The planned big underground project has had more than $50 million spent on it over the past 10 years or so, and will cost US$514 million to develop.
On the positive side of the ledger, it will annually generate earnings up to $270 million, according to Ironbark’s modelling.
The A$6 million being raised involves the issue of new shares priced at 6.2c each.
As per standard with ASX-listed companies, it was not disclosed who the investors are.
Meanwhile Citronen’s development will, directly or indirectly, involve a number of industry players.
The Chinese are currently involved via an EPC MoU with China Non-Ferrous, while smelter group Nyrstar and majo...