Nyrstar Raises Stake In Ironbark Zinc

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.

Ironbark Zinc In Greenland Project

Ironbark Zinc has invested into the Citronen zinc exploration project in Greenland. Managing director Jonathan Downes says the exploration potential of Citronen was between 302-347 million onnes of zinc and lead mineralisation.

The company has secured a fourth diamond drilling rig to begin drilling at the site.

Downes said: "We are gearing up for the largest field season ever at this project, with the teams secured and equipment en-route to site."