ZincOx Resources Plc has decided to jointly develop a recycling plant in Vietnam with Korea Zinc Co. Ltd.
Korea Zinc will fund 100% of a definitive development study, expected to cost about US$2.5 million, and will own a 51% stake in a special purpose company set up to develop the recycling plant.
ZincOx will own the remaining 49% stake, according to a Jan. 23 release.
The Vietnamese plant is estimated to treat up to 100,000 tonnes per annum of waste dust as well as upgrade both the iron and zinc intermediate products of the rotary hearth furnace to final products.
The recycling plant will be based on the rotary hearth furnace technology developed by ZincOx in Korea.
Previously in January, ZincOx agreed to sell its remaining interest in Zinc Oxide Corp., previously ZincOx Korea Ltd., to Korea Zinc for about US$8.0 million.