ZincOx Resources Provides Update on Project in Korea

ZincOx Resources plc, Surrey, U.K., which specializes in recovering zinc from steel industry waste, has provided an update on the construction of its recycling project in Geongju, Korea. According to a ZincOx news release, the Korean Recycling Plant remains on budget and is scheduled for completion by the second quarter of 2012.

The company says that it has committed $76 million toward the development of the project, representing 72 percent of the capital needed.

In line with its offtake and loan agreements finalized with Korea Zinc Ltd in April 2011, the first draw-down, amounting to$12 million of the $50 million loan package has been made.

ZincOx says that the civil works and foundations for the plant are 85 percent complete, with the installation of equipment scheduled to start before the end of June, 2011.

Commenting on the project, Andrew Woollett, ZincOx’s chairman, says, “We have now tied down almost three quarters of our costs and are very encouraged to be on time and budget with the start of commissioning remaining, as planned, for the first quarter of 2012.”