ZincOx Resources Strikes Joint Venture Deal with Korea Zinc

By Philip Waller

LONDON--ZincOx Resources PLC (ZOX.LN) said Monday it had launched a joint venture with Korea Zinc Company Ltd to develop a galvanized scrap metal recycling plant in Vietnam.

KZC will fund a definitive development study to enable the finance to be raised to build the plant. The study is expected to cost about $2.5 million.

KZC will own 51% of a special-purpose company set up to develop the plant, with the remaining 49% held by ZincOx.

If the study costs more than $3 million, the interest of ZincOx in the joint venture will be diluted proportionately according to any extra funds that KZC has contributed. ZincOx will be able to buy back its interest to 49% on the same terms in the following six months.

-Write to Philip Waller at philip.waller@wsj.com

(END) Dow Jones Newswires

January 23, 2017 05:29 ET (10:29 GMT)

Zincox (LSE:ZOX)
Historical Stock Chart
From Mar 2024 to Apr 2024