Ironbark Raises Up To $ 657 Million In Funding For Greenland Zinc Project

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(Kitco News) – Ironbark Zinc announced yesterday that it has received preliminary approval from the US EXIM Bank for financing of up to US $ 657 million for its Citronen zinc project in Greenland.

The company said the proposed level of support to US EXIM is sufficient to provide all of the senior debt required for the project.

Citronen is a world-class zinc and lead project, expected to be a 3.3 Mtpa surface and underground combined mine processing an average grade of 4.7% Zn and 0.5% Pb over a lifetime initial 20 years.

In July 2021, Ironbark released the results of the banking feasibility study for the Citronen project, with after-tax free cash flow of US $ 1.46 billion, after-tax NPV (8%) of $ 363 million. US and an IRR of 15.2%.

The company also said binding direct debit agreements remain in place with major Ironbark shareholders Trafigura and Glencore.

Importantly, last week, the Citronen zinc project became the world’s first stand-alone project finance application to receive the 402 (A) designation from the US EXIM Bank under the China and Transformational Exports program ( CTEP) recently introduced.

This indicates the strategic importance of the Citronen zinc project to the United States, which recently added zinc to its list of critical minerals.

Disclaimer: The opinions expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is for informational purposes only. It is not a solicitation to effect an exchange of commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article accept no responsibility for any loss and / or damage resulting from the use of this publication.

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