Greenland Day, page-9

Reading between the lines, Jonathan sound quietly confident of securing the finance -

"Ironbark managing director Jonathan C. Downes updated delegates on the company’s flagship Citronen Zinc-Lead Project, which is also prospective for germanium.
Ironbark is at the funding stage for the yet-to-be-built Citronen mine which has an expected 14-year life for a peak annual production rate of about 200,000 tonnes of zinc metal.
Geologist Downes told attendees Citronen was a significant project and the company hoped to generate $600 to $700 million a year at the mine.
Downes said: “We’ve been operating in Greenland for over 10 years now and we’ve taken on a challenging project in the northern part of Greenland, it does happen to be one of the world’s largest undeveloped zinc projects though, so the prize is very significant.
“Over $10 billion of metal has been identified
He affirmed the company had paid $40 million in cash and shares for the project in 2007, spent about $50 million, had drilled about 65 kilometres of diamond drilling and had consequently made its resource much bigger.
Downes said: “We’ve advanced the project right through the whole process you’ve heard about here and secured a 30-year exploitation licence.
“We’re now at a stage where we’re financing the mine and we’re confident we’re going to be the first large-scale mining operation in Greenland.”
The mine will cost about US$500 million to build project and employ a few thousand people during construction.
With a population of only 56,171 people last year, the country is likely to see Ironbark become a major employer once the mine is up and running.
READ: Ironbark Zinc retains speculative buy rating from Patersons

Downes acknowledged Greenland was undergoing change as it moved towards independence and Ironbark operated under a “fairly competitive” tax regime.
He said. “We’ve found the government has been extremely supportive towards our work in the project and I can genuinely say the Government of Greenland is keen to support and see large-scale mining operations up and running in Greenland.
“Unlike some of the nations in Africa, I wake up in the morning and I still have title, so that’s a big tip for investors and my experience in dealing with financiers around the world — is there is a lot of confidence and comfort in operating in Greenland.
“As a destination it hasn’t got a long track record of mines and large-scale mining in particular but I don’t sense any great trepidation.”
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