ZincOx gets bank backing for Korea plant

ZincOx Resources, the firm building Asia's biggest zinc recycling plant in South Korea, has been given financial backing by Standard Chartered bank.

Standards Chartered has provided a mandate to restructure, arrange and underwrite project debt for the doubling of capacity through the development of the second and final Phase of the plant.

The idea is for the plant to be recycling all electric arc furnace dust produced at Korean steel mills by the end of next year.

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Depending on the zinc price at the time of drawdown, the mandate envisages a total debt facility of up to $120m.

Commenting on the announcement, Andrew Woollett, the Chairman of ZincOx, said: "We have been working with Standard Chartered Bank for several months and having demonstrated the process, I am delighted to have a bank of their calibre behind the project."

ZincOx shares were up 8.4% at 11:03.

BS