TIDMZOX
RNS Number : 8615O
ZincOx Resources PLC
26 September 2011
ZincOx Resources plc
("ZincOx", "the Company" or "the Group")
Interim Results for the six months ended 30 June 2011
ZincOx Resources plc (AIM Ticker: ZOX) which specialises in the
low cost recovery of high grade zinc compounds from unconventional
sources, today announces its results for the six months ended 30
June 2011.
Highlights
Korean Recycling Plant ("KRP")
-- Construction commenced in March
-- Development loans from Korea Zinc partially drawn down
-- General Manager and Finance Manager appointed
Highlights post the period-end
-- As at today's date
o Foundations complete
o 90% of buildings and steel structures complete
o Offices occupied
o Electrical power installed
o Rotary Hearth Furnace refurbished and installed on site,
refractory lining underway
o All major items of equipment installed
o Development remains on schedule and budget
Other
-- Final deferred payment (US$3.3 million) received from
Shaimerden
-- finnCap Limited appointed joint-broker
Commenting on the interim results, Andrew Woollett, Chairman
said,
"I am delighted with the progress made on the Korean Recycling
Plant in the first half of this year and we are looking forward to
commencing production in the first quarter of 2012. The first phase
of the project will demonstrate the attractiveness of the process,
not only for the expansion in the second phase of the Korean
facility, but also for further plants worldwide."
ZincOx Resources
Andrew Woollett, Executive Chairman +44 (0) 1276 450100
--------------------------------------------- ---------------------------
Ambrian Partners Limited (Nominated Adviser
& Joint Broker)
Andrew Craig/Jen Boorer
finnCap Limited (Joint Broker) +44 (0) 20 7634 4700
Matthew Robinson/Joanna Weaving +44 (0) 20 7220 0500
--------------------------------------------- ---------------------------
Tavistock Communications
Paul Youens/Simon Hudson/Lydia Eades +44 (0) 20 7920 3150
--------------------------------------------- ---------------------------
For further information, please go to: www.zincox.com
Chairman's Statement
The first six months of this year have seen remarkable progress
with our plans to become a major recycling company. The development
of the first phase of the Korean Recycling Plant ("KRP1"), which is
designed to process 200,000 tonnes per annum of Electric Arc
Furnace Dust ("EAFD"), will make it the largest EAFD recycling
facility in Asia. The development of the second phase ("KRP2"), a
further 200,000 tonnes of EAFD per annum, will make us the third
largest recycler of this material in the world. When in full
production KRP (1&2) will produce 92,000 tonnes of zinc per
annum in a high grade concentrate.
At the beginning of 2011 the land rented for KRP was a
"Greenfield" site lacking infrastructure or any construction
activities. By the beginning of March we had built construction
site offices, temporary power, basic infrastructure and started
work on foundations and roads. Since that time, construction
activity has been steadily increasing so that there are now some
200 workers on site. Almost all the major items of equipment
including the refurbished rotary hearth furnace have been installed
and electrical installation and piping is well underway.
For commissioning, the plant has been divided into two zones;
Zone 1 encompasses all the equipment up to the production of dried
briquettes and Zone 2 from the rotary hearth furnace through to
final products. The commissioning of Zone 1 will commence in
November and that of Zone 2 in January. Since March, the project
has met all its critical milestones and no project delays are
foreseen.
To date over 145,000 hours have been worked by contractors and I
am delighted to say that there have been no serious safety
incidents and no lost time injuries due to accidents. Our staff and
contractors at site are to be congratulated and encouraged to
maintain this excellent record.
Financing for the project is through a combination of Zincox's
own equity from our existing treasury and loans being provided by
Korea Zinc, one of the world's largest zinc metal producers.
Following a Memorandum of Understanding in December 2010, a formal,
definitive agreement with Korea Zinc was entered into in April
2011. Under these agreements, Korea Zinc is to provide development
loans for KRP1 and will purchase all the zinc concentrate, at
market rates, produced by this phase of development. Zinc
concentrate produced by KRP2 is not subject to these agreements.
Korea Zinc's loans are being drawn down in four tranches, following
the progressive application of our equity. The first two tranches
of these loans were drawn down in line with the financing plan in
June and early September, 2011.
The budget for the development of KRP1 is US$110 million. Of
this amount, US$8 million is for working capital and other
capitalised pre-operating expenses, so that the actual construction
spend is US$102 million. Of the construction spend, US$86.8million,
or 85%, has already been contractually agreed and the actual spend
will take place over the next four months or so. The project
remains within budget, in spite of a significant unfavourable
movement in exchange rates. We also remain on schedule for
completion and commissioning in the first quarter of 2012, the date
set at the start of project development last October. The rapid
progress on site can be viewed on the photo galleries (currently
being upgraded) held on our website.
In any new project development there is an execution risk, that
is to say, a risk that it will not be completed according to plan.
Given the stage of construction on site, our progress in terms of
both schedule and expenditure lead me to believe that the project
will be executed without overruns.
As we move to complete construction and thereby remove the
execution risk completely, the remaining risk that could be
perceived by investors looking to invest in the Company, would lie
with the process itself. In order to put the minds of investors and
financiers at rest, we commissioned a technical audit by an
experienced firm of consulting engineers that were asked to
evaluate our process and the development plans for the project. We
selected Saint Barbara for this exercise. Saint Barbara is a
British consulting firm that specialises in mineral processing and
metal production and which carries out due diligence on behalf of
banks, acts as an expert witness and advises companies on process
design and selection. While much of their report is commercially
sensitive, their 'Principal Conclusions' were very positive and
these have been posted on our website.
ZincOx intends to develop the second phase of the KRP as soon as
KRP1 has demonstrated the process efficiency and economics of the
operation. This is expected to be towards the middle of 2012. In
order to have the necessary financing in place so that construction
can proceed without delay, we are already moving forward with a
financing for KRP2.
We are in discussions with banks for a debt facility that would
be available once KRP1 is in steady state operation. This facility
would enable us to repay the loans from Korea Zinc and provide
additional finance for the development of KRP2. The quantum of this
facility is unlikely to be sufficient to cover the full cost of the
development of KRP2 and we are reviewing other financing options
for the outstanding amount. However we believe this could be
provided by a company interested in purchasing our zinc product, in
much the same way as Korea Zinc provided loans against an offtake
commitment for KRP1.
Over the past four months we have hired many key personnel for
the production operations, including the General Manager and
Finance Manager. Operator training will commence shortly.
Other projects
While almost all our staff are concentrating on KRP, we are
continuing to pursue projects elsewhere in the world so that, on
demonstrating the technology in Korea, we will be able to begin to
apply it in other countries before the end of 2013, and thereby
achieve the rapid expansion and growth that shareholders would like
to see.
The Company, together with its Yemeni partner, continues to
pursue options for the refinancing of the Jabali mine.
Corporate
As a company with excellent growth potential we continue to
explore the various financing options open to us for the
development of further projects and we appreciate the continuing
support of a growing and number of large and well regarded
institutional shareholders. However, in addition we recognise the
importance of private investors, not least in terms of the day to
day liquidity and support such investors can provide. In order to
broaden our access to investors we have recently taken on finnCap
as joint brokers, who have strong relationships with several
stockbroking firms that specialise in service to private
clients.
Financial Results
The Group loss after tax attributable to the shareholders of the
parent company was GBP2.1 million for the period (June 2010:
GBP23.3 million, year to 31 December 2010: GBP69.3 million). The
December 2010 result includes the impairment of the Jabali project
which was made last year end in addition to the impairment of the
USA assets which were written down in the period to 30 June 2010.
There has been no reason to revise the underlying reasons for these
impairments during the half year to June 2011 and, as a result,
there is a further impairment of GBP2.3 million relating to spend
being incurred on the Jabali project in Yemen which is being funded
through a short term limited recourse loan in Yemen, organised by
our partners.
The final payment in respect of the Shaimerden sale of $3.3
million (GBP2.1 million) was received in January 2011.
Principal Risks and Uncertainties
The principal risks and uncertainties facing the Group have not
changed from those stated in the Annual Report 2010.
Outlook
In the immediate future, the Company's main focus is finishing
the development of KRP1. Commissioning of the plant is expected to
commence before the year end, and production in the first quarter
of 2012, and thereafter the ramp up to full production is expected
to take about six months.
We have a clear way forward for the Company and I am looking
forward to keeping shareholders informed of our progress as we head
towards production in the New Year.
Andrew Woollett
Executive Chairman
26 September 2011
Forward Looking Statements
The Chairman's Statement contains discussion of future
operations and financial performance by use of various
forward-looking words such as "anticipates," "estimates,"
"expects," "projects," "intends," "plans," "believes" and terms of
similar substance. These forward-looking statements are based on
management's current expectations and beliefs about future events
but as with any projection or forecast, they are inherently
susceptible to uncertainty and changes in circumstances which could
cause the Group's actual activities and results to differ
materially from those contained in the forward-looking
statements.
ZincOx Resources plc
Consolidated Interim Income Statement
for the period ended 30 June 2011
6 months
6 months to Year ended
to 30 Jun 30 Jun 2010 31 Dec 2010
2011 unaudited unaudited audited
---------------------- ------ ---------------- ------------- -------------
Notes GBP'000 GBP'000 GBP'000
---------------------- ------ ---------------- ------------- -------------
Revenue 790 921 1,926
Cost of sales (443) (498) (951)
---------------------- ------ ---------------- ------------- -------------
Gross profit 347 423 975
---------------------- ------ ---------------- ------------- -------------
Administrative
expenses Foreign
exchange (loss) / (2,763) (2,617) (4,762)
gain (766) 753 1,150
---------------------- ------ ---------------- ------------- -------------
Total administrative
costs (3,529) (1,864) (3,612)
---------------------- ------ ---------------- ------------- -------------
Underlying Operating
Loss Other gains and (3,182) (1,441) (2,637)
losses Impairment 4 655 284 5,473
provisions 3 (1,085) (24,444) (114,138)
---------------------- ------ ---------------- ------------- -------------
Operating Loss (3,612) (25,601) (111,302)
Finance income 62 69 141
Finance costs (17) (3) (7)
---------------------- ------ ---------------- ------------- -------------
Loss before tax (3,567) (25,535) (111,168)
Tax (25) (33) (570)
---------------------- ------ ---------------- ------------- -------------
Net Loss (3,592) (25,568) (111,738)
====================== ====== ================ ============= =============
Attributable to:
Equity holders of the
parent
Non-controlling (2,148) (23,309) (69,323)
interest (1,444) (2,259) (42,415)
---------------------- ------ ---------------- ------------- -------------
(3,592) (25,568) (111,738)
====================== ====== ================ ============= =============
Basic and diluted
loss per ordinary
share 5 (2.76p) (29.94p) (89.03p)
---------------------- ------ ---------------- ------------- -------------
ZincOx Resources plc
Consolidated Interim Statement of Comprehensive Income
for the period ended 30 June 2011
6 months
6 months to Year ended
to 30 Jun 30 Jun 2010 31 Dec 2010
2011 unaudited unaudited audited
------------------------------ ---------------- ------------- -------------
GBP'000 GBP'000 GBP'000
------------------------------ ---------------- ------------- -------------
Loss for the period Other
comprehensive income Exchange
differences on translating (3,592) (25,568) (111,738)
foreign operations (86) 6,460 2,869
------------------------------ ---------------- ------------- -------------
Total comprehensive income
for the period (3,678) (19,108) (108,869)
Attributable to:
Equity holders of the parent (912) (18,696) (67,415)
Non-controlling interest (2,766) (412) (41,454)
------------------------------ ---------------- ------------- -------------
(3,678) (19,108) (108,869)
============================== ================ ============= =============
ZincOx Resources plc
Consolidated Interim Balance Sheet
at 30 June 2011
As at As at As at
30 Jun 2011 30 Jun 2010 31 Dec 2010
unaudited unaudited audited
------------------------ ------- ------------- ------------- -------------
Notes GBP'000 GBP'000 GBP'000
------------------------ ------- ------------- ------------- -------------
ASSETS Non-Current
Assets Intangible
assets Property, plant 8,807 17,077 8,709
and equipment Trade and 39,666 94,969 19,448
other receivables - 240 -
------------------------ ------- ------------- ------------- -------------
48,473 112,286 28,157
-------------------------------- ------------- ------------- -------------
Current Assets
Inventories Trade and 386 433 406
other receivables Cash 2,592 2,291 4,037
and cash equivalents 26,931 42,302 38,381
------------------------ ------- ------------- ------------- -------------
29,909 45,026 42,824
-------------------------------- ------------- ------------- -------------
TOTAL ASSETS 78,382 157,312 70,981
--------------------------------- ------------- ------------- -------------
LIABILITIES Current
Liabilities Trade and
other payables Loans (13,587) (12,384) ( 12,671)
and borrowings 6 (2,242) - -
------------------------ ------- ------------- ------------- -------------
(15,829) (12,384) (12,671)
-------------------------------- ------------- ------------- -------------
Non-current Liabilities
Trade and other
payables Loans and (579) (650) (624)
borrowings 6 (7,513) - -
------------------------ ------- ------------- ------------- -------------
(8,092) (650) (624)
-------------------------------- ------------- ------------- -------------
TOTAL LIABILITIES (23,921) (13,034) (13,295)
--------------------------------- ------------- ------------- -------------
NET ASSETS 54,461 144,278 57,686
================================= ============= ============= =============
EQUITY Share capital 19,465 19,465 19,465
Share premium Retained 85,336 85,336 85,336
losses Foreign currency (56,304) (8,191) (54,203)
translation reserve 12,620 14,089 11,384
------------------------ ------- ------------- ------------- -------------
Equity attributable to
equity holders of the
parent Non-controlling 61,117 110,699 61,982
interest (6,656) 33,579 (4,296)
------------------------ ------- ------------- ------------- -------------
TOTAL EQUITY 54,461 144,278 57,686
================================= ============= ============= =============
ZincOx Resources plc
Consolidated Interim Cash Flow Statement
for the period ended 30 June 2011
6 months
6 months to Year ended
to 30 Jun 30 Jun 2010 31 Dec 2010
2011 unaudited unaudited audited
--------------------- ------- ---------------- ------------- -------------
Notes GBP'000 GBP'000 GBP'000
--------------------- ------- ---------------- ------------- -------------
Loss before taxation
Adjustments for:
Depreciation and
amortisation Foreign
exchange loss
Interest received
Interest expense
(Reversal) /
impairment of
intangible assets
Impairment of
tangible assets
Impairment of trade
and other
receivables (Gain) / (3,567) (25,535) (111,168)
loss on disposal of 575 652 1,275
tangible assets 502 1,205 25
Share based payments (62) (69) (141)
Increase / 2 3 7
(decrease) in trade (1,212) 6,524 16,019
and other payables 2,297 17,920 97,132
(Increase) / - - 988
decrease in trade (24) 9 6
and other 47 35 37
receivables Decrease 979 (2,304) (2,159)
/ (increase) in (702) 271 (97)
inventories Foreign 3 20 (13) 14
tax at source Other 3 36 (33) -
gains and losses 4 (655) (284) (5,473)
--------------------- ------- ---------------- ------------- -------------
Cash utilised in (1,764) (1,619) (3,535)
operations Interest (2) (3) (7)
paid Taxation (36) - (51)
--------------------- ------- ---------------- ------------- -------------
Net cash flow from operating
activities (1,802) (1,622) (3,593)
------------------------------ ---------------- ------------- -------------
Investing activities
Net proceeds from
disposal of assets
Net proceeds from
disposal of scrapped
assets Proceeds from
disposal of 2,542 8,077 7,803
subsidiary Purchase 633 - 3,018
of intangible assets - 8 27
Purchase of tangible (139) (2,348) (3,846)
assets Dividends (22,892) (11,018) (17,475)
received Interest - - 3
received 62 69 141
Net cash used in investing
activities (19,794) (5,212) (10,329)
------------------------------ ---------------- ------------- -------------
Financing activities
Release of
restricted cash
Proceeds from
borrowings
Investment from - 169 169
non-controlling 9,740 - -
interest 6 406 2,038 5,205
--------------------- ------- ---------------- ------------- -------------
Net cash received from
financing activities 10,146 2,207 5,374
------------------------------ ---------------- ------------- -------------
Net decrease in cash
and cash equivalents
Cash and cash
equivalents at start (11,450) (4,627) (8,548)
of period 38,381 46,929 46,929
--------------------- ------- ---------------- ------------- -------------
Cash and cash equivalents at
end of period 26,931 42,302 38,381
------------------------------ ---------------- ------------- -------------
ZincOx Resources plc
Consolidated Statement of Changes in Shareholders' Equity
at 30 June 2011
Share Share Translation Retained Total
capital premium reserve losses Total Non-controllinginterest equity
GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s
------------------ --------- --------- ------------ --------- --------- ------------------------ ---------
Balance at 1
January 2010
Share based
payments Capital
increase from 19,465 85,336 9,476 15,083 129,360 31,953 161,313
non-controlling - - - 35 35 - 35
interest - - - - - 2,038 2,038
------------------ --------- --------- ------------ --------- --------- ------------------------ ---------
Transactions with
owners - - - 35 35 2,038 2,073
Loss for the
period Other
comprehensive
income Exchange
differences on
translating
foreign - - - (23,309) (23,309) (2,259) (25,568)
operations - - 4,613 - 4,613 1,847 6,460
------------------ --------- --------- ------------ --------- --------- ------------------------ ---------
Total
comprehensive
income/(expense)
for the period - - 4,613 (23,309) (18,696) (412) (19,108)
------------------ --------- --------- ------------ --------- --------- ------------------------ ---------
Balance at 30
June 2010 -
unaudited 19,465 85,336 14,089 (8,191) 110,699 33,579 144,278
------------------ --------- --------- ------------ --------- --------- ------------------------ ---------
Share based
payments Capital
increase from
non-controlling - - - 2 2 - 2
interest - - - - - 3,167 3,167
------------------ --------- --------- ------------ --------- --------- ------------------------ ---------
Transactions with
owners Loss for
the period Other
comprehensive
income Exchange
differences on
translating - - - 2 2 3,167 3,169
foreign - - - (46,014) (46,014) (40,156) (86,170)
operations - - (2,705) - (2,705) (886) (3,591)
------------------ --------- --------- ------------ --------- --------- ------------------------ ---------
Total
comprehensive
income/(expense)
for the period - - (2,705) (46,014) (48,719) (41,042) (89,761)
------------------ --------- --------- ------------ --------- --------- ------------------------ ---------
Balance at 31
December 2010 -
audited 19,465 85,336 11,384 (54,203) 61,982 (4,296) 57,686
------------------ --------- --------- ------------ --------- --------- ------------------------ ---------
Share based
payments Capital
increase from
minority - - - 47 47 - 47
interest - - - - - 406 406
------------------ --------- --------- ------------ --------- --------- ------------------------ ---------
Transactions with
owners Loss for
the period Other
comprehensive
income Exchange
differences on
translating - - - 47 47 406 453
foreign - - - (2,148) (2,148) (1,444) (3,592)
operations - - 1,236 - 1,236 (1,322) (86)
------------------ --------- --------- ------------ --------- --------- ------------------------ ---------
Total
comprehensive
income/(expense)
for the period - - 1,236 (2,148) (912) (2,766) (3,678)
------------------ --------- --------- ------------ --------- --------- ------------------------ ---------
Balance at 30
June 2011 -
unaudited 19,465 85,336 12,620 (56,304) 61,117 (6,656) 54,461
------------------ --------- --------- ------------ --------- --------- ------------------------ ---------
Notes to the Consolidated Financial Interim Statements
1. Basis of preparation
These interim condensed consolidated financial statements are
the unaudited Consolidated Financial Statements of ZincOx Resources
plc, for the six months ended 30 June 2011. They have been prepared
in accordance with International Financial Reporting Standards
("IFRS") as adopted by the EU and the Companies Act 2006,
applicable to companies reporting under IFRS. They do not include
all of the information required in annual financial statements in
accordance with IFRS, and should be read in conjunction with the
consolidated financial statements of the Group for the year ended
31 December 2010.
These interim financial statements were approved by the Board on
23 September 2011. The financial information set out in this
interim report does not constitute statutory accounts as defined in
Section 434 of the Companies Act 2006. The Group's statutory
financial statements for the year ended 31 December 2010, prepared
under IFRS, have been filed with the Registrar of Companies. The
auditor's report on those financial statements was unqualified and
did not contain statements under Section 498(2) or Section 498(3)
of the Companies Act 2006.
These financial statements have been prepared under the
historical cost convention and the consolidated financial
statements incorporate the financial statements of the Company and
its subsidiary companies.
The financial information for the six months ended 30 June 2011
and 30 June 2010 is unaudited.
2. Significant Accounting Policies
The accounting policies and presentation followed in the
preparation of this interim report have been consistently applied
to all periods in these financial statements and are the same as
those applied by the Group in the preparation of its Annual Report
for the year ended 31 December 2010.
3. Critical Accounting Estimates and Judgments
The Group performs an assessment of the recoverability of assets
to see whether any of the exploration projects have suffered
impairment. This assessment is dependent on the future viability of
the relevant products and processes. The methodology followed, in
order to assess the recoverable amount of an individual cash
generating project, is to run a cash flow model over 20 years or
the life of mine, whichever is shorter, with appropriate
assumptions for zinc price, operating and capital development
costs.
The Group also performs impairment tests on assets under the
course of development by estimating the value in use of the
cash-generating project to which it has been allocated. This value
in use is estimated by discounting future cashflows. It should be
noted that the zinc price and the discount rate have the most
significant impact on the value in use calculations.
USA recycling
Intangible assets relating to the Waste Oxide Recycling Facility
("WORF") were reviewed for impairment and a reversal of $1.9
million (GBP1.2 million) was processed with additional assets
assessed as being of use to the Korean Recycling Project. The
relevant WORF assets have now been transferred from Zinc and Iron
Recycling, Inc ("ZIRI") to ZincOx (Korea) Limited.
Jabali project
Due to the conditions reported in the 2010 Annual Report
regarding the political situation in Yemen and the lack of funding
for the Jabali project, there remains the continuing existence of a
material uncertainty which may cast doubt on the carrying value of
the assets relating to the Jabali project.
For this reason, an impairment provision of GBP2.3 million ($3.7
million) against property, plant and equipment has been made in the
period. This corresponds to critical expenditure in the period
which Jabal Salab Company (Yemen) Limited ("Jabal Salab") has
incurred to maintain the value in the Jabali project. Jabal Salab
has, with the assistance of its' Yemen based partner, managed to
secure a $5.5 million limited recourse credit facility with the
International Bank of Yemen ("IBY") which has enabled this critical
expenditure in Yemen to be funded in the short term.
Jabal Salab considers the project is capable of being
re-financed and, as such, deem the expenditure to maintain the
project until it is refinanced, drawn from the credit facility
mentioned above, necessary and worthwhile.
4. Other Gains and Losses
6 months
to 6 months Year ended
30 Jun 2011 to 30 Jun 31 Dec 2010
unaudited 2010 unaudited audited
------------------------------ ------------- ---------------- -------------
GBP'000 GBP'000 GBP'000
------------------------------ ------------- ---------------- -------------
Deferred consideration on
disposal of subsidiary Gain
on disposal of scrap
equipment Gain/(loss) on
disposal of property, plant - - 2,462
and equipment Loss on 633 - 3,018
disposal of subsidiary Final 22 292 (10)
distribution received from - (8) -
previous investment - - 3
------------------------------ ------------- ---------------- -------------
Total 655 284 5,473
------------------------------ ------------- ---------------- -------------
The gain on disposal of scrap equipment relates to the sale of
anodes and cathodes made in the period by Big River Zinc
Corporation.
5. Loss per Share
6 months 6 months Year ended
to to 31 Dec 2010
30 Jun 2011 30 Jun 2010 audited
unaudited unaudited
--------------------------------- ------------- ------------- -------------
GBP'000 GBP'000 GBP'000
--------------------------------- ------------- ------------- -------------
Basic and diluted loss per share (2,148) (23,309) (69,323)
Net loss Weighted average number 77,860,620 77,860,620 77,860,620
of shares Basic and diluted loss (2.76p) (29.94p) (89.03p)
per share (amount in pence)
--------------------------------- ------------- ------------- -------------
6. Loans and Borrowings
Korean Recycling Plant ("KRP")
In April 2011, two loan agreements, an Off-take Loan and a
Development Facility, were signed with Korea Zinc as part of the
financing of KRP1.
The Off-take Loan is for $35 million and will bear interest at
5% per annum over LIBOR. It will be drawn down in three instalments
following the investment of approximately three equal tranches of
equity provided by the Company. Repayment will commence following
the repayment of the Development facility.
The Development Facility is for $15 million and will bear fixed
interest at 15% per annum. It will be repaid from KRP's free cash
flow, after deduction of interest on the Off-take Loan, or as a
bullet repayable at the end of three years.
During the period, an amount of $12 million (GBP7.5 million) was
drawn against the Off-take Loan with interest of $24k (GBP15k)
accruing to the end of the period.
Jabali project
In March 2011, Jabal Salab agreed a short-term limited recourse
loan with the International Bank of Yemen for $5.5 million to
provide financing for the Jabali project whilst a more appropriate
long-term funding can be pursued. An amount of $3.5m (GBP2.2m) was
drawn in the period.
A short term facility with Fortis bank in Belgium was utilised
in the period to cover working capital requirements in the Belgium
office. The amount drawn in the period amounts to EUR 43k
(GBP39k).
7. Further copies of this statement
Copies of this statement are available for download from the
Company's website at www.zincox.com or on request from the Company
Secretary, ZincOx Resources plc, Knightway House, Park Street,
Bagshot, Surrey, GU19 5AQ.
Company Information:
Directors & Officers of the Company:
A C Woollett Executive Chairman
S C Hall Finance Director
J Z J Dewalens Technical & Production Director
R G Beddows Non-Executive Deputy Chairman
G D Lafferty Non-Executive Director
G S Dalal Non-Executive Director
I M Halliwell Company Secretary
Advisors:
Registered Number 3800208
Registered Office Knightway House
Park Street
Bagshot
Surrey GU19 5AQ
Nominated Adviser and Ambrian Partners Limited
Broker Old Change House
128 Queen Victoria Street
London EC4V 4BJ
Broker finnCap Limited
60 New Broad Street
London EC2M 1JJ
Bankers HSBC Bank plc
Apex Plaza
Reading
Berkshire RG1 1YE
Auditors Grant Thornton UK LLP
Grant Thornton House
Melton Street
London NW1 2EP
Investor Relations Tavistock Communications
131 Finsbury Pavement
London EC2A 1NT
Solicitors Eversheds LLP
One Wood Street
London EC2V 7WS
Registrars Capita Registrars
The Registry
34, Beckenham Road
Beckenham
Kent BR3 4TU
This information is provided by RNS
The company news service from the London Stock Exchange
END
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