Zincox Resources Plc Share News (ZOX)

Two shareholders have requisitioned a general meeting to remove the five executive directors and one non-executive director of ZincOx Resources. US SDR LLC and Aldersgate Investment Managers own 5% of ZincOx, which is a zinc miner and is developing waste recycling plants to recover zinc and iron from steel industry waste. The rebel plan is to remove chairman Andrew Woollett, managing director Peter Wynter Bee, finance director Simon Hall, technical director Jacques Dewalens, project development director Simon Mulholland and non-exec Gilles Masson. They would be replaced by Russ Robinson and Barry Hamilton. Robinson has three decades of experience in the zinc industry and is the main owner of US SDR, which owns Steel Dust Recycling. SDR was founded in mid-2006 to recycle electric arc furnace dust. The zinc contained in the dust is concentrated into Waelz Oxide, which is sold to zinc smelters. A plant at Alabama plant was opened in 2008 and sold in October 2009 at a profit.Hamilton took over from Robinson as president of US Zinc at the beginning of 2002. The Robinson family sold US Zinc to Imco in 1998 for $75m. Robinson says that ZincOx's rotary hearth technology is unproven on a commercial scale in the electric arc furnace dust recycling business. He also believes it will find it difficult to secure contracts for the supply of steel dust. Robinson says that ZincOX announced its intention to build a steel dust recycling plant in Ohio before SDR's Alabama plant was conceived. Robinson favours the Waelz kiln technology and believes that ZincOx will waste its cash resources trying to develop its own technology. A failure to secure finance means that ZincOx's Jabali zinc mine in Yemen is still not in production even though $60m has been committed to it. Robinson wants ZincOx to concentrate on steel dust recycling. Shares in ZincOx rose 6.5p to 56p each.