ZincOx Resources plc has finalised working capital for its wholly owned subsidiary, ZincOx (Korea) Ltd, from Standard Chartered Bank Korea Ltd. The facility has been approved by the credit committee of the bank up to a value of US$5M. The financing carries a charge for using the facility of 4% over USD LIBOR.

Commenting on the announcement, Andrew Woollett, ZincOx’s Executive Chairman said
“We have been working with Standard Chartered Bank Korea Ltd since we started the construction of the plant and, over the past year, for the financing of its expansion. The facility is a further step in the development of this relationship.”

The plant which recovers zinc oxide and iron as HBI from EAF dusts by treatment in a rotary hearth furnace has suffered delays due to equipment problems since its start up a year ago in April 2012.
The recycling plant is designed to treat 400kt/y of EAF dust containing an average grade of about 23% zinc. It will have the potential to produce 160kt/y of a lead bearing zinc oxide concentrate (58% zinc, 4.5% lead), together with about 200kt/y of HBI for use in electric arc furnaces.

For details on start-up progress visit the link below: