LONDON (Alliance News) - ZincOx Resources PLC Wednesday said its wholly owned Korean Recycling plant had a "record month" in January, but said production will fall in February due to routine maintenance work.
The plant treated 16,414 tonnes of electric arc furnace dust in the first month of 2015, which is around 92% of the plant's current capacity. ZincOx said production in January was 10% higher than the plant's previous record which was set in October 2014.
Electric arc furnace dust is produced from treating scrap metals to recover zinc.
However, the plant recovered about 90% of the zinc processed through the plant, slightly below the company's target of 95%.
The plant provided an EBITDA of USD650,000 for the month, based on the current zinc price which lies at around USD2,122 per tonne, said the company.
The plant may see a reduction in tonnage treatment in February, as the company is planning a "short stoppage" towards the end of the month for routine quarterly maintenance, said ZincOx.
The plant is also working toward arranging additional supply contracts, which ZincOx said should be in place before the end of March.
ZincOx shares were down 0.6% to 12.55 pence per share on Wednesday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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