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ZincOx Resources
- BY: Andrew Hore |
- POSTED: 16/01/2017 |
ZincOx Resources has sold the remaining interest in the Korean zinc recycling business to Korea Zinc Company.
Korea Zinc is paying $7.95m, of which $7m should be paid within three weeks, for the remaining interest. The rest will be paid when “various procedural requirements” are completed. The book value of the interest was $5.8m.
The cash will be used to repay corporate loan notes and related interest totalling $5m. Trading in the shares was suspended last year at 0.45p a share.
ZincOx has previously said that it has a memorandum of understanding with Korea Zinc for the joint development of a recycling plant in Vietnam. Korea Zinc would pay around $2.5m for the definitive development study and own 51% of the joint venture - unless the costs of the study are more than $3m. ZincOx will own 49% unless diluted.
The technology is the same as that used in Korea so the partners should learn from previous mistakes and problems. The Vietnam plant has a planned capacity to treat 100,000 tpa of electric arc furnace dust.
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