Korea Recycling Project Meeting Targets (7747I)
June 21 2011 - 1:00AM
UK Regulatory
TIDMZOX
RNS Number : 7747I
ZincOx Resources PLC
21 June 2011
ZincOx Resources plc
("ZincOx" or "the Company")
Korea Recycling Project Meeting Targets
ZincOx Resources plc ("ZincOx" or the "Company") which
specialises in the recovery of zinc from steel industry waste,
today announces positive progress concerning the development of its
Korean Recycling Plant which remains on budget and on schedule for
completion in Q1 2012. To date US$76 million has been committed
towards the development of the project which represents 72% of the
total capital amount (excluding the contingency provision). To date
the cost of the development is within budget excluding contingency,
however, exchange rate movements since the finalisation of the
budget last year have led to costs increasing by US$1.3 million, to
date. These costs will currently be covered in the contingency
provided within the total budget for the development.
In line with the Offtake and Loan Agreements finalised with
Korea Zinc Ltd in May 2011, the first draw-down, amounting to US$12
million, of the US$50 million loan package has now been made.
Progress on site is proceeding very satisfactorily. The civil
works and foundations for the plant are 85% complete. The
installation of equipment is scheduled to commence before the end
of June. The refurbishment of the Rotary Hearth Furnace in the
United States is close to completion and will be shipped to site in
three batches. The first batch has arrived in Korea and erection is
scheduled to commence in July. The construction of the non process
buildings is nearing completion and that of the process buildings
is well underway.
Construction progress at the site can be viewed in three
photograph galleries, that are regularly updated on the Company's
website, via the following link:
http://www.zincox.com/projects/korea.asp
Commenting today, Andrew Woollett, ZincOx's Chairman, said: "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".
For more information please contact:
ZincOx Resources plc Andrew Woollett, Executive Chairman +44 (0)
1276 450100
Nominated Adviser and Broker Ambrian Partners Limited Andrew
Craig / Jen Boorer +44 (0) 20 7634 4700
Tavistock Communications Paul Youens/Simon Hudson +44 (0) 20 7
920 3150
This information is provided by RNS
The company news service from the London Stock Exchange
END
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