ZincOx Resources PLC Memorandum of Understanding re Joint Venture
24 Novembro 2016 - 5:01AM
RNS Non-Regulatory
TIDMZOX
ZincOx Resources PLC
24 November 2016
ZincOx Resources plc
("ZincOx", the "Company" or the "Group")
Memorandum of Understanding with Korea Zinc
regarding Vietnamese Recycling Project Joint Venture
ZincOx Resources plc ("ZincOx" or "the Company") is pleased to
announce it has entered into a Memorandum of Understanding with
Korea Zinc Company Limited ("KZC") for the joint development of a
recycling plant in Vietnam.
The MoU sets out the principle terms of a Joint Venture
Agreement under which KZC and ZincOx will jointly design and
develop the new recycling plant.
The MoU foresees KZC funding 100% of a Definitive Development
Study (DDS) in sufficient detail to enable the raising of project
finance for the construction of the project. The DDS is expected to
cost about US$2.5 million. Korea Zinc will own 51% of a special
purpose company which will be set up to develop the recycling
plant, with the remaining 49% held by ZincOx. In the event that the
DDS costs more than US$3m, the interest of ZincOx in the joint
venture shall be diluted proportionately accordingly to the
additional funds that KZC has contributed, however ZincOx will be
able to buy back its interest to 49% on the same terms in the
following six months.
The recycling plant will be based on the Rotary Hearth Furnace
(RHF) technology developed by ZincOx in Korea, and where KZC are
the Company's partners. The Korean Recycling Plant is one of the
world's largest facilities recycling the waste dust (EAFD)
generated by recycling galvanised steel scrap and has a design
capacity of 200,000 tonnes per annum.
The recycling plant is planned to treat 100,000 tpa of EAFD and
in addition to upgrade both the iron and zinc intermediate products
of the RHF to final products.
Commenting on the announcement, Andrew Woollett, ZincOx's CEO,
said:
"We can now accelerate the programme for the development of this
important project, and we look forward to entering into the full
Joint Venture Agreement in the very near future."
For further information, please go to: www.zincox.com or
contact:
ZincOx Resources plc Tel: +44 (0) 127
645 0100
Andrew Woollett
Peel Hunt LLP (Nominated Adviser Tel: +44 (0) 207
and Broker) 418 8900
Richard Kauffer
Euan Brown
This information is provided by RNS
The company news service from the London Stock Exchange
END
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