Austpac Resources N.L. signed an agreement with Tangshan Yanshan Iron and Steel Co. Ltd. unit YanGang (Hong Kong) Co. Ltd. to provide funds to finalize test work for Austpac's proprietary zinc iron recovery process, or ZIRP.

YanGang proposed to fund construction once the test work program is complete. Austpac will conduct a scoping study for the 10,000- to 15,000-tonne-per-year commercial ZIRP plant in New South Wales, Austpac's first in Australia.

YanGang will invest A$803,000 through a placement of 365 million shares, according to a March 18 release.