Ironbark Zinc’s Greenland asset requires ‘fresh eyes and capital’
Australia-listed Ironbark Zinc (IBG) has initiated a strategic review of its Citronen asset, in Greenland, and is considering a range of options, including an outright project sale, majority sell-down to a new co-owner or spinout.
Citronen, which is a large greenfield project, has been a difficult asset to develop over the last several years of heightened macroeconomic uncertainty and volatile markets.
“We recognise that the scale of both the challenge and opportunity at Citronen is significant and fresh eyes and capital are required to further advance the project,” said IBG MD Michael Jardine.
He acknowledged that IBG shareholders had been “immensely patient” as substantial money had been invested since 2007 in the asset. “We’re working hard on their behalf to secure the best return we can for their investment.”
“Orebodies the size and scale of Citronen are not readily discovered and our ongoing 100% ownership provides the business with a strong negotiating platform as things develop over the coming months,” added Jardine.
Citronen has a Joint Ore Reserves Committee-compliant resource of 85-million tonnes at 4.72% zinc and 0.47% lead. It has an ore reserve of 49-million tonnes at 4.8% zinc and 0.5% lead.
IBG points out that there are not many base metal projects of similar scale and maturity with an approved mining licence, a completed bankable feasibility study and 70% of offtake presold to tier-one counterparties.
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