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16 Apr 2009 07:00
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16 April 2009
ZincOx Resources Plc
("ZincOx" or "the Company")
KoreanΒ Long Term Supply AgreementsΒ signed
ZincOx Resources Plc, whichΒ specialises in the recovery of zinc and zinc products from unconventional sources, announcesΒ todayΒ that its wholly owned subsidiaryΒ ZincOx Resources (Korea) LtdΒ hasΒ signed feedΒ agreementsΒ with theΒ nineΒ largest electric arc furnaceΒ operatorsΒ in KoreaΒ ("the Furnace Operators")Β for the supply of zinc bearing waste dustΒ -Β electricΒ arcΒ furnaceΒ dustΒ ("EAFD").
AndrewΒ Woollett,Β ExecutiveΒ ChairmanΒ of ZincOx, said "We have been working inΒ KoreaΒ for a number of years and these agreementsΒ now enable us toΒ beginΒ detailed plans for the development of anΒ electric arcΒ furnace dustΒ recycling facility in the country. We are greatly indebtedΒ to the KoreaΒ Iron and Steel AssociationΒ (KOSA)Β for their assistanceΒ in negotiating these agreements.Β This project, together with ourΒ advancedΒ recycling plans in North America, will accelerate ZincOx into a significant recycler of EAFD".
Under theΒ agreements,Β theΒ Furnace OperatorsΒ have committed to supplying their EAFDΒ exclusivelyΒ to ZincOx for a minimum periodΒ ofΒ ten years from the commissioningΒ ofΒ the plant.Β ZincOxΒ plans toΒ acquire a suitable site, carryΒ out environmental permitting, optimiseΒ process design by testwork and completeΒ a detailedΒ feasibility and engineering studyΒ with the intentionΒ ofΒ commencingΒ plant development before February 2011.Β
TheΒ Furnace OperatorsΒ comprise the following steel companies:Β Hyundai Steel, Dongkuk Steel, Daehan Steel, YK Steel, Korean Iron and Steel Company, Posco Specialty Steel, SeAH Besteel,Β Hwanyoung Steel and Dongbu Steel.Β Together these companies produced over 350,000 tonnes of EAFD in 2008, having a zinc grade of about 22%.
For more information please contact:Β
Andrew Woollett, ZincOx Resources plcΒ Tel: +44 (0) 1276 450100Β awoollett@zincox.comΒ
John HarrisonΒ (Nominated Adviser), Numis Securities
James BlackΒ (Corporate Broker), Numis SecuritiesΒ Tel: +44 (0) 20 7260 1000Β
Leesa PetersΒ /Charlie Geller,Β Conduit PRΒ Tel (Direct): +44 (0) 20 7429 6600Β Tel (Mobile): +44 (0)Β 781 215 9885
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