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14/10/2011

ZincOx chief says the company is on budget and on schedule to deliver production in Feb 2012

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Additional Information
Market: AIM
Sector: General Mining - Zinc, Lead and Tin
EPIC: ZOX
Latest Price: 68.75p  (1.85% Ascending)
52-week High: 85.00p
52-week Low: 49.50p
Market Cap: 61.20M
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ZincOx Resources
www.zincox.com

ZincOx Resources' principal priority is the creation of value by the development of mining and recycling operations that benefit from low cost processing of unconventional zinc bearing materials. Secondarily and where financing is available, added value will be created by the development of refining operations. The company's objective is to become a major low cost zinc producer.

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ZincOx receives first feedstock delivery at Korean zinc recycling project

31st Jan 2012, 7:44 am by Jamie Ashcroft The first delivery of EAFD has arrived at the Korean project

ZincOx Resources (LON:ZOX) today told investors that the first feedstock delivery has now arrived at its newly built metal recycling plant in Korea.

The feedstock, a type metal powder called electric arc furnace dust (EAFD), will be processed as part of the ‘live’ commissioning of the plant. This is the final stage of the development, Zincox said.

After around 4-6 weeks the commissioning will be complete and the plant will begin production. This is in line with the group’s targeted first quarter start. Zincox says that the development is now 95 per cent complete and it remains on budget.

"We are delighted with the progress of this project, remaining, as it does, on schedule and within the budget we set when we started the development 16 months ago, and we look forward to our first production before the end of this quarter," said chairman Andrew Woollett.

EAFD is a fine power which is a by-product left over from a steel recycling process. Zincox says that Korea has a thriving scrap steel recycling industry and due to the nature of the galvanised that’s available it can contain high concentrations of zinc – between 18 and 28 per cent.

Zincox has now signed ten-year deals with all the major Korean scrap steel recycling companies.

Through a phased development programme the KRP will initially treat 200,000 tonnes of EAFD to produce 49,000 tonnes of zinc concentrate. The process generates no waste, Zincox says. The by-product is an intermediate iron bearing product that can be sold to recycling companies

The initial development phase has a capital cost of US$110 million. Zincox expects the project to generate earnings of US$31 million, based on a zinc price of US$2,259

It is expected that the phase 2 development will begin in the second half of next year.

 

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