ZincOx Resources Plc announced that its U.S. subsidiary Zinc and Iron Recycling of Ohio, Inc., signed an agreement with a subsidiary of Severstal North America to acquire the processing equipment at its Waste Oxide Recycling Facility in Dearborn, Mich.
Under the agreement, ZIRO said it will pay Severstal $4 million to acquire the WORF equipment and remove it from its current location. Completion of the agreement will take place within 30 days, subject to the satisfaction of the conditions precedent.
"I am delighted that we have been able to reach agreement with Severstal, as this acquisition will allow us to advance our recycling strategy in North America. An evaluation of the integration of this equipment into our existing plans for the new Ohio plant is underway and I look forward to updating shareholders on our plans early next year," said Andrew Woollett, ZIRO’s executive chairman.
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