Belgian Miner Ups Ironbark Stake To 30.9 per cent
Australian zinc miner, Ironbark Zinc announced on Wednesday that it will issue the world’s largest zinc miner, Belgium’s Nyrstar International BV, with 42,857,143 shares at 35 cents each to raise $15,000,000. The issue will take Nyrstar’s stake in Ironbark to 30.9 per cent.
The issue will fund development at Ironbark’s Citronen base metal deposit in Northern Greenland. Citronen is one of the world’s largest undeveloped zinc projects, with in excess of 10 billion pounds in zinc and lead.
A Definitive Feasibility Study will be undertaken later this year and Ironbark says the funding is sufficient to take it to the major project financing stage. Commercial production is expected within three to five years.
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