Zincox Resources Plc Share News (ZOX)

ZincOx Resources, which treats and recycles EAFD, a hazardous waste generated by the recycling of steel scrap, has entered into a joint venture agreement with Ural-Recycling, a wholly-owned subsidiary of Magnezit Group. The JV will cover the first phase of a programme to establish a waste dust recycling facility in Russia. Magnezit selected ZincOx after undertaking a detailed evaluation of various EAFD processing technologies and concluded that the technology employed by ZincOx presented the most economically attractive and environmentally sustainable treatment process. Under the JV, 51% will be owned by ZincOx and the remainder by Ural-Recycling, with the latter as the operator. ZincOx will provide testwork and the knowhow of the rotary hearth furnace recycling technology, plant design and commissioning and technical support. The JV will cover all Russia and the Commonwealth of Independent States. The JV intends to complete a feasibility study over the course of the next 22 months so that by the end of 2014 the project could be ready for the commencement of construction.Andrew Woollett, ZincOx's Executive Chairman, said: "The invitation to join Magnezit in the development of a plant in Russia is an exciting prospect for ZincOx and a great endorsement of our technology. It marks another step in our ambition to roll this technology out around the world and we feel Magnezit is ideally placed to leverage its considerable experience in the Russian steel industry to support this important project".NR