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IRONBARK ZINC LTD

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The Citronen Zinc-Lead Project represents one of the world’s largest undeveloped zinc-lead resources with a resource in excess of 13 billion pounds of contained zinc and lead metal. The project is located in northern Greenland, a self-governed part of the Kingdom of Denmark and has a low level of sovereign risk.

To date in excess of 67,000m of diamond drilling has been completed at the Citronen Project. Citronen is a sedimentary exhalative (SEDEX) deposit- a potentially very large type of deposit. The mineralisation at Citronen starts from surface, is flat lying and is currently open in almost all directions. The deposit is adjacent to a deep water fjord that provide near mine ship docking and loading opportunities.



The Citronen Zinc-Lead Project in northern-Greenland represents one of the world’s largest undeveloped zinc-lead resources with a resource in excess of 13 billion pounds of contained zinc and lead metal. The 2017 Feasibility Update highlights the project's NPV of US$1,034 million, a mine life of 14 years and life of mine revenue of US$6,364 Million.



Highlights of the Feasibility Report include:

  • NPV8: US$1,034  Million (US$909M post tax*)
  • IRR: 36.0% (35% post tax*)
  • Capital Cost: US$514 Million**
  • Large Scale Production: 3.3Mtpa Mine Rate/Production up to 200,000tpa zinc metal
  • Site Cost: US$0.52/lb Zn (Payable, Net of by-product credits)***
  • Mine Life: 14 years (open ended and with further inferred resources that could potentially be converted to reserves)
  • Life of Mine Revenue: US$6,364 Million
  • Life of Mine Operating Costs: US$3,025 Million
  • Life of Mine NPAT: US$1,836 Million*

* Excluding dividend withholding tax (Corporate tax rate of 30%, dividend withholding tax 37%). All costs and prices indexed at a CPI rate of 2.5% pa

** Compared against the last Western Calculation dated 2011 is a 2.4% increase. NFC are currently working on a Chinese Feasibility study which is expected to have a lower Capital Cost

*** Smelter fees an additional US$0.14/lb Zn Payable


Project Highlights:

  • 100% owned Exploitation Licence 2016/30 (Mining Permit) Granted by the Greenland Government – 30 year term
  • Open-ended, simple, consistent resources
  • Simple mining, simple processing using standard technology
  • Major industry shareholders – Glencore International AG & Nyrstar NV


For full details of the results from the Citronen Project’s Feasibility Report, please download a copy of the ASX announcement dated 12 September, 2017. 



Jonathan C. Downes – Managing Director
Mr Downes has over 25 years’ experience in the minerals industry and has worked in various geological and corporate capacities. Experienced with nickel, gold and base metals, he has also been intimately involved with numerous private and public capital raisings. Mr Downes is on the board of several ASX-listed companies; he was a founding director of Hibernia Gold (now Moly Mines Limited) and Siberia Mining Corporation Limited (now merged with Monarch Resources Limited) and is a non-executive director of Corazon Mining Limited and Galena Mining Limited.


Michael Bourguignon – Project Director

Michael has over 20 years’ experience in Project Management within the Mining Industry both in Australia and Internationally. Michael’s most recent role was as the Capital Project Manager for Syrah Resources Limited’s Balama Graphite Mine. Michael was responsible for the planning, coordination and execution of multiple contracts for the construction of the Balama Processing plant which is the largest graphite processing plant in the world. The project scope also included the construction of external infrastructure which was self-managed. In this role, Michael was responsible for 2000 personnel with an owners of team of 96 staff reporting directly to him through to successful completion.  


Peter Duncombe Bennetto- Non Executive Chairman
Peter has over 35 years’ experience in banking and investment. He has had deep involvement in capital, currency and commodity markets with Societe Generale and Banque Indosuez. Peter has held company director positions in exploration, mining and manufacturing companies listed on the ASX since 1990. Peter was also a founding director of Anaconda Nickel Ltd.


David Kelly – Non Executive Director
Mr Kelly has over 9 years’ experience in finance industry in Australia and the United Kingdom; he has held senior roles at Deloitte Touche Tomatsu, Chartered Accountants and Royal & SunAlliance Insurance Group plc. Mr Kelly is a qualified Chartered Accountant, and is currently working for Ironbark’s substantial shareholder, Glencore International.


Gary Comb – Non Executive Director
Mr Comb is an engineer with over 25 years’ experience in the Australian mining industry, with a strong track record in successfully commissioning and operating base metal mines. Whilst he was Managing Director of Jabiru Metals Limited, he successfully took the Jaguar base metal project into production with the commissioning of the mine and processing plant taking place during the Global Financial Crises. Mr Comb was previously the Chief Executive Officer of BGC Contracting Pty Ltd, the mining contracting arm of the West Australian construction group BGC Pty Ltd. He is currently also a director of Zenith Minerals Limited.


Kelly Strong – Non Executive Director
Mr. Kelly Strong is the Vice President for mining operations at Nyrstar located in Tennessee. In his current role Mr Kelly Strong is responsible for all of Nyrstar’s zinc mining and milling operations in Canada and the United States, operating the mining of polymetallic ore bodies, and associated products. Mr Strong’s appointment is ideally suited to support Ironbark’s planned transition into mining.


Rob Orr – Chief Financial Officer & Company Secretary
Mr Orr is a Chartered Accountant with a significant level of commercial experience in the roles of Chief Financial Officer and Company Secretary for a number of ASX listed companies. Mr Orr has over 25 years’ experience in public practise and commerce and has worked extensively in the resource industry and is experienced in capital markets, project development, contract negotiation and mining operations.


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