25 May 2012

ZincOx in £6.25m placing

11/11/2011 Robert Tyerman

Zinc-from-waste specialist ZincOx (ZOX) has raised £6.25 million for its Korean waste recovery plant and the international launch of its technology.

At 56p a share, the placing, handled jointly by brokers Peel Hunt and finnCap, will provide funds to prepare a detailed plan for the second development phase of the £69 million Korean project to show to potential bank lenders by the middle of next year and to launch the AIM-quoted company's technology in the USA, Turkey and Thailand.

Earlier this year, executive chairman Andrew Woollett signed 10-year deals with Korean steel mills to recycle their waste dust into zinc concentrate and secured £31 million financing from leading producer Korean Zinc. Shares in the company, which slashed losses from £25.5 million to £3.6 million in the the first half of this year, fell from 427p in 2007 to 25.5p the following year, as its original zinc mining strategy hit the buffers, but have rallied more recently.

Highlighted by Growth Company Investor at 49p last year, they now trade at 60p, valuing the company at £46.7 million, and could rally further if current developments bear fruit.

Tags: AIM market, Andrew Woollett, Korean Zinc, Waste-to-zinc recovery

Sector: Mining

Companies: ZincOx Resources

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