Ironbark gets funding for zinc mine at North Greenland

By Alexander Norfolk - January 13, 2022

11 january 2022 · 11:12 a.m.

Ironbark may soon be able to start extracting zinc and lead at Citronen Fjord.

Photo: Ironbark

An American bank will lend billions of dollars to an Australian mining company so it can start setting up a mine in Citronen Fjord.

Australian mining company Ironbark, which is behind the huge zinc mining project in Citronen Fjord, can look forward to billions of dollars in investment from the US.

The U.S. State Export Credit Bank, the U.S. Export-Import bank, is ready to lend $4.3 billion to Ironbark.

Picture: Naalakkersuisut

Ironbark was granted permission in 2016 to extract zinc in a mine in Citronen Fjord in northeastern Greenland. The signature says Múte B. Egede (IA), who was naalakkersuisoq for raw materials during Kim Kielsen’s (Siumut) reign at the time, but who is now the president of Naalakkersuisut.

In 2020, the company started working with the U.S. bank with a statement of intent on the large billion-dollar loan, which now looks set to succeed.

Ironbark expects the mine to cost DKK 3.3 billion to build. The aim is for the mine to be active for 14 years and create at least 500 jobs.

According to Althing Arctic, Ironbark writes in a stock exchange announcement that the Citronen Fjord mine can become one of the world’s 10 largest zinc mines. And there are currently good prices for zinc, the company adds.

According to the company itself, Ironbark expects to bring in DKK 2.6 billion from company and dividend tax as well as royalties from the zinc mine. Ironbark also expects to bring in DKK 2 billion in tax revenue from employees.

The original article can be found on the KNR website