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From: Nigel
ArtDate: 12th December 2006
Section: (FILLYABOOTS NEWS RELEASES)
Remote Name: 84.9.59.118
Date: 22/12/06
Time: 20:03
12th December 2006
ZincOx Resources - Teck Cominco Increases Interest in ZincOx
News Item - Conduit PR
Teck Cominco Limited supports global recycling strategy and makes GBP5.4m placing
Teck Cominco Limited increases ZincOx interest to 11.5% from 7.5% and is issued warrants that can increase its holding to 15% ZincOx's new and enhanced global recycling strategy supported by Teck Cominco - Turkey, USA, Far East Teck Cominco Limited, one of the world's largest zinc miners, has agreed to subscribe for 2,040,690 new ordinary shares of ZincOx at £2.65 per share, together with the same number of warrants exercisable within one year at £3.30 per share. On completion of the placement, Teck Cominco's interest in ZincOx will increase from 7.5% to 11.5%. If the warrants are exercised, Teck Cominco's interest would increase to 15%.
Teck Cominco's investment follows an extensive review of ZincOx's process technologies and the Company's new and enhanced global recycling strategy, which is focused on the recovery of zinc from electric arc furnace dust ("EAFD") using a combination of rotary hearth furnace technology and ZincOx's proprietary solvent extraction technology. In connection with the placement, ZincOx and Teck Cominco are to enter into a technical cooperation agreement, under which Teck Cominco will provide technical support to ZincOx with a view to eventual direct participation in ZincOx recycling projects.
ZincOx is employing a two stage process for the recovery of zinc from waste dust produced by Electric Arc Furnaces (EAFD) when recycling steel scrap. Over 4 million tonnes of EAFD is generated annually which due to the galvanised nature of scrap typically contains from 15% to 25% zinc. EAFD is, therefore, significantly richer in zinc than most primary zinc deposits. Due to the hazardous nature of the EAFD, steel producers generally pay to have it disposed.
Edward Portman Conduit PR Ltd 76 Cannon St London EC4N 6AE Office: +44 (0) 20 7429 6666 Direct: +44 (0) 20 7429 6607 Fax: +44 (0) 20 7429 6699 Mob: +44 (0) 773 3363 501
www.conduitpr.com
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