of production utilised in the galvanising of metals in the construction, roofing and vehicle markets. 

China is the growth driver, and only uses one quarter of the zinc used by western brands to galvanise a unit of local steel. Chinese demand for zinc is expected to soar as Chinese producers target export markets and are required to meet western quality standards. 

Chinese use of zinc has quintupled since 1999 and currently stands at 5.4 million tonnes per year. Wood Mackenzie forecasts that global demand for zinc will soar from a current annualised consumption rate of 11 million tonnes, and reach 20 million tonnes by 2025.

Major drivers include growth within the Chinese car industry that has explosive potential for zinc consumption.

Mine closures over the next four years are expected to remove 1.7 million tonnes, or 11% of annual global zinc supply. Average mine grade for zinc has also dropped sharply from 7.0% to a current 5.8% and provides additional pressure on metal pricing.

There are few large projects under development, and many of these are located in countries with high sovereign risk. This indicates that zinc prices are likely to rise as supply tightens.

Analysis

Ironbark Zinc’s new non-binding Memorandum of Understanding with China's NFC is a solid endorsement of Citronen and probability of it moving ahead to development.  It also sets the stage for NFC to engineer, design, procure, supply, construct, test and commission Citronen on a full turnkey basis.

That the new agreement is based on the Feasibility Study provides greater certainty for it development and also highlights the stronger relationship between the two companies.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Thu, 10 Apr 2014 02:03:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/57295/ironbark-zinc-in-new-partnership-with-chinas-nfc-to-progress-citronen-67523.html
<![CDATA[News - Ironbark Zinc’s shares soar, prompts ASX price and volume query ]]> https://www.proactiveinvestors.co.uk/companies/news/54881/ironbark-zincs-shares-soar-prompts-asx-price-and-volume-query-64934.html Ironbark Zinc (ASX: IBG) has highlighted the ongoing reduction in global warehouse zinc stock levels that have in turn led to prices recently exceeding $0.90 per pound, a price not seen since February 2013.

The company received a price and volume query from the ASX after its share rose to an intra-day high of $0.069 yesterday, up from a close of $0.056 on Wednesday, 14 January.

Shares in Ironbark had closed at $0.067 with more than 6.2 million shares traded.

The company said it was not aware of any information that has not been released to the market which could explain the recent trading.

However, it noted that that the London Metal Exchange had in addition to reporting fallen warehouse zinc stock levels of almost 30% over the past 12 months, recently confirmed zinc stock levels had fallen below 900,000 tonnes, less than one month’s global zinc consumption.

The rate of declining stockpiles appears to be increasing due to ongoing mine closures,including the Brunswick and Perseverance mines, and limited new production slated to meet the shortfall.

This has resulted in the zinc price recently exceeding $0.90 per pound.

Ironbark added that despite zinc being a major industrial metal, it has limited remaining zinc developer and miner peers listed on the ASX, a position further enhanced by the recent $269 million cash acquisition of Perilya Limited.

It also noted that a Eureka Reported dated 13 January 2014 had summarised the status of the zinc market and made a recommendation regarding the company.

The company wholly-owns the world class Citronen zinc and base metal project that is located in Northern Greenland where a Feasibility Study had forecast production of 3.3 million tonnes of feedstock; initial mine life of 14 years and CAPEX $484.9 million.

Life of Mine OPEX is estimated at US$3.42 billion to produce total revenue of US$5.65 billion. 

The Internal Rate of Return is estimated at 32.0% (22.2% post tax), and Net Present Value is US$609 million (US$354 million post tax).

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Fri, 17 Jan 2014 00:13:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/54881/ironbark-zincs-shares-soar-prompts-asx-price-and-volume-query-64934.html
<![CDATA[News - Ironbark Zinc director leads the way with on-market purchases ]]> https://www.proactiveinvestors.co.uk/companies/news/54082/ironbark-zinc-director-leads-the-way-with-on-market-purchases-64104.html Ironbark Zinc (ASX: IBG) director Adrian Byass has increased his stake in the company through an on-market purchase, providing a vote of confidence in its operations.

Byass increased his indirect stake by purchasing 200,000 for $10,110, or around $0.05 a share, and now holds around 10.5 million shares.

Analysts are predicting that zinc prices are likely to increase as the oversupply in the market shrinking sharply this year to around 50,000 metric tons or less. That would be less than half the surplus forecast by The International Lead and Zinc Study Group.

In fact one analyst goes further, opining that there may not be any surplus at the end of the year in 2013. So in 2014, zinc prices could rise placing Ironbark Zinc in a very favourable position with its Citronen Zinc-Lead deposit in Greenland.

Over 13 billion pounds of zinc and lead have been identified at Citronen.

Ironbark therefore is one of the few remaining zinc stocks on ASX and provides exceptional leverage to a rallying zinc price.


China's demand for zinc

Zinc is already the fourth most used global metal, but where the China story plays out is that the country uses around a quarter of the quantity of zinc used by Western brands.

How this breaks down is that China galvanises 4% of the steel it produces, far less than the 18% average used in the Western World.

Inevitably, China will increase this amount when they target export markets and strive to meet Western standards.

The usage of zinc has around half for galvanising metals used widely in the construction, roofing and vehicle industries, followed by brass and bronze (17%), alloying (17%), zinc semi-manufactures (6%), chemicals (6%) and the remaining four per cent in various sectors.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Wed, 11 Dec 2013 23:51:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/54082/ironbark-zinc-director-leads-the-way-with-on-market-purchases-64104.html
<![CDATA[News - Ironbark Zinc managing director leads with on market share purchase ]]> https://www.proactiveinvestors.co.uk/companies/news/51683/ironbark-zinc-managing-director-leads-with-on-market-share-purchase-61440.html Ironbark Zinc (ASX: IBG) managing director Jonathan Downes has acquired 250,000 shares in the company on the market.

He paid a total consideration of $16,326 for the shares, or a $0.065 each, bringing his total shareholding up to 8,635,000 shares held both directly and indirectly.

Downes also holds 2 million options exercisable at $0.45 and expiring on 16 November 2013.

The company had recently raised $2.2 million to progress its world class Citronen Zinc Project in Greenland as well as exploration on its Greenland and Australian base metal projects.

Citronen hosts a JORC Resource of 71 million tonnes at 5.7% of zinc and lead, or 13 billion pounds of contained zinc and lead, that is adjacent to a deep water fjord and is considered to be of a SEDEX style zinc deposit that commences from the surface.

In addition, it is shallow, flat lying and shows no sign of limitation in its scale.

It also includes a conceptual Exploration Target of 302 million to 347 million tonnes at 4.4% to 5.0% zinc and lead, for a combined total potential of up to 36 billion pounds of metal at a 2% zinc cut-off.

It has attracted major investors that include GlencoreXstrata, the world’s largest zinc miner and trader, and Nyrstar which is the world’s largest zinc and lead smelter group.

China Nonferrous, which is ranked as one of the world’s top engineering firms has executed a Memorandum of Understanding to build and majority fund the process plant.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Wed, 25 Sep 2013 03:57:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/51683/ironbark-zinc-managing-director-leads-with-on-market-share-purchase-61440.html
<![CDATA[News - Ironbark Zinc raising $2.2M for its Citronen Zinc Project ]]> https://www.proactiveinvestors.co.uk/companies/news/51474/ironbark-zinc-raising-22m-for-its-citronen-zinc-project-61201.html Ironbark Zinc (ASX: IBG) is raising $2.2 million to progress its world class Citronen Zinc Project in Greenland as well as exploration on its Greenland and Australian base metal projects.

The funds will be raised through a placement of about 36.7 million shares priced at $0.06 each. Hartleys Limited is broker to the offer, which is scheduled to settle on 26 September 2013.

“We see that the global zinc stockpiles have fallen by 20% over the last 6 months and believe that the draw down will now accelerate following the closure of the Brunswick and Perseverance mines in Canada this year,” managing director Jonathan Downes said.

“As the 100% owner of one of the world’s largest zinc projects held by a junior, Ironbark is uniquely positioned to take advantage of a stronger zinc market with its advanced and large scale Citronen Zinc Project.”

The company is focussed on completion of project EPC with China Nonferrous this year, construction by 2015, and commissioning of concentrate production by 2016.

Citronen

The Citronen zinc and base metal project hosts a JORC Resource of 71 million tonnes at 5.7% of zinc and lead, or 13 billion pounds of contained zinc and lead, that is adjacent to a deep water fjord and is considered to be of a SEDEX style zinc deposit that commences from the surface, is shallow, flat lying and shows no sign of limitation in its scale.

It also includes a conceptual Exploration Target of 302 million to 347 million tonnes at 4.4% to 5.0% zinc and lead, for a combined total potential of up to 36 billion pounds of metal at a 2% zinc cut-off.

It has attracted major investors that include GlencoreXstrata, the world’s largest zinc miner and trader, and Nyrstar which is the world’s largest zinc and lead smelter group.

China Nonferrous, which is ranked as one of the world’s top engineering firms has executed a Memorandum of Understanding to build and majority fund the process plant.

Life of Mine OPEX is estimated at US$3.42 billion (A$3.66 billion) to produce total revenue of US$5.65 billion.

The Internal Rate of Return is estimated at 32% (22.2% post tax), and Net Present Value is US$609 million (US$354 million post tax).  

The recent Feasibility Study used a long term zinc price of US$0.835 per pound, and lead price of US$0.95 per pound for the life of mine; and a zinc price of US$0.85 per pound and lead price of US$0.90 per pound for the first 5 years – confirming that the mine would be profitable now.

The resources at Citronen are contained within near surface and underground prospects known as Esram, Beach Zone, XX and Discovery Zone that are contained within mineral lease 2007/02, and are open ended along strike.

This represents exceptional exploration upside that could quadruple current resources.

Zinc demand

Zinc is the fourth most globally used metal, with 50% of production utilised in the galvanising of metals in the construction, roofing and vehicle markets.

China is the growth driver, and only uses one quarter of the zinc used by western brands to galvanise a unit of local steel. Chinese demand for zinc is expected to soar as Chinese producers target export markets and are required to meet western quality standards.

Chinese use of zinc has quintupled since 1999 and currently stands at 5.4 million tonnes per year. Wood Mackenzie forecasts that global demand for zinc will soar from a current annualised consumption rate of 11 million tonnes, and reach 20 million tonnes by 2025.

Major drivers include growth within the Chinese car industry that has explosive potential for zinc consumption.

Mine closures over the next four years are expected to remove 1.7 million tonnes, or 11% of annual global zinc supply. Average mine grade for zinc has also dropped sharply from 7.0% to a current 5.8% and provides additional pressure on metal pricing.

There are few large projects under development, and many of these are located in countries with high sovereign risk. This indicates that zinc prices are likely to rise as supply tightens.

Other projects

The company also owns a portfolio of three base and precious metals projects in New South Wales that include the Captains Flat Project with the historic Lake George Mine and adjoining Peakview project that includes mineralised targets along an 80 kilometre strike line.

The Belara project includes two historic base and precious metals mines where a maiden resource was developed in 2007.

Peakview includes high grade targets at Fiery Creek and Macanally Prospects that have returned up to 235 grams per tonne gold and 14.9% copper from sampling along historic workings.

Sampling and mapping have identified a 7 kilometre strike line that includes multiple parallel zones of mineralisation. Planning and permitting for a drilling program are well advanced to test these structures.

Analysis

The fund raising highlights the strong interest in Ironbark Zinc’s Citronen Zinc Project as global zinc stockpiles continue to fall.

It also positions the company to take advantage of this strong demand with the project currently forecast to commission concentrate production by 2016.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Wed, 18 Sep 2013 03:16:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/51474/ironbark-zinc-raising-22m-for-its-citronen-zinc-project-61201.html
<![CDATA[News - Ironbark Zinc heads to market ]]> https://www.proactiveinvestors.co.uk/companies/news/51392/ironbark-zinc-heads-to-market-61110.html Ironbark Zinc (ASX: IBG) is raising capital following the completion of an earlier encouraging  Feasibility Study for its wholly-owned Citronen zinc and base metal project in Greenland.

The company has been granted a trading halt, which will last until the earlier of an announcement being made to the market, or the opening of trade on Wednesday 18th September 2013.

Its Feasibility Study had forecast production of 3.3 million tonnes of feedstock; initial mine life of 14 years and CAPEX $484.9 million from the project, which hosts a JORC Resource of 71 million tonnes at 5.7% of zinc, (Zn) and lead (Pb), containing 13 billion pounds of zinc and lead.

The massive project has attracted major investors that include GlencoreXstrata, the world’s largest zinc miner and trader, and Nyrstar which is the world’s largest zinc and lead smelter group.

China Nonferrous, which is ranked as one of the world’s top engineering firms has executed a Memorandum of Understanding to build and majority fund the process plant.

Life of Mine OPEX is estimated at US$3.42 billion to produce total revenue of US$5.65 billion.

The Internal Rate of Return is estimated at 32.0% (22.2% post tax), and Net Present Value is US$609 million (US$354 million post tax).   

Notably, mineralisation remains open in all directions for exceptional exploration upside that could quadruple current resources.

Ironbark Zinc is focussed on completion of EPC with China Nonferrous this year, construction by 2015, and commissioning of concentrate production by 2016.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Mon, 16 Sep 2013 06:49:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/51392/ironbark-zinc-heads-to-market-61110.html
<![CDATA[News - Ironbark Zinc outlines reasons for 37% share price rise ]]> https://www.proactiveinvestors.co.uk/companies/news/51038/ironbark-zinc-outlines-reasons-for-37-share-price-rise-60709.html Ironbark Zinc (ASX: IBG) received an ASX Price Query after the market closed yesterday following the company's shares hitting $0.081 intra-day, which is a 37.3% increase from the closing price a week earlier.

Ironbark said that it is not aware of any information concerning it that has not been announced to the market which if known by some in the market could explain the recent trading in its securities.

In a response to the ASX, Ironbark stated: "The Company notes a recent Research Note issued by Proactive Investors."


ACCESS THE RESEARCH NOTE HERE


"The Note whilst not drafted by the Company does comment on the progress of the Citronen project and higher zinc prices however it does not contain any information that has not been previously made public by the Company through the ASX platform.

Ironbark also referred to the London Metal Exchange warehouse zinc stock levels which have fallen by approximately 20% over the last six months, and now represents less than 1 months global zinc consumption with a fall below the 1 million tonne level looking likely.

In conjunction with this Ironbark has limited remaining peer zinc developers and miners listed on the Australian Securities Exchange with Perilya Limited currently in a Trading Halt pending an announcement to the market of a potential control transaction.

"Other than this the Company confirms there is no other explanation that the Company may have for the recent trading in its securities."

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Wed, 04 Sep 2013 07:22:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/51038/ironbark-zinc-outlines-reasons-for-37-share-price-rise-60709.html
<![CDATA[News - Ironbark Zinc to up the ante at Citronen Zinc Project with higher zinc prices ]]> https://www.proactiveinvestors.co.uk/companies/news/50846/ironbark-zinc-to-up-the-ante-at-citronen-zinc-project-with-higher-zinc-prices-60493.html Ironbark Zinc (ASX:IBG) acquired the partially explored Citronen Project in early 2007 and completed an extensive exploration and development programme that included 166 drill holes for 32,240 metres.

 

Key Points

- Ironbark Zinc is the 100% owner of the world class Citronen zinc and base metal project that is located in Northern Greenland.

- The project area contains one of the world’s largest undeveloped zinc resource and currently hosts a JORC compliant resource of 71 million tonnes at 5.7% of zinc, (Zn) and lead (Pb), containing 13 billion pounds of zinc and lead.

- Mineralisation remains open in all directions for exceptional exploration upside that could quadruple current resources.

- A positive Feasibility Study was completed in April 2013 that forecast: production rate of 3.3 million tonnes of feedstock; initial mine life of 14 years and CAPEX $484.9 million.

- Life of Mine OPEX is estimated at US$3.42 billion to produce total revenue of US$5.65 billion. The Internal Rate of Return is estimated at 32.0% (22.2% post tax), and Net Present Value is US$609 million (US$354 million post tax).  

- Ongoing metallurgical testing is delivering breakthroughs that have recently boosted zinc recoveries above 90% and will bring down OPEX. Other technical studies are also underway that are aimed at lowering both CAPEX and OPEX.

- Ironbark Zinc recently won the Greenland Prospector and Developer of the Year Award at the PDAC Convention in Toronto for its work at Citronen.

- The massive project has attracted major investors that include GlencoreXstrata, which is the world’s largest zinc miner and trader and Nyrstar which is the world’s largest zinc and lead smelter group. China Nonferrous, which is ranked as one of the world’s top engineering firms has executed a Memorandum of Understanding to build and majority fund the process plant.

- Ironbark Zinc is focussed on completion of EPC with China Nonferrous this year, construction by 2015, and commissioning of concentrate production by 2016. 

- Ironbark Zinc is highly undervalued with an Enterprise Valuation of $0.0015 per pound of zinc resource, within a pricing environment that validates a pre-production EV of up to $0.049 per pound. This equates to an EV of $1.49 per share, once funding is in place.

 

Background

The total number is now 313 drill holes for 67,069 metres. The resources at Citronen are contained within near surface and underground prospects known as Esram, Beach Zone, XX and Discovery Zone that are contained within mineral lease 2007/02, and are open ended along strike.

 

MAP ONE, CITRONEN PROJECT AREA LEASES INCLUDE 2007/02 AND POTENTIAL STRIKE EXTENSIONS

 

MAP TWO, DRILL HOLES INDICATED IN RED AT ESRUM, BEACH, XX AND DISCOVERY WITHIN LEASE 2007/02

 

The JORC compliant mineralisation at Citronen is adjacent to a deep water fjord and is considered to be of a SEDEX style zinc deposit that commences from the surface, is shallow, flat lying and shows no sign of limitation in its scale. This includes a conceptual Exploration Target of 302Mt - 347Mt @ 4.4% - 5.0% zinc and lead, for a combined total potential of up to 36 billion pounds of metal at a 2% zinc cut-off.

Development of resources along strike has potential to rank Citronen as a very long life mine that is ranked in the “Super Giant” Category of global resource projects.

The project has attracted three major investor and strategic partners that have assisted with the funding of exploration, completion of a feasibility study, on-going technical studies, and with a funding and developmental pathway for the on-site process plant.

GlencoreXstrata is a long term cornerstone investor that holds 42.1 million shares in Ironbark Zinc. In October of 2011 Glencore agreed to provide an additional funding facility of US$50 million that converts at $0.42 per share for $30 million and $0.50 per share for the remaining $20 million. The undrawn facility has a provision that may allow Glencore to acquire off-take and marketing rights over part of the production from Citronen. 

In 2009 Nyrstar invested $6.6 million to acquire 52.8 million shares of Ironbark Zinc at $0.125 per share, along with a life of mine off-take agreement for 35% of production from Citronen. In 2010 NYR invested an additional $15 million to acquire 42.8 million shares at $0.35. 

Ironbark has an engineering and construction Memorandum of Understanding with China Nonferrous Metal Industry’s Foreign Engineering and Construction Co. Ltd for a fixed price Engineering, Procurement and Construction contract. The MOU encompasses a 70% debt funding proposal through Chinese banks and provides China Nonferrous with a right to buy an additional 20% direct interest in the Citronen Project.

Ironbark is reviewing potential acquisition targets via the undrawn funding facility. The Company also owns a portfolio of three base and precious metals projects in New South Wales that include the Captains Flat Project with the historic Lake George Mine and adjoining Peakview project that includes mineralised targets along an 80 kilometre strike line. The Belara project includes 2 historic base and precious metals mines where a maiden resource was developed in 2007.

Peakview includes high grade targets at Fiery Creek and Macanally Prospects that have returned up to 235 g/t au and 14.9% cu from sampling along historic workings. Sampling and mapping have identified a 7 kilometre strike line that includes multiple parallel zones of mineralisation. Planning and permitting for a drilling programme are well advanced to test these structures.  

 

Current Status

Ironbark recently completed a Feasibility Study that was primarily conducted by independent engineers. Highlights of the study include:

- Located in Greenland – a country with low sovereign risk and zinc mining history
- Located adjacent to deep, protected water on the doorstep of Europe and North America
- Simple, flat and continuous ore zones
- Open-pit fresh sulphide potential with very low strip ratios available to supplement higher grade underground mined mineralisation
- Simple, predominantly underground room and pillar mining operation planned
- Long mine life, with mineralisation open in almost every direction
- One of few world class deposits wholly owned by junior company

 

IMAGE ONE, CONCEPTUAL LAYOUT OF THE MINE, PROCESS FACILITIES AND DOCK FOR EXPORT OF CONCENTRATES

 

CAPEX is estimated at US$484.8 million (including First Fills). OPEX is estimated at US$0.68 per pound of zinc production, payable, net of by-product credits for the first 5 years of 14 year mine life.

During the first 5 years of production a concentrate will be produced that contains ~55% Zn and ~50% Pb. Annualised production of zinc is estimated at 185,677 tonnes / 408.5 million pounds, and lead at 48,045 tonnes / 105.7 million pounds.

The study estimates a Net Present Value of US$609 million (US$354 million post tax), and generates a high Internal Rate of Return of 32.0% (22.2% post tax) and an Equity Return of 37.9%.

The study utilised a long term zinc price of US$0.835 per pound, and lead price of US$0.95 per pound for the life of mine; and a zinc price of US$0.85 per pound and lead price of US$0.90 per pound for the first 5 years, and confirms that the mine would be profitable to-day. 

 

Zinc market

Spot zinc is currently trading at US$0.89 per pound, and may be reacting to a recent 10% fall in LME warehouse stock levels.

Zinc is the fourth most globally used metal, with 50% of production utilised in the galvanising of metals in the construction, roofing and vehicle markets. China is the growth driver, and only uses one quarter of the zinc used by western brands to galvanise a unit of local steel. Chinese demand for zinc is expected to soar as Chinese producers target export markets and are required to meet western quality standards.

Chinese use of zinc has quintupled since 1999 and currently stands at 5.4 million tonnes per year. Wood Mackenzie forecasts that global demand for zinc will soar from a current annualised consumption rate of 11 million tonnes, and reach 20 million tonnes by 2025. Major drivers include growth within the Chinese car industry that has explosive potential for zinc consumption.

A number of large zinc mines are likely to close over the next four years, including Brunswick (just closed), Lisheen, Century and Skorpion, and in total are estimated to remove 1.7 million tonnes or 11% of annual global zinc supply. Average mine grade for zinc has also dropped sharply from 7.0% to a current 5.8% and provides additional pressure on metal pricing.

There are few large projects under development, and many of these are located in countries with high sovereign risk. This indicates that zinc prices are likely to rise as supply tightens, making the development timetable for new mines such as Citronen - "opportune."

 

Catalysts

- Continued  improvement in zinc demand and price revival
- Portfolio development via undrawn US$50 million credit facility
- Development of MOU with China Nonferrous for process plant development and construction, and completion of all technical and economic studies followed by formal funding approval by end of 2013. 
- Commencement of construction
- Commissioning in 2016.

 

Valuation

Ironbark is currently trading at $0.055 for a market capitalisation of just $20.3 million. This puts a valuation on its mineral assets of $18.2 million after deducting the June Quarterly cash balance of $2.1 million. The Enterprise Valuation of Citronen is $17.2 million (after allowing $1 million for other assets), or $0.0015 per pound of JORC compliant zinc equivalent resource.

Glencore is a long term investor and has provided Ironbark Zinc with an undrawn US$50 million equity funding facility that converts at $0.42 and $0.50 per share, and assumes an Enterprise Valuation of $0.012 - $0.014 per pound of zinc equivalent. This long term valuation is supported by Nyrstar with major funding support in 2010 at $0.35 per share  

The EV/Zinc Equivalent is well below the Glencore funded and developed Perkoa Project owned by Blackthorn Resource with an Enterprise Valuation of $0.0.049 per pound.

By comparison, Ironbark Zinc is evaluating the annualised production of 408,500,000 pounds of zinc and 105,700,000 pounds of lead for a mine life of 14 years. The current Enterprise Valuation at Citronen is only 3.06% of that accorded to zinc resources at Perkoa. Investors should note that the current market valuation:

- Significantly undervalues JORC resources at Citronen
- Discounts the upside potential of the exploration target of 302Mt to 347Mt @ 4.4 to 5.0% zinc, along strike at Citronen. Perkoa does not have similar exploration upside
- Discounts the strategic value of the shareholder relationships established with Glencore and Nyrstar
- Discounts the potential inherent in the MOU executed with China Nonferrous to majority fund the design and construction of the process plant at Citronen
- Discounts the strategic potential inherent in the $50 million undrawn credit line provided by Glencore
- Discounts the upside potential within the Australian exploration portfolio

Applying an Enterprise Valuation of $0.049 per pound to 11 billion pounds of JORC compliant zinc and lead resources at Citronen equates to a pre-production EV of US$539 million or $1.46 per share on un-diluted capital. This does not take into account exploration potential or make allowance for a rise in zinc prices.

The obvious catalyst here is completion, approval and funding of the EPC by China Nonferrous to build the mine and process plant.


Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

 

Disclaimer

You understand and agree that no content published constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further  understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made.

However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

The contributors make every effort to ensure that the information and material contained in this report is accurate and correct and has been obtained from reliable sources. However, no representation is made about the accuracy or completeness of the information and material and it should not be relied upon as a substitute for the exercise of independent judgment. Proactive Investors does not accept any liability, including negligence, for any loss or damage arising from the use of, or reliance on, the material contained in this report.  There are general risks associated with any investment in securities. Investors should be aware that these risks might result in loss of income and capital invested.
WARNING: No recipients should rely on any recommendation (whether express or implied) contained in this document without obtaining specific advice from their advisers. All investors should therefore consider the appropriateness, in light of their own objectives, financial situation and/or needs, before acting on the advice.

DISCLOSURE:  Proactive Investors, its directors, associates, employees or representatives may not effect a transaction upon its or their own account in the investments referred to in this report or any related investment until the expiry of 24 hours after the report has been published.

 

]]>
Thu, 29 Aug 2013 01:06:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/50846/ironbark-zinc-to-up-the-ante-at-citronen-zinc-project-with-higher-zinc-prices-60493.html
<![CDATA[News - China zinc consumption to rise, Ironbark Zinc to benefit ]]> https://www.proactiveinvestors.co.uk/companies/news/50690/china-zinc-consumption-to-rise-ironbark-zinc-to-benefit-60320.html China's refined zinc consumption is set to rise for the rest of 2013, buoyed by the central government's plan to boost rail investment as well as seasonal demand, keeping zinc imports at strong levels.

To date, domestic spot zinc prices in China have been stuck well below the highs of 2010 and 2011 but there is potential for this to change.

However, they also remain above international levels as some large smelters have cut sales to prop up the market, prompting strong levels of imports for financing deals.

Pro-growth policies outlined in recent weeks to support the economy, including infrastructure projects and rail investment, have helped support metals, with steel prices up 25 percent since late May.

The government would step up rail investment and aims to exceed its 2013 investment plan, the central government confirmed this week the increased investment.

If the target is achieved, rail investment would rise to 343 billion yuan (US$56 billion) in the second half of the year, from 187 billion yuan in the first half, Nomura said in a report Monday.

Zinc companies set to benefit

Australian zinc project developer Ironbark Zinc (ASX:IBG) looks set to be a beneificiary as it is the 100% owner of the world class Citronen zinc and base metal project that is located in Northern Greenland.

With a resource of 71 million tonnes at 5.7% of zinc, (Zn) and lead (Pb), containing 13 billion pounds of zinc and lead, Citronen is one of the world’s largest undeveloped zinc resources.

The massive project has attracted major investors that include GlencoreXstrata, which is the world’s largest zinc miner and trader and Nyrstar which is the world’s largest zinc and lead smelter group.

China Nonferrous, which is ranked as one of the world’s top engineering firms, has executed a Memorandum of Understanding to build and majority fund the process plant.

Ironbark Zinc is focussed on completion of EPC with China Nonferrous this year and construction by 2015, and commissioning of concentrate production by 2016.

This timetable should catch the recovery in the zinc price wave nicely and at current market cap. of around $20 - $22 million and a share price of just $0.06, appears heavily undervalued relative to resource and its peers.

 


Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Fri, 23 Aug 2013 02:26:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/50690/china-zinc-consumption-to-rise-ironbark-zinc-to-benefit-60320.html
<![CDATA[News - Ironbark Zinc partnership with China's NFC a path to Citronen Project development ]]> https://www.proactiveinvestors.co.uk/companies/news/49522/ironbark-zinc-partnership-with-chinas-nfc-a-path-to-citronen-project-development-58978.html Ironbark Zinc (ASX: IBG) continues to progress its Citronen Base Metal Project in Greenland with the formal provision of the Feasibility Study to partner China Nonferrous Metal Industry’s Foreign Engineering and Construction (NFC).
   
This is in accordance with the non-binding memorandum of understanding, under which the two companies will jointly establish the development program for delivery of the project.

Citronen is one of the world’s largest undeveloped zinc projects with a growing Resource currently pegged at more than 11 billion pounds of zinc and lead.

The MoU is a framework agreement under which NFC has undertaken to provide the following:

-    Engineering, procurement and construction (“EPC”) on a fixed price and turnkey basis;
-    NFC to facilitate funding of the project development costs from major banks in China for 70% of the EPC contract cost on a turn-key basis (subject to standard terms and acceptability of the banks);
-    NFC is provided with an option to purchase up to 20% of the Citronen project directly on an mutually agreed valuation basis; and
-    NFC entering into an offtake agreement for the concentrate products of the Project or a portion thereof.

“We are delighted that the Citronen project is continuing to progress towards development in the current tough funding environment. Ironbark’s partnership with NFC provides a pathway to funding and development of Citronen that minimises shareholder dilution,” Ironbark managing director Jonathan Downes said.

Citronen

Citronen is one of the world’s largest undeveloped zinc projects and is being evaluated to mine at a rate of 3.3 million tonnes per annum.

This will produce between 140,000 and 220,000 tonnes per annum of zinc and around 10,000tpa of lead over a mine life of at least 14 years for delivery around the world with an estimated life of mine cash flow exceeding US$5.65 Billion.

The project also benefits from low sovereign risk and its location adjacent to deep, protected water on the doorstep of Europe and North America.

It has open-pit fresh sulphide potential with very low strip ratios to supplement higher grade underground mined mineralisation that itself requires simple room and pillar mining.

Highlighting the potential of Ironbark's projects, Glencore has already provided Ironbark with a US$50 million convertible note funding facility to acquire assets and for working capital.

The facility places Ironbark in a very strong position to build a leading international base metals company at a time when Ironbark believes considerable external growth opportunities exist - with the added bonus of attractive offtake and marketing arrangements with Glencore already agreed.

China Nonferrous Metal Industry’s Foreign Engineering and Construction

NFC is listed on the Shenzen Stock Exchange and is based in Beijing.

It constructs and sells a wide array of mining and equipment and is rated as one of the world’s top engineering firms by the US publication Engineering News Record.

NFC also operates a wide array of mines and processing plants around the world including zinc mines and a zinc smelter.

These include the Chambishi Copper Mine in Zambia and associated 150,000-ton copper smelter, Tumurtin-Ovoo Zinc Mine in Mongolia and Thai-China Lead-Antimony Alloy Plant in Thailand.

Other major projects include Kazakhstan 250,000-ton aluminium smelter, NICICO 80,000-ton copper smelter in Iran, a 100,000 lead smelter for Vedanta in India.

Analysis

Ironbark Zinc's provision of the Feasibility Study to NFC is another step towards progressing the Citronen project.

The Chinese group will be in a position to begin delivering the results from their work later in 2013, as has been previously flagged.

Notably, Citronen offers a long mine life with mineralisation open in almost every direction and is one of the few world class deposits that is wholly-owned by a junior company.

Production is also scheduled at a time of many planned zinc mine closures, a forecast shortage of zinc supply and anticipated high zinc prices.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Mon, 15 Jul 2013 06:36:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/49522/ironbark-zinc-partnership-with-chinas-nfc-a-path-to-citronen-project-development-58978.html
<![CDATA[News - Ironbark Zinc finds 253g/t gold,14.9% copper rock chips from project in NSW ]]> https://www.proactiveinvestors.co.uk/companies/news/156999/ironbark-zinc-finds-253gt-gold149-copper-rock-chips-from-project-in-nsw-42721.html Ironbark Zinc (ASX: IBG) has recorded peak results of up to 253 grams per tonne (g/t) gold and 14.9% copper from rock chip sampling of the Fiery Creek and Macanally Prospects at the Peakview Project, New South Wales.

This follows the earlier discovery of unexpectedly high-grade copper and gold rock chip results from its 100% owned Fiery Creek Prospect where six rock chip samples taken from around the historic pits and shafts returned up to 15.25% copper and 22.7 g/t gold during a recent reconnaissance trip in the last quarter.

About 85% of the current samples were in excess of 1g/t gold with the average grade being 17.5g/t gold, confirming the high tenor of the historical workings where the 54 samples were taken from.

Other notable gold results include 94.8g.t, 91.5g/t and 53.4g/t while other top copper results were 7.6% and 6.6%.

These are substantially better than expected and notably, were taken from workings that stretch for over 7 kilometres and consist of multiple parallel mineralised zones.

Ironbark believes there is high potential to locate economic grade mineralisation in the area as there has been limited drill testing of the lodes below the historically mined material.

Nine diamond holes drilled by Horizon Resources in 1998 that targeted deep induced polarisation targets rather than mineralisation directly under the workings returned intersections of 1.09 metres at 3.63g/t gold from 30.56 metres and 2 metres at 1.67g/t gold from 35.7 metres.

The extent of the historical workings indicates a good probability that sufficient tonnes to be of interest could be located in the area.

Fiery Creek & Macanally Prospects

Gold mining was conducted at the Fiery Creek area from 1887 to 1908. Numerous private miners exploited north-south trending steeply dipping mineralised shear zones.

Information available from 1892 indicates six separate groups of miners were active in the area.

The mineralisation at Fiery Creek was historically reported as a series of parallel reefs and was mined down to a depth of about 12 metres below surface.

This is thought to coincide with the depth of oxidation, thus leaving behind the sulphide dominant ore below.

The sulphide dominant ore would have been much harder to treat during the time of mining in the 1890’s as the processing would have been substantially more complex.

Notably, the highest grading gold samples were all from the sulphide dominant samples while the highest grade copper value came from an oxidised sample though high grade copper was also seen in sulphide samples.

There are no records of copper produced from the Fiery Creek site despite there being significant copper mineralisation.

Drilling permits have recently been granted for the Peakview Prospect and Ironbark is currently working towards gaining approval to conduct a drill program at the Fiery Creek & Macanally Prospects.

 

Citronen Project in Greenland

Ironbark this week released the highly anticipated Citronen Feasibility Study with the following key metrics for the project:

- NPV: US$609 Million (US$354M post tax)
- IRR: 32.0% (22.2% post tax)
- Equity Return: 37.9% (Geared NPV after tax)
- Capital Cost: US$429.3 Million inc contingency (US$484.8M with First Fills)
- Operating Cost: US$0.79/lb Zn in real terms (Payable, net of by-product credits, Years 1-5, including smelter fees)
- Mine Life: 14 years
- Life of Mine Revenue: US$5.65 Billion
- Life of Mine Operating Costs: US$3.42 Billion

Citronen’s Feasibility Study with all the supporting studies is being presented to China Nonferrous Metal Industry’s Foreign Engineering and Construction Co. Ltd (NFC) for the purposes of preparing the EPC and financing work.

NFC is expected to be in a position to begin delivering the results from their work scheduled for later in 2013.

The engineering and construction MOU with NFC encompasses a 70% debt funding proposal through Chinese banks and provides NFC with a right to buy a 20% direct interest in the Citronen Project.

Ironbark had $3 million in cash as of 31 March 2013.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Wed, 01 May 2013 15:50:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/156999/ironbark-zinc-finds-253gt-gold149-copper-rock-chips-from-project-in-nsw-42721.html
<![CDATA[News - Ironbark Zinc JV uncovers strong base metal conductors in NSW ]]> https://www.proactiveinvestors.co.uk/companies/news/41670/ironbark-zinc-jv-uncovers-strong-base-metal-conductors-in-nsw-49684.html Ironbark Zinc’s (ASX: IBG) joint venture partner NSW Base Metals, a subsidiary of Glencore International AG, has identified extensive and strong bedrock conductors at the Jerangle prospect, part of the Captains Flat Base Metal Project in New South Wales.

NSW Base Metals discovered the conductors via fixed-loop transient electromagnetic and ground magnetic surveys which are now complete.

The most recent drill hole was strongly mineralised near the top of the modelled electromagnetic conductor, highlighting the potential for considerably deeper mineralisation at Jerangle.

Drilling of the conductor is expected to begin as soon as possible, pending New South Wales statutory approvals. 


Captains Flat

The Captains Flat Project covers a strike length of 39 kilometres of a highly endowed volcanic massive sulphide horizon that hosts numerous historic mineral occurrences and mines including the Lake George Mine that produced 4 million tonnes of high grade ore until closure in 1962. 

The mine was at one time Australia’s second largest producer of copper.

Within the project area prospects also include the Lake George, Vanderbilt Hill and Anembo prospects where previous explorers have returned high grade copper and zinc drill intercepts.

The high grade Lake George Mine produced around 4 million tonnes at 10% zinc, 6% lead, 0.7% copper, 1.8 grams per tonne (g/t) gold and 55g/t silver and remains prospective for additional ore. 

Diamond drill results beneath historical workings indicate mineralisation over a strike length of at least 300 metres and includes 1.22 metres at 12.4% zinc and 5.4% lead. 

Mineralisation is open at depth and may represent possible repeats of the historically mined areas.

The Vanderbilt Hill prospect is located to the east of the Lake George Mine and drilling has returned results such as 3.9 metres at 10% zinc and 5.3% lead. 

The prospect is considered to be highly prospective with open ended historic high grade drill results yet to be followed up.

The Anembo Prospect lies 12 kilometres north of Jerangle and historic drilling returned a best intercept of 3 metres at 6.9% zinc, 5.5% lead, 21g/t silver and 2g/t gold from 163 metres.

Ironbark and NSW Base Metals are currently entitled to a 51% joint venture interest on an equal basis, and are currently jointly funding exploration to earn an additional 24% combined joint Venture interest from Forge Resources (ASX: FRG).


Proactive Investors is a market leader in the investment news space, providing ASX “Small and Mid-cap” company news, research reports, StockTube videos and One2One Investor Forums.

]]>
Mon, 29 Oct 2012 22:07:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/41670/ironbark-zinc-jv-uncovers-strong-base-metal-conductors-in-nsw-49684.html
<![CDATA[News - Ironbark Zinc submits key Environmental Impact Assessment for Citronen base metals project ]]> https://www.proactiveinvestors.co.uk/companies/news/156997/ironbark-zinc-submits-key-environmental-impact-assessment-for-citronen-base-metals-project--33461.html Ironbark Zinc (ASX: IBG) has submitted the critical Environmental Impact Assessment for its Citronen base metal project to Greenland’s Bureau of Minerals and Petroleum (BMP).

“The EIA is a critical element of the Feasibility Study and shows that the Citronen base metal mine will be one of the most environmentally sound operations in the world,” managing director Jonathan Downes said.

“We remain focused on delivering one of the largest zinc mines in the world to our shareholders as quickly as possible.

“The Citronen project is currently being evaluated by China Nonferrous Metal Industry’s Foreign Engineering and Construction Co. Ltd (NFC) for final engineering and construction which will also see the completion of the Capital Cost section of the Feasibility Study.”

Downes said the completion of the EIA is a major milestone.

Ironbark and its environmental consultant Orbicon AS have worked extensively with the BMP and its advisors over the last three years to ensure that the Assessment meets the highest standards of environmental sustainability and addresses all of the concerns of the regulators.

All supporting testwork including extensive Humidity Cell Test-work, three environmental base line surveys and Scoping Level Environmental Review Assessment (SLERA) has been completed.

The EIA is subject to a final and public review process during the final submission of all elements of the completed Feasibility Study and Mineral Exploitation license application.

Citronen

Ongoing engineering work has suggested the existing process plant design at Citronen has the potential to treat ore at a peak rate of 3.6 million tonnes per annum throughput by upgrading the primary and secondary crushers at a relatively small additional capital cost.

Ironbark is currently investigating the maximum continuous production rate that could be obtained through these plant modifications, with final processing plant modifications expected to increase capital costs by a nominal amount.

The wholly owned Citronen base metal project currently hosts in excess of 13.1 billion pounds of zinc and lead.

The production target is between 140,000 and 220,000 tpa zinc metal and around 10,000 tpa lead metal over a mine life of at least 14 years.

 

Proactive Investors is a market leader in the investment news space, providing ASX “Small and Mid-cap” company news, research reports, StockTube videos and One2One Investor Forums.

]]>
Fri, 14 Sep 2012 11:50:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/156997/ironbark-zinc-submits-key-environmental-impact-assessment-for-citronen-base-metals-project--33461.html
<![CDATA[News - Ironbark Zinc to discuss strong case for Greenland base metal project at One2One Forum in Perth ]]> https://www.proactiveinvestors.co.uk/companies/news/156995/ironbark-zinc-to-discuss-strong-case-for-greenland-base-metal-project-at-one2one-forum-in-perth-29940.html Ironbark Zinc (ASX: IBG) is demonstrating the strength of its Citronen Base Metal Project in Greenland through an increase in Resources, a longer mine life and US$50 million in finance secured from Glencore International.

*** CLICK HERE TO REGISTER ***

The company has delivered positive open pit optimisation studies for Citronen which show a more than 15% increase in mill feed tonnage and a longer mine life.

The open pit ore scheduling study results show over 9 million tonnes of mineralised material optimised by open pit mining with very low strip ratios.

Importantly, this material has the capacity to supplement the underground mined mineralisation to the process plant and increase the mine life by an additional three years from the underground only sourced material.

In early January, Ironbark announced an increase in both the grade and confidence of the resource at the project.

The global resource at Citronen now stands at 13.1 billion pounds of zinc and lead, using a 2% zinc cut-off, compared to the previously reported estimate of 132.6 million tonnes at 4% zinc and lead for 11 billion pounds.

EVENT DETAILS

The event will be held on Wednesday 20th June, 2012 at the Hyatt Regency Perth – 99 Adelaide Terrace from 5:15pm (for a 5:30pm start).

Light refreshments will be served during the event and following the presentations will be a Wine & Canape Reception allowing you to personally interact with presenting CEOs.
 
While the event is FREE to attend, registrations are essential.

EARLY BIRD DOOR PRIZE: If you arrive by 5:15pm and register for the event – you qualify for the Special Door Prize of a HD James Bond Spy Pen Digital Video Camera & Recorder.

LUCKY DOOR PRIZES: All attendees instantly go into the draw to win 1 of 3 lucky door prizes drawn on the night of a $100 STA Travel Voucher or a $100 Ticketek Voucher.

FULL PRESENTER LIST

Ironbark Zinc (ASX:IBG) is focused on the world class Citronen Base Metals Project in Greenland, which hosts in excess of 13.1 billion pounds of zinc and lead. The project has attracted Glencore and a US$50m convertible note facility.

Gunson Resources' (ASX:GUN) assets include the Coburn Mineral Sands Project in Western Australia, with the company currently in advanced discussions with POSCO – the world’s fourth largest steel producer – to purchase a large minority interest in the project.

Alara Resources (ASX: AUQ) has interests in some highly prospective base metals projects in Saudi Arabia, Oman and Chile. The Khnaiguiyah Zinc Copper Project remains on track to deliver a DFS by July 2012, with a 70,000tpa zinc production target.

Trafford Resources (ASX: TRF) continues to advance the Wilcherry Hill Project in South Australia where the company is exploring for iron oxide, copper, gold and uranium (IOCGU) deposits with partner IronClad Mining. Trafford has the right to all the minerals mined except iron ore.

Ezeatm (ASX: EZA) has just secured an exclusive five Year Distribution Agreement for ATMs and ATM-related products, parts and software manufactured by NeoICP Korea, Inc. Ezeatm has forecast an annual EBITDA of $5,000,000. Cash balance at 31 March 2012 was $2,045,245.

Pioneer Resources (ASX: PIO) is a well-funded Kalgoorlie focused gold explorer with a proven discovery capacity. Pioneer owns over 800 square kilometres of gold tenements, with this footprint set to increase in the near term through pegging.

Paramount Mining (ASX:PCP) has acquired a controlling interest in the Gunung Rosa gold, silver and base metal mine project in West Java.  Helicopter-borne magnetic results and existing field mapping and sampling indicate the scope for the definition of additional resources of gold, silver and base metal mineralisation.


Prosperity Resources' (ASX: PSP) strategic focus is the recently acquired Pinang-Pinang gold-copper in Aceh, Indonesia.

 

Proactive Investors is a market leader in the investment news space, providing ASX “Small and Mid-cap” company news, research reports, StockTube videos and One2One Investor Forums.

]]>
Wed, 13 Jun 2012 08:37:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/156995/ironbark-zinc-to-discuss-strong-case-for-greenland-base-metal-project-at-one2one-forum-in-perth-29940.html
<![CDATA[News - Ironbark Zinc secures US$50m facility from Glencore to fund base metals deals ]]> https://www.proactiveinvestors.co.uk/companies/news/156993/ironbark-zinc-secures-us50m-facility-from-glencore-to-fund-base-metals-deals-20741.html Ironbark Zinc (ASX:IBG) has secured a US$50 million convertible note funding facility and offtake facility with a Glencore International (LSE:GLEN) subsidiary that allows Ironbark to add to its considerable base metals assets when opportunities are available.

Ironbark is currently concluding a Feasibility Study for the Citronen project, a globally significant base metal project in Greenland.

The facility has been struck by Ironbark managing director Jonathon Downes at a level that provides for conversions to shares at a significant premium to Ironbark’s last traded share price of A$0.30.

The funding facility could see Ironbark expand to become a significant base metals house with this further backing from Glencore.

Following shareholder approval, Ironbark plans to use the funds to acquire assets, at either a project level or a company level, which are identified and agreed upon between Ironbark and Glencore, and for working capital.

Opportunities for acquisition may include assets or companies that have base metal assets in jurisdictions where Ironbark does not currently operate, which would provide Ironbark with diversification by operation, commodity and geography.

The company believes this type of diversification has the potential to deliver significant net benefits to Ironbark.

The timing of the facility is particularly favourable for the company, with global financial uncertainty resulting in growing opportunities for well-funded companies to expand through inorganic growth.
 
The majority of the Ironbark board believes that the ability to offer significant cash consideration to secure base metal project(s) is highly valuable in the present market.

The benefits of increased scale and project diversification as a result of successful acquisitions funded by the facility could also result in Ironbark’s cost of capital for future funding being improved.

The facility will be provided in two tranches of convertible notes with minimum drawdown amounts of $5 million.

Tranche 1 comprises $30 million which may be converted into Ironbark shares at the election of either Glencore or Ironbark at A$0.42 per share, and tranche 2 comprises US$20 million which may be converted into Ironbark shares at the election of Glencore at A$0.50 per share.

Ironbark and Glencore will also enter into an offtake agreement for 35% of the production of concentrates from Ironbark’s Citronen Project in Greenland. If any amount is drawn down pursuant to the facility then the offtake agreement will increase to 55%.

The deal will also allow Ironbark to further strengthen its board, with Glencore having the right to request the addition of three of its representatives to the board if any convertible notes are issued.

Hartleys is Ironbark’s corporate advisor for the facility.

]]>
Fri, 14 Oct 2011 10:11:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/156993/ironbark-zinc-secures-us50m-facility-from-glencore-to-fund-base-metals-deals-20741.html
<![CDATA[News - Ironbark Zinc confidence boost as fund manager L1 Capital increases stake again ]]> https://www.proactiveinvestors.co.uk/companies/news/156991/ironbark-zinc-confidence-boost-as-fund-manager-l1-capital-increases-stake-again-15502.html Ironbark Zinc (ASX: IBG) operations have recently been receiving a major vote of confidence from substantial shareholder L1 Capital, as the specialist fund manager continues to increase its stake.

This week L1's interest in Ironbark jumped to 10.9%, from 9.5%.

The interest in Ironbark no doubt is due to the company's Citronen Zinc-Lead project located in the mining friendly European nation of Greenland.

The wholly owned Citronen base metal deposit in Northern Greenland currently hosts in excess of 10 billion pounds of zinc and lead.

The current JORC Resource for Citronen is; 55.8 million tonnes at 6.1% zinc plus lead.

Earlier in the year Ironbark concluded the resource estimate, process design and key project engineering aspects within the ongoing Feasibility Study for Citronen.

Final mine optimisation and financial modelling is currently being conducted.

The results to date confirm the relevance of the Citronen project as a large scale and long life mining operation that is situated within the stability of a first world Government regime.

 

]]>
Thu, 14 Apr 2011 13:07:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/156991/ironbark-zinc-confidence-boost-as-fund-manager-l1-capital-increases-stake-again-15502.html
<![CDATA[News - Ironbark Zinc in a trading halt pending a capital raising announcement ]]> https://www.proactiveinvestors.co.uk/companies/news/156989/ironbark-zinc-in-a-trading-halt-pending-a-capital-raising-announcement-11698.html A trading halt request to the ASX by Ironbark Zinc (ASX: IBG) has been granted, pending a capital raising announcement from the company.

It is not yet known where the company will allocate the potential new inflow of funds, but last month Ironbark announced a stunning high grade intercept of; 16 metres at 20.8% zinc, in follow-up drilling at Citronen Fjord in Greenland.

Of major importance to this intercept, is that the majority of the flat-lying strata-bound mineralisation in the area has not been effectively explored, representing significant exploration opportunity, with the potential for a resource upgrade.

A revised resource for Citronen incorporating the +20,000m of diamond core drilling completed since November 2008 is expected in the December quarter of 2010.

Total diamond core drilling on the site up to October 2010 is over 62,000m.

 

]]>
Mon, 15 Nov 2010 09:50:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/156989/ironbark-zinc-in-a-trading-halt-pending-a-capital-raising-announcement-11698.html
<![CDATA[News - Ironbark Zinc responds to ASX price and volume query ]]> https://www.proactiveinvestors.co.uk/companies/news/156987/ironbark-zinc-responds-to-asx-price-and-volume-query-11609.html With a price spike to $0.295 on Wednesday 10 November, from $0.255 on Tuesday 9 November, on substantially increased volume, the ASX has initiated a price and volume query to Ironbark Zinc (ASX: IBG).

The company said it is not aware of any information to explain recent trading in the stock.

Ironbark did state, 'The company continues with its ongoing promotional endeavours.

'To this end, the company is embarking on a series of Investor Roadshows.'

Ironbark said the presentation for the roadshows '... does not contain any information that is not otherwise publicly available.'

Last month Ironbark reported high grade results from the Citronen base metal deposit in Greenland including; 35m at 9.6% zinc+lead from 61 metres, including 21 metres at 14.4% zinc+lead , including 7 metres at 22.3% zinc+lead .

In September, a stunning high grade of; 16 metres at 20.8% zinc, was announced.

The wholly owned Citronen base metal deposit currently hosts in excess of 10 billion pounds of zinc and lead, with a current JORC compliant resource of; 55.8 million tonnes at 6.1% zinc + lead .

The presence on the Ironbark share register of Nystar, the world’s largest zinc refiner with a 31% stake is telling, and takes away significant financing and off take risk - increasing the probability that Citronen will be brought into production.

Ironbark shares have continued to rally in trade towards midday, with the stock up 14% to $0.325.

]]>
Thu, 11 Nov 2010 11:23:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/156987/ironbark-zinc-responds-to-asx-price-and-volume-query-11609.html
<![CDATA[News - Ironbark Zinc hits highest grade and highest contained zinc intercept at Citronen ]]> https://www.proactiveinvestors.co.uk/companies/news/156985/ironbark-zinc-hits-highest-grade-and-highest-contained-zinc-intercept-at-citronen-10155.html Ironbark Zinc (ASX: IBG) has just unveiled a stunning high grade intercept from Hole 249 at Citronen Fjord in Greenland, so high that it represents the highest grade and highest contained zinc intercept of any drill hole drilled to date at Citronen. 

Results received for CF10_249 are 16 metres @ 20.8% zinc, within a broader intercept of 29.4 metres @ 13.4% zinc from 69.5 metres down hole and a narrower zone of 2m @ 20.7% zinc from 58.3 metres down hole.

The hole was from drilling outside quoted resource areas this season.  Interestingly, the drilling was conducted along a zone interpreted that could potentially link the major mineralisation at Discovery and Beach Zones.

Jonathan Downes, managing director of Ironbark said the true width of the intercept and its significance is "unknown at this stage." However, the drill hole is situated 550 metres to the north-west of the Discovery Zone resource.

Citronen currently hosts in excess of 10 billion pounds of zinc (Zn) and lead (Pb). The current JORC compliant resource for Citronen is 55.8 million tonnes at 6.1% zinc (Zn) + lead (Pb).  This includes a higher grade resource of including a higher grade resource of 22.6 million tonnes at 8.2% zinc (Zn) + lead (Pb).

The Citronen Zinc Project possesses one of the worlds largest undeveloped zinc resources.

The mineralisation starts from surface, is shallow, flat lying and adjacent to a deep water fjord that could conceivably provide near mine ship docking and loading potential.

]]>
Tue, 21 Sep 2010 05:09:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/156985/ironbark-zinc-hits-highest-grade-and-highest-contained-zinc-intercept-at-citronen-10155.html
<![CDATA[News - Ironbark Zinc hits more high grade zinc at Citronen ]]> https://www.proactiveinvestors.co.uk/companies/news/156982/ironbark-zinc-hits-more-high-grade-zinc-at-citronen-8147.html Ironbark Zinc (ASX: IBG) has reported on further high grade drilling results received from the Citronen Base Metal Project in Greenland with hole CF10-215 including 5.4m at 12.3% zinc from 122m.

The holes represent extensional and infill holes. Drill results with assays exceeding 4% zinc include:

- CF10-212 4.5m at 4.4% zinc from 133m;
- CF10-214 14m at 5.7% zinc from 94.7m including 3m at 14.8% zinc from 102.7m; and
- CF10-215 10.5m at 8.0% zinc from 121.5m including 5.4m at 12.3% zinc from 122m.

Jonathan Downes, managing director, said additional drill results are awaited and drilling will remain ongoing 24 hours per day until the completion of the field season in September.

Engineering, design and development work is ongoing and on schedule towards completing the Feasibility Study.

Citronen currently hosts in excess of 10 billion pounds of zinc (Zn) and lead (Pb).

The current JORC compliant resource for Citronen (November 2008) is 55.8 million tonnes at 6.1% zinc (Zn) + lead (Pb). It has an Indicated resource of 29.9Mt @ 5.8% Zn and 0.6% Pb and Inferred resource of 25.9Mt @ 5.0% Zn and 0.7% Pb.

]]>
Thu, 24 Jun 2010 11:28:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/156982/ironbark-zinc-hits-more-high-grade-zinc-at-citronen-8147.html
<![CDATA[News - Ironbark Zinc's high grade zinc results to boost Citronen resource ]]> https://www.proactiveinvestors.co.uk/companies/news/156981/ironbark-zincs-high-grade-zinc-results-to-boost-citronen-resource-7634.html Ironbark Zinc (ASX: IBG) has reported that first round drilling at its key Citronen Base Metal Project in Northern Greenland has been completed, with high grade zinc results received.

The company said several of the holes were designed to test the basement rock for foundation stability for plant, equipment and infrastructure and include the fuel storage area, concentrate storage dome, process plant and camp.

Best results from holes that targeted resource extension and infill drilling include CF10-211: 5m at 12.7% zinc from 132m and CF10-213: 7.5m @ 10.2% zinc from 130m including 1m @ 28.2% zinc from 135.9m.

Jonathan Downes, managing director, said these high grade results are expected to enhance the resource model.

The holes represent geotechnical, metallurgical, extensional and infill holes.

Ironbark said additional drill results are awaited and drilling will remain ongoing 24 hours per day until the completion of the field season in September.

Greenland provides a very supportive mineral development environment with a tax rate of 37% and no Government royalties.

In addition development expenditure and plant and equipment are deductable through depreciation at a rate of 30% on a declining balance basis.

Citronen currently hosts in excess of 10 billion pounds of zinc (Zn) and lead (Pb).

]]>
Thu, 03 Jun 2010 11:44:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/156981/ironbark-zincs-high-grade-zinc-results-to-boost-citronen-resource-7634.html