ZincOx Resources PLC Joint Venture Agreement with Korea Zinc (8355U)
23 Januar 2017 - 10:44AM
UK Regulatory
TIDMZOX
RNS Number : 8355U
ZincOx Resources PLC
23 January 2017
23 January 2017
ZincOx Resources plc
("ZincOx", the "Company" or the "Group")
Joint Venture Agreement with Korea Zinc
regarding Vietnamese Recycling Project Joint Venture
ZincOx Resources plc ("ZincOx" or "the Company") is pleased to
announce that on 19th January it entered into a Joint Venture
Agreement ("JVA") with Korea Zinc Company Limited ("KZC") for the
joint development of a recycling plant in Vietnam, the terms of
which were set out in an MoU, previously announced on 24 November
2016.
Under the JVA, KZC will fund 100% of a Definitive Development
Study (DDS) in sufficient detail to enable the raising of project
finance for the construction of the project. The DDS is expected to
cost about US$2.5 million. KZC will own 51% of a special purpose
company which has been set up to develop the recycling plant, with
the remaining 49% held by ZincOx. In the event that the DDS costs
more than US$3m, the interest of ZincOx in the joint venture shall
be diluted proportionately accordingly to the additional funds that
KZC has contributed, however ZincOx will be able to buy back its
interest to 49% on the same terms in the following six months.
The recycling plant will be based on the Rotary Hearth Furnace
(RHF) technology developed by ZincOx in Korea, and now owned by
KZC. The Korean Recycling Plant is one of the world's largest
facilities recycling the waste dust (EAFD) generated by recycling
galvanised steel scrap and has a design capacity of 200,000 tonnes
per annum.
The Vietnamese recycling plant is planned to treat up to 100,000
tpa of EAFD and, in addition, to upgrade both the iron and zinc
intermediate products of the RHF to final products.
This announcement contains inside information for the purposes
of Article 7 of regulation 596/2014.
For further information, please go to: www.zincox.com or
contact:
ZincOx Resources plc Tel: +44 (0) 127
645 0100
Andrew Woollett
Peel Hunt LLP (Nominated Adviser Tel: +44 (0) 207
and Broker) 418 8900
Richard Kauffer
Euan Brown
This information is provided by RNS
The company news service from the London Stock Exchange
END
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