Citronen mine, Greenland: Ironbark adds 90,000t of zinc
The project owner, the Australian miner Ironbark Zinc, announced to its shareholders on Monday that the review had brought the optimum scale of the project up to 3.3 million tons of zinc per year. The life of the mine has been established at 14 years.
According to the company, this additional output has been made possible thanks to new twin declines installed to access the main orebodies, which will allow for much improved metal recovery.
Ironbark’s managing director Michael Jardine commented on the review: “This study represents the first instalment of several reviews currently being undertaken to ensure that the feasibility study for the Citronen project is completely refreshed by taking advantage of the many changes in technologies, standards and pricing that have occurred since the original study work was completed in 2012”.
“These initial findings, focused on the mining operations, demonstrate the wisdom of this approach and serve to reinforce the magnitude of the opportunity that the Citronen ore deposit represents. These mining study results further de-risk the project by the adoption of updated mining practices, an optimised new mine plan and more efficient production schedule.”
Jardine added that the Citronen project is being positioned as a priority for investment among Ironbark’s major zinc projects, due to the site’s long mine life, its potential for substantial exploration, its valid mining licence, and the support available to Ironbark from base metal traders Glencore and Trafigura.
Offtake agreements with Glencore and Trafigura would allow around 70% of ore concentrate produced at Citronen to be committed.
While focussed on northern Greenland, Ironbark’s mineral assets in Australia comprise three base and precious metal projects in New South Wales.
Newmont acquires Canada’s GT Gold in $325mn deal
Newmont, the world’s biggest gold miner, has acquired Canada’s GT Gold in a deal worth $325mn. The gold giant now controls the Tatogga gold-copper project in the Traditional Territory of the Tahltan Nation.
“With the acquisition of GT Gold and the Tatogga project in the highly sought-after Golden Triangle district of British Columbia, Canada, Newmont continues to strengthen our world-class portfolio,” commented Newmont President and CEO Tom Palmer.
“We look forward to continuing to build a respectful and meaningful relationship with the Tahltan Nation, including the community of Iskut. The relationships we have with Indigenous communities, First Nations and host communities are critical to the way we operate. We will partner with the Tahltan Nation at all levels, and with the Government of British Columbia to ensure a shared path forward as the Company understands and acknowledges that Tahltan consent is necessary for advancing the Tatogga project.”
Newmont’s acquisition includes the Tatogga project, comprised primarily of the Saddle North deposit, which has the potential to contribute future significant gold and copper annual production. There are also further exploration opportunities beyond the known deposits at Saddle North within the land package. The Tatogga project adds to Newmont’s existing interest in the prospective Golden Triangle through the company’s 50% ownership in the Galore Creek project.
Newmont is the world’s leading gold company and a producer of copper, silver, zinc and lead. A world-class portfolio of assets, prospects and talent is anchored in favourable mining jurisdictions in North America, South America, Australia and Africa. The American miner is celebrating its 100th anniversary this month.
With gold prices on the rise, the last six months has seen gold industry M&A activity accelerating. A recent Mckinsey report, advises that the industry need to be mindful of mistakes made during the previous gold price boom, when growth was chased unidirectionally by several companies.