ZincOx Resources plc (LON:ZOX) drawn a line under its Korean zinc operation with the sale of its remaining stake.
Korea Zinc Corporation (KZC), its former partner at the plant, is buying Zincox’s stake for US$7.95mln.
The book value was US$5.8mln, so Zincox will take a US$2mln profit on the sale.
Cash received will also clear US$5mln of its outstanding debts and leave some money to fund new zinc recycling projects it is working on.
Zincox is still working with KZC and in November the pair unveiled plans for a new zinc recycling plant in Vietnam that will use the Rotary Hearth Furnace (RHF) technology they developed in Korea.
Andrew Woollett, ZincOx's chief executive, said: "The sale will enable the Company to pay off all its debt and provide sufficient funds for us to work on new and exciting major projects around which the Company can be rebuilt"
Broker SP Angel added: “The Korean Recycling Plant is now ancient history but with zinc prices so very much higher and management more expert than before, the next incarnation should see a better outcome.”