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IronClad Mining's Capital Raising Successful

By Joel ScanlonFeb 21 2012

IronClad Mining is flush with would be investors as it develops its Wilcherry Hill project. Investors have woken up to the potential of the company as it goes from being the second smallest mining company to developing one of the most advanced iron ore projects in South Australia.

The company has already received $3 million to fund the Wilcherry Hill project which is likely to move into production soon.

This money was used in part to pay the $5.8 million environmental bond to the South Australian government as well as to develop the project itself. The bond is required under the Environmental Protection and Rehabilitation program. The company is expecting its first production to take place in March and the first exports to take place in June this year.

The expected cash flow from the Wilcherry Hill project is expected to bankroll the Feasibility Studies on the Hercules project that IronClad Mining has waiting in the wings. The huge project is located nearly 15 km east from the Wilcherry Hill project. There may be another fund raising held in the month of March with options in the company as per the non executive chairman of IronClad Mining, Ian Finch.

Written by

Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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