It is reported that Zinc recycling specialist ZincOx Resources has arranged finance to enable it to double capacity at its Korean recycling plant.

Standard Chartered Bank will provide the new banking mandate, which will be used to complete the second phase of development at the plant.

ZincOx said the final mandate with the bank depends on the price of zinc at the time of drawdown, but it is expected to equate to a debt facility of up to USD 120 million subject to final credit approval and documentation.

Mr Andrew Woollett Chairman of ZincOx said suggested this new arrangement may also lead to Standard Chartered Bank's involvement in similar projects in other parts of the world.

It confirmed the bank had recently returned from a visit to the plant in Korea.

ZincOx has a 10 year exclusive contract with Korea Zinc to recycle electric arc furnace dust.

Source - Proactive Investors

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