ZincOx Resources PLC Record Quarter at Korean Plant (5486J)
April 08 2015 - 2:00AM
UK Regulatory
TIDMZOX
RNS Number : 5486J
ZincOx Resources PLC
08 April 2015
8 April 2015
ZincOx Resources plc
("ZincOx" or the "Company")
Record Quarter and over 90 days continuous operation at Korean
Plant
ZincOx is pleased to announce record production in the first
quarter of 2015 at its wholly owned Korean Recycling Plant (KRP).
Throughput improved by over 17% on Q4 2014 and the plant has now
run on a continuous basis for over 90 days.
KRP is the largest Electric Arc Furnace Dust (EAFD) treatment
plant in the world with a nominal capacity of 200,000 tpa EAFD.
The improvement in plant performance over the past nine months
is demonstrated by the following quarterly key indicators:
Q3-2014 Q4-2014 Q1-2105
EAFD treated, tonnes 28,031 31,379 36,783
Zinc in Concentrate, tonnes 6,563 7,568 8,667
The plant is currently operating at about 90% of target
throughput (target being 580 tonnes per day), and is generating a
positive EBITDA(1)
Q1 2015 plant performance
The plant operated continuously for 93 days to March 21(st)
2015, when a period of planned maintenance commenced. This
maintenance had originally been scheduled for February but as the
plant was running smoothly, it was postponed by four weeks.
Production resumed on April 4(th) , in line with the plant's
overall maintenance programme.
In February, steel mills generated less EAFD than expected due
to the closure of most steel mills over the lunar New Year holiday
period and due to a general reduction in steel production
year-on-year, resulting in 11,313 tonnes being treated during the
month. During the 21 operating days in March the amount treated in
the month was 9,066 tonnes due to the maintenance closure.
During the maintenance period, a general inspection of the
plant, including the Rotary Hearth Furnace, revealed nothing
unexpected.
The inner metallic tubes of the heat exchangers which have
previously required unscheduled repairs, remained in good
condition, demonstrating that the refractory lining applied to
protect the tubes is an effective barrier to corrosive gasses.
Routine maintenance of the tubes should now only be required every
three to four months. The Company is looking at a way to reduce the
number of maintenance periods by replacing the heat exchangers in
their entirety with simpler, reliable equipment, and so further
improving efficiencies and profitability.
Commenting on the announcement, Andrew Woollett, ZincOx's CEO,
said "With a practical solution to the heat exchanger corrosion,
maintenance can be limited to three periods per year. Furthermore,
our operational team will concentrate its efforts on optimisation
of the process so that we can attain full monthly production. In
this regard, we are pleased to report that, during the first
quarter of 2015, the operation has already shown a significant
improvement."
For more information please contact:
Tel: +44 (0) 127 645
ZincOx Resources plc 0100
Andrew Woollett, Chief Executive Officer
Peel Hunt LLP (Nominated Adviser and Tel: +44 (0) 207 418
Joint Broker) 8900
Daniel Harris
Euan Brown
finnCap Limited (Joint Broker) Tel: +44 (0) 207 220
Charlotte Stranner 0500
Joanna Weaving
Christopher Raggett
Tavistock Communications (Financial PR) Tel: +44 (0) 207 920
Simon Hudson 3150
Nuala Gallagher
[1] Earnings before interest, tax, depreciation and amortisation
(adjusted to exclude foreign exchange gains and losses)
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCIRMRTMBJMBMA
Zincox (LSE:ZOX)
Historical Stock Chart
From Jun 2024 to Jul 2024
Zincox (LSE:ZOX)
Historical Stock Chart
From Jul 2023 to Jul 2024