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For Citronen Project, Ironbark Zinc signs key agreement with Chinese construction group, NFC

Ironbark Zinc, with an agreement with NFC (China Nonferrous Metal Industry's Foreign Engineering and Construction Co. Ltd) and Allmine Group,

which is deftly timed as Ironbark is currently finalising a Feasibility Study on the Citronen project, is moving ever closer to development of the wholly owned Citronen Base Metal Project.

A framework for NFC to engineer, design, procure, supply, construct, test and commission the project on a full turnkey basis and also to facilitate funding of the project development costs from major banks in China, will be sought by the agreement.

For the concentrate products of the project, it will also look at an offtake agreement with NFC.

NFC has a market capitalisation of $3.4 billion and listed on the Shenzen Stock Exchange.

In Beijing, Jonathan Downes, managing director of Ironbark, along with chairman Peter Bennetto ? signed the agreement with senior representatives of the NFC.

"Ironbark is delighted to enter into a mutually rewarding relationship with NFC for the development of the Citronen base metal project."

"NFC's credentials are beyond reproach in the engineering, construction and delivery of major international projects," commented Bennetto.

Qin Junman, Vice-president of the NFC added, "NFC is looking forward to fostering a close and productive relationship based on cooperation with Ironbark as we jointly work on the development of a major new zinc and lead mining operation.

"We are pleased to have signed the MOU and believe that a close relationship will result in an exciting outcome."

The company will work with NFC and Arccon (the subsidiary of Allmine Group) to establish the development program and associated costs for the delivery of the project under the signed agreement.