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Proactiveinvestors United Kingdom ZincOx Resources http://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom ZincOx Resources RSS feed en Thu, 24 May 2012 15:28:24 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - ZincOx starts to ramp up production after successful test ]]> http://www.proactiveinvestors.co.uk/companies/news/43136/zincox-starts-to-ramp-up-production-after-successful-test-43136.html

Zinc recycling specialist ZincOx Resources (LON:ZOX) is ramping up its first production plant in Korea after the demonstration period went well, it said today.

The first phase of the Korean Recycling Plant (KRP1) is designed to process 200,000 tonnes per annum of Electric Arc Furnace Dust, a production level that will make it the largest furnace dust recycling facility in Asia.

At a zinc metal price of US$2,250 per tonne and using current energy costs, KRP1 would generate underlying earnings of approximately US$31.2 million each year, the company added.

KRP2, the second phase of the development, will process a further 200,000 tonnes of furnace dust per annum and will make ZincOx the third largest recycler of this material in the world.

When in full production, both plants will produce 92,000 tonnes of zinc per annum in a high grade concentrate.

The KRP1 project was developed largely on time and budget at $110m, it added.

ZincOx made a loss of £8 million, down from £112 million, in 2011, on revenues of £1.65 million.

Andrew Woollett, executive chairman, said: We are delighted that our first recycling plant is now in operation and that the process has been successfully demonstrated in Korea.

We are excited by the prospect of the full ramp up on KRP1 while we start the development of KRP2 and push ahead with working up projects elsewhere in the world." 

KRP2 is estimated to cost a further US$100 million and take about 15 months to bring on stream.

Broker Daniel Stewart added that with KRP1 moving into production all eyes will be on the development of KRP2, which stands to double capacity and significantly increase the revenue generation possibilities for the facility.

“Lessons learned in the development of KRP1 will be extremely useful for the development of the second phase,” the broker said, which has a ‘buy’ recommendation and target price  of 139p.

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Tue, 22 May 2012 10:04:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/43136/zincox-starts-to-ramp-up-production-after-successful-test-43136.html
<![CDATA[RNS press release - Final Results ]]> http://www.proactiveinvestors.co.uk/companies/rns/1205228004d/ Tue, 22 May 2012 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/1205228004d/ <![CDATA[Broker press ]]> Tue, 22 May 2012 00:00:00 +0100 <![CDATA[News - *TOMORROW* ZincOx, Caledonia Mining, ECR Minerals & New Guinea Energy to present at One2One Forum ]]> http://www.proactiveinvestors.co.uk/companies/news/42766/tomorrow-zincox-caledonia-mining-ecr-minerals-new-guinea-energy-to-present-at-one2one-forum-42766.html We are back in familiar territory after a hugely entertaining non-resources event last week. Joining us at the Chesterfield Hotel on Thursday (May 17) will be ZincOx (LON:ZOX), Caledonia Mining (LON:CMCL), ECR Minerals (LON:ECR) and New Guinea Energy Energy (ASX:NGE).

 

 

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Wed, 16 May 2012 09:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/42766/tomorrow-zincox-caledonia-mining-ecr-minerals-new-guinea-energy-to-present-at-one2one-forum-42766.html
<![CDATA[News - ZincOx Resources "delighted" at initial production tests at Korean plant - UPDATE ]]> http://www.proactiveinvestors.co.uk/companies/news/42122/zincox-resources-delighted-at-initial-production-tests-at-korean-plant-update-42122.html ---Adds broker comment---

ZincOx Resources (LON:ZOX) chairman Andrew Woollett said the firm was "delighted" at initial testing of its Korean zinc recycling plant, which has now received a start up permit.

First operations have begun and initial testing showed very promising results - with zinc recovery in the range 87 per cent to 96 per cent.

It showed that good quality zinc oxide concentrate could be recovered with a grade of between 55 per cent and 63 per cent zinc at or above the target of 58 per cent expected for the operation.

The plant was ramped up to 50 per cent of capacity and produced zinc concentrate and Direct Reduced Iron (DRI). 

The plant was issued with a permit from officials from the Korean environment ministry, which now means regular deliveries of electric arc furnace dust (EAFD) can be made.

Operations were in line with expectations with good briquette strength and efficient evacuation of DRI from the furnace. 

Heat and zinc product recovery and other aspects of the gas handling system also worked as foreseen, the company said in the statement.

The operation of the final piece of equipment, the hot briquetting machine, will occur during the next test run, it added.

Woollett said today: "We are delighted with the results from this first operation which prove that the process works in line with our expectations. 

"We are looking forward to optimising the operating conditions and ramping up to full production over the next few months and at the same time preparing to press ahead with our expansion plans both in Korea and elsewhere".

ZincOx takes waste dust from steel furnaces (EAFD) and treats it using what's called a rotary hearth furnace (RHF) to produce a fine white zinc powder and an iron bearing product.

The zinc recycling specialist already has a 10 year offtake agreement with Korea Zinc for its product from the first plant - KRP1.

Analyst David Buxton, from broker finnCap said: “While this initial test batch occurred a few weeks later than first expected, it should be seen as a very significant point in the group’s development, enabling management to press ahead with KRP2 and other projects.”

He added it was an “important announcement” which serves as proof of process and of industrial scale for the company.

The house broker retained a price target of 185 pence.

On the back of the news the share price rose 4.6 per cent to 74 pence. 

 

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Mon, 30 Apr 2012 11:18:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/42122/zincox-resources-delighted-at-initial-production-tests-at-korean-plant-update-42122.html
<![CDATA[News - ZincOx Resources "delighted" at initial production tests at Korean plant ]]> http://www.proactiveinvestors.co.uk/companies/news/42098/zincox-resources-delighted-at-initial-production-tests-at-korean-plant-42098.html

ZincOx Resources (LON:ZOX) chairman Andrew Woollett said the firm was "delighted" at initial testing of its Korean zinc recycling plant, which has now received a start up permit.

First operations have begun and initial testing showed very promising results - with zinc recovery in the range 87 per cent to 96 per cent.

It showed that good quality zinc oxide concentrate could be recovered with a grade of between 55 per cent and 63 per cent zinc at or above the target of 58 per cent expected for the operation.

The plant was ramped up to 50 per cent of capacity and produced zinc concentrate and Direct Reduced Iron (DRI). 

The plant was issued with a permit from officials from the Korean environment ministry, which now means regular deliveries of electric arc furnace dust (EAFD) can be made.

Operations were in line with expectations with good briquette strength and efficient evacuation of DRI from the furnace. 

Heat and zinc product recovery and other aspects of the gas handling system also worked as foreseen, the company said in the statement.

The operation of the final piece of equipment, the hot briquetting machine, will occur during the next test run, it added.

Woollett said today: "We are delighted with the results from this first operation which prove that the process works in line with our expectations. 

"We are looking forward to optimising the operating conditions and ramping up to full production over the next few months and at the same time preparing to press ahead with our expansion plans both in Korea and elsewhere".

ZincOx takes waste dust from steel furnaces (EAFD) and treats it using what's called a rotary hearth furnace (RHF) to produce a fine white zinc powder and an iron bearing product.

The zinc recycling specialist already has a 10 year offtake agreement with Korea Zinc for its product from the first plant - KRP1.

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Mon, 30 Apr 2012 07:58:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/42098/zincox-resources-delighted-at-initial-production-tests-at-korean-plant-42098.html
<![CDATA[RNS press release - Initial Production Test at KRP ]]> http://www.proactiveinvestors.co.uk/companies/rns/120430zox3163c/ Mon, 30 Apr 2012 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/120430zox3163c/ <![CDATA[Broker press ]]> Mon, 30 Apr 2012 00:00:00 +0100 <![CDATA[News - ZincOx Resources expects first production from Korean plant next month ]]> http://www.proactiveinvestors.co.uk/companies/news/41321/zincox-resources-expects-first-production-from-korean-plant-next-month-41321.html First production from the firm's Korean zinc recycling plant is now expected in May, ZincOx Resources (LON:ZOX) told investors today.

The completion of the commissioning is being held back because of operational problems in the combustion system for the Rotary Hearth Furnace (RHF).

These could only have come to light at this stage of the process, the firm said.

It comes after the company reported on April 2 that it was looking forward to beginning production within a fortnight.

Chairman Andrew Woollett said: "We are disappointed to have to delay start up further, but it is not unusual for such unforeseen issues to arise when commissioning a project of this type.

"We are encouraged that the initial problems have now been identified and that the combustion system is being tested so that we can achieve a rapid and safe start up. We anticipate that production will be on track in May when I will update shareholders with further news."

The company takes waste dust from steel furnaces and treats it using what's called a rotary hearth furnace (RHF) to produce a fine white zinc powder and an iron bearing product.

Earlier this month, the firm said the RHF has been operated in a cold state with good briquette loading and discharge and was ready for production, with the burners being tuned.

Today, the firm said a problem had been traced to the first set of burners, where a valve was found to be broken.

This is being repaired and the other sets of burners are now being tested. When all burners have been successfully fired up and tested, there will be some final checks before first production, the company said.

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Wed, 11 Apr 2012 07:34:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/41321/zincox-resources-expects-first-production-from-korean-plant-next-month-41321.html
<![CDATA[RNS press release - Korean Recycling Plant Commissioning Update ]]> http://www.proactiveinvestors.co.uk/companies/rns/120411zox0754b/ Wed, 11 Apr 2012 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/120411zox0754b/ <![CDATA[News - ZincOx Resources set for first production within a fortnight - UPDATE ]]> http://www.proactiveinvestors.co.uk/companies/news/41026/zincox-resources-set-for-first-production-within-a-fortnight-update-41026.html ----Adds broker comment and share price----

ZincOx Resources (LON:ZOX) is looking forward to starting production from its first zinc recycling plant within the next two weeks.

The plant is in the final stages of commissioning, the company said today.

The company takes waste dust from steel furnaces and treats it using what's called a rotary hearth furnace (RHF) to produce a fine white zinc powder and an iron bearing product.

More than 600 tonnes of briquettes have been produced and are waiting to be fed to the furnace. Testing showed they are of excellent quality and after heating demonstrated high zinc removal and iron metallisation.

The RHF has been operated in a cold state with good briquette loading and discharge and is ready for production.

The burners on the furnace are being tuned, before it will be gradually heated up over a two day period, before production begins, the company said.

ZincOx chairman  Andrew Woollett said: "We set ourselves an ambitious development schedule when we started this project 18 months ago so notwithstanding the very fast track approach taken in this development, I am delighted to report that the project has, to date, been developed within budget and without a single lost time injury.

"I look forward to reporting the start of production within a fortnight."

KRP1 is the first plant of the two phase project aimed at producing 92,000 tonnes of zinc powder per year. Once operational, the first plant will then be ramped up to full production at 27 tonnes an hour.

The company already has a 10 year offtake agreement with Korea Zinc for its product from the first plant.

Peel Hunt commented in a note: "There is a slight two week delay to KRP1 before final commissioning. This makes little difference to ZincOx’s long-term potentially very profitable global position in the zinc recycling industry.

"Post hot commissioning we expect a gradual ramp up to full production, with a successful outcome only partially priced into the shares."

It rates ZincOx a 'buy' with a target price of 126 pence.

Elsewhere, Daniel Stewart said its model was based on the firm selling 100,000 tonnes of reclaimed zinc in 2012. That is 50 per cent of capacity, said the broker.

"Commencing production within the next two weeks will therefore be within our contingency parameters, even assuming a gradual ramp-up in production following commissioning.

"No major technology or process issues have been reported and as such we believe any price weakness off the back of this short delay may provide a good opportunity to buy, target price 139p," it said.

As at 1.57pm, the firm's shares were up 0.63 per cent, at 79.50 pence.

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Mon, 02 Apr 2012 13:58:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/41026/zincox-resources-set-for-first-production-within-a-fortnight-update-41026.html
<![CDATA[News - ZincOx Resources set for first production within a fortnight ]]> http://www.proactiveinvestors.co.uk/companies/news/41003/zincox-resources-set-for-first-production-within-a-fortnight-41003.html ZincOx Resources (LON:ZOX) is looking forward to starting production from its first zinc recycling plant within the next two weeks.

The plant is in the final stages of commissioning, the company said today.

The company takes waste dust from steel furnaces and treats it using what's called a rotary hearth furnace (RHF) to produce a fine white zinc powder and an iron bearing product.

More than 600 tonnes of briquettes have been produced and are waiting to be fed to the furnace. Testing showed they are of excellent quality and after heating demonstrated high zinc removal and iron metallisation.

The RHF has been operated in a cold state with good briquette loading and discharge and is ready for production. 

The burners on the furnace are being tuned, before it will be gradually heated up over a two day period, before production begins, the company said.

ZincOx chairman  Andrew Woollett said: "We set ourselves an ambitious development schedule when we started this project 18 months ago so notwithstanding the very fast track approach taken in this development, I am delighted to report that the project has, to date, been developed within budget and without a single lost time injury. 

"I look forward to reporting the start of production within a fortnight."

KRP1 is the first plant of the two phase project aimed at producing 92,000 tonnes of zinc powder per year. Once operational, the first plant will then be ramped up to full production at 27 tonnes an hour.

The company already has a 10 year offtake agreement with Korea Zinc for its product from the first plant.

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Mon, 02 Apr 2012 08:05:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/41003/zincox-resources-set-for-first-production-within-a-fortnight-41003.html
<![CDATA[RNS press release - Korean Recycling Plant Commissioning Update ]]> http://www.proactiveinvestors.co.uk/companies/rns/120402zox5470a/ Mon, 02 Apr 2012 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/120402zox5470a/ <![CDATA[News - ZincCox Resources confident of delivering first product by end of month, says Daniel Stewart ]]> http://www.proactiveinvestors.co.uk/companies/news/40605/zinccox-resources-confident-of-delivering-first-product-by-end-of-month-says-daniel-stewart-40605.html ZincOx Resources (LON:ZOX) is today rated a 'buy' by broker Daniel Stewart, which says the firm is confident its first batch of recovered zinc will be delivered to its offtake partner soon.

Management are confident that the first delivery will be transferred to Korea Zinc by the end of the month, said analyst Edward Hugo.

The zinc recycling specialist already has a 10 year offtake agreement with Korea Zinc for its product from the first plant - KRP1.

It comes after the ZincOx management, which have just returned from Korea, presented to the broker yesterday.

The firm has been busy commissioning the first plant of the two-phase project aimed at producing 92,000 tonnes of zinc powder per year - and the broker noted that this plant remained on budget and on time.

"We believe successful commissioning should remove many of the technology and  construction concerns and move the company’s share price to one that is more affected by the long term prospects of zinc," said Hugo in a note.

Zinc, predominately used in the galvanisation of steel, is forecast to become more valuable in the future, driven by the continued economic recovery.

Hugo noted that, in particular, China's increased use of the material is likely to drive the price. Currently, around 5 per cent of Chinese steel is galvanised, compared to around 15 per cent in the west, he said.

"As China increases the quality and scope of its manufactured steel products, the percentage of steel that is galvanised is likely to rise," he said.

Daniel Stewart has a target price of 139 pence for ZincOx shares (current price: 76.25 pence).

ZincOx takes waste dust from steel furnaces and treats it using what's called a rotary hearth furnace (RHF) to produce a fine white zinc powder, which is much higher quality than powder from conventional recycling, and an iron bearing product that can be sold back to the mills that give ZincOx their feed dust in the first place.

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Thu, 22 Mar 2012 09:46:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/40605/zinccox-resources-confident-of-delivering-first-product-by-end-of-month-says-daniel-stewart-40605.html
<![CDATA[News - ZincOx Resources is ready to go, says broker Daniel Stewart ]]> http://www.proactiveinvestors.co.uk/companies/news/39846/zincox-resources-is-ready-to-go-says-broker-daniel-stewart-39846.html The successful commissioning of ZincOx Resources' (LON:ZOX) first Korean recycling plant, should give investors confidence the technology works, said broker Daniel Stewart today.

It should also provide confidence that the second phase, which is set to double capacity, can also be executed successfully, it said.

The broker has started coverage on the stock with a 'buy' rating and 139 pence price target (current price: 72.50 pence).

The successful commissioning of the KRP1 plant will also most likely make it easier to secure funding for subsequent plants at more attractive rates, noted Daniel Stewart analyst Edward Hugo.

He added that the share price had experienced a run up in the past two months but he believed recent recent profit taking offered a buying opportunity and has further potential upside during the next 12-months as operational milestones are achieved.

ZincOx takes waste dust from steel furnaces and treats it using what's called a rotary hearth furnace (RHF) to produce a fine white zinc powder, which is much higher quality than powder from conventional recycling, and an iron bearing product that can be sold back to the mills that give ZincOx their feed dust in the first place.

KRP1 is the first plant of the two phase project aimed at producing 92,000 tonnes of zinc powder per year.

Hugo added that although some new capacity was planned, many industry analysts were predicting a tightening of the zinc market in coming years led by the closure of some of the largest zinc mines and China's huge appetite for the metal.

He added that some reports suggested that more than 40 per cent of the world's total went to China last year.

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Tue, 06 Mar 2012 16:21:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/39846/zincox-resources-is-ready-to-go-says-broker-daniel-stewart-39846.html
<![CDATA[News - ZincOx Resources on brink of first production ]]> http://www.proactiveinvestors.co.uk/companies/news/39434/zincox-resources-on-brink-of-first-production-39434.html ZincOx Resources' shares could start to re-rate in the next few months as the firm takes its potentially revolutionary technology off the drawing board and finally puts it to the test.

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Mon, 27 Feb 2012 08:10:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/39434/zincox-resources-on-brink-of-first-production-39434.html
<![CDATA[RNS press release - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/120209zox1550x/ Thu, 09 Feb 2012 16:22:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/120209zox1550x/ <![CDATA[News - FinnCap encouraged by news flow from ZincOx; repeats 186p target price ]]> http://www.proactiveinvestors.co.uk/companies/news/38787/finncap-encouraged-by-news-flow-from-zincox-repeats-186p-target-price-38787.html Broker finnCap advised investors considering buying shares in ZincOx (LON:ZOX) to move quickly as its first recycling project is “tantalisingly” close to production.

This makes the execution risk discount attributed to the group’s share price look “increasingly inappropriate”, said analyst David Buxton.

Buxton called the recent newsflow from ZincOx “encouraging”, saying shares are starting to re-rate as the company reports more progress from the first recycling project in Korea, KRP1.

KRP1 remains on track and on budget and production is still expected to kick off in March, which, said Buxton, raises fair value assessment of the company as it makes the likelihood of the go-ahead of the second recycling project, KRP2, more tangible.

At the end of January, ZincOx announced the first delivery of feedstock, a type metal powder called electric arc furnace dust (EAFD), to the newly built recycling plant in Korea. Shares have since surged from 68 pence to Wednesday’s closing price of 79 pence.

“The shares have started their rerating following encouraging progress reports and we believe there is further substantial upside to be had over the next year as profitability is achieved and with progress on the development of KRP2 and other sites around the world,” said Buxton.

Buxton said the receipt of the feedstock indicates that hot commissioning of the Rotary Hearth Furnace will occur in the coming weeks, which could serve as a catalyst for the company’s share price.

The feedstock will be processed as part of the ‘live’ commissioning of the plant, marking the final stage of the development of KRP1.

Within four to six weeks the commissioning will be complete, paving the way for the plant to begin production.

In the note, the analyst reiterated his 186 pence price target for ZincOx, which is based on long term considerations. FinnCap’s target is double the current share price.

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Thu, 09 Feb 2012 10:31:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/38787/finncap-encouraged-by-news-flow-from-zincox-repeats-186p-target-price-38787.html
<![CDATA[RNS press release - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/120208zox0831x/ Wed, 08 Feb 2012 17:58:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/120208zox0831x/ <![CDATA[RNS press release - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/120208zox0205x/ Wed, 08 Feb 2012 10:07:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/120208zox0205x/