2021 Bankable Feasibility Study

In July 2021, Ironbark released the results of the Citronen Project’s Bankable Feasibility Study.

Highlights of the BFS include:

  • Robust economics with the 3.3Mtpa operation to deliver a post-tax free cash flow of US$1.46 billion

  • Post-tax NPV8 of US$363 million; IRR 15.2%; CAPEX US$654m 

  • Significant leverage to future zinc price growth; 2.5 million tonnes Zn metal produced LOM averaging ~130ktpa

  • Competitive C1+sustaining capital costs per pound: Years 1-5 US$0.68/lb; LOM US$0.76/lb 

  • 50% increase in mine life to 20 years in a low-risk jurisdiction and emerging mining frontier

  • ESG approvals and management plans are well advanced: Process underway to ensure full compliance with Equator Principles and relevant IFC performance standards

  • Binding offtake agreements remain in place with major shareholders Trafigura (35% of LOM production) and Glencore 35% (10 years Zn, LOM Pb)

  • IBG to now commence formal project financing process with United States EXIM Bank

  • Mineral Resource of 85Mt @ 4.7$ Zn & 0.5% Pb
  • Significantly expanded Ore Reserve of 48.8Mt @ 4.8% Zn & 0.5% Pb

  • Substantial exploration upside

Download the BFS announcement here

Plan view of the proposed mine layout


Ironbark has identified an Exploration Target, in addition to the known Mineral Resource, of 40 Mt to 90 Mt at 5.0% to 7.1% zinc + lead combined. The Exploration Target is based upon review of project drilling, rock chip samples and the limited geophysical data available. A 3D geological model of the project was used to assist in identifying prospective areas.


Plan view of the Citronen Deposit, showing current Zn Mineral Resource outline, drill hole and rock chip sample locations and Exploration Target areas.