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.
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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.
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