Australia  

Celebrating 10 Years of Trusted News Discovery
One News Page
> >

Ironbark Zinc substantial shareholders lift combined interest to 13.32%

Proactive Investors Sunday, 12 May 2019
Ironbark Zinc Limited (ASX:IBG) substantial shareholders Toronga Pty Ltd and Dulyne Pty Ltd have increased their combined interest to 13.32% from 11.27%. The investors, which share a common director, have recently purchased 14.5 million shares and at May 8 held a total of 94.5 million shares. At that date Toronga held 57 million shares and Dulyne 37.5 million. The base metals explorer and pre-developer has projects in Greenland and in New South Wales. Seeking to secure finance At its flagship Citronen Zinc and Lead Project in southern Greenland the company is working hard to secure finance to develop the project. Ironbark is pursuing long-term debt provided by major international banks, private equity financing and export credit agencies with a debt target of US$300 million. The company is working with several groups interested in forming part of the financing package with the possibility of additional streaming financing. Equipment financing has potential to provide about US$150 million towards the total financing package. READ: Ironbark Zinc focused on world-class zinc and lead project in Greenland Citronen’s inventory consists of 45 million tonnes grading 5.3% zinc and 0.5% lead found within a 70 million tonnes resource grading 5.1% zinc and 0.5% lead. A higher grade 29.9-million-tonne resource grades 7.1% zinc. Germanium also present The treasured semiconductor germanium is also found at the project, which has an approved mining licence, but is not included in the resource. A September 2017 feasibility study modelled a 14-year mine producing 180,000 tonnes a year of zinc and 25,000 tonnes a year of lead for the first five years of the mine. Net present value (NPV) was put at US$1.034 billion (US$909 million after tax) and its internal rate of return (IRR) at 36% (35% after tax). The study’s US$514 million capital cost estimate averages out to US66 cents for each pound of zinc produced from Citronen’s mining inventory. READ: Ironbark Zinc strives to become major mine operator with steady March quarter progress At the Captains Flat Base Metal Project in NSW a HeliSAM electromagnetic (EM) survey over the large Jerangle prospect identified anomalies in several adjacent loops indicating the presence of a large bedrock anomaly. Interpretation of the data is ongoing with a final report with drill targets expected shortly.
0
shares
ShareTweetSavePostSend
 

Recent related news from verified sources

Kin Mining’s substantial shareholders boost stakes after placement participation

Kin Mining NL’s (ASX:KIN) substantial shareholders have increased their interest in the company through participation in a share placement that raised $2.1...
Proactive Investors

Azumah Resources raises $2 million in fully underwritten SPP to advance Wa Gold Project

Azumah Resources Limited (ASX:AZM) will raise $2 million by way of a fully underwritten share purchase plan (SPP) with proceeds to advance the company’s...
Proactive Investors

You Might Like


Other recent news in Business

Lithium AUSTRALIA identifies lithium pegmatites at Kangaroo Island projectRain-hit cricket WORLD CUP may cost insurers millions-industry sources
Environmentally friendly: One News Page is hosted on servers powered solely by renewable energy
© 2019 One News Page Ltd. All Rights Reserved.
About us  |  Contact us  |  Disclaimer  |  Press Room  |  Terms & Conditions  |  Content Accreditation
 RSS  |  News for my Website  |  Free news search widget  |  In the News  |  DMCA / Content Removal  |  Privacy & Data Protection Policy
How are we doing? FeedbackSend us your feedback  |   LIKE us on Facebook   FOLLOW us on Twitter  •  FOLLOW us on Pinterest
One News® is a registered trademark of One News Page Ltd.