The U.K.-based company ZincOx Resources plc is reporting progress on an electric arc furnace dust recycling plant it is developing in South Korea. According to ZincOx, Korean authorities have confirmed that the agreement for the purchase of the land for the site of the facility has now been entered into by all relevant parties.
The site where the facility will be located has been purchased by South Korea’s Ministry of Knowledge Economy, the Gyeonsangbuk-Do Province and Gyeongju City. The plans call for the government to lease the land back to ZincOx for the construction of the recycling facility.
The Gyeongju City government, on behalf of the Korean government, has presented ZincOx with a draft lease agreement that provides for a 50-year free lease extendable every 10 years thereafter. ZincOx expects the lease to be finalized before the end of August.
An engineering costing study is underway and negotiations with financing partners have begun.
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