ZincOx Resources reports improvement from Korean plant

14th Jul 2015 12:03

(ShareCast News) - Zinc concentrate producer ZincOx Resources said operations at its Korean recycling plant improved throughout the first half of 2015.In the period, the plant, the group's only producing asset, generated $22.2m in revenue, a 24.7% increase year-on-year, while earnings before interest, tax, depreciation and amortisation surged to $2.9m from $0.6m."These figures demonstrate the dramatic turnaround in the performance of our Korean operation, and we expect to see a significant further improvement as we reach full daily production through the import of feed stock," said group chief executive Andrew Woollett.ZincOx said the plant treated 77,485 tonnes of electric arc furnace dust in the first half of 2015, 27.9% more than in the corresponding period in 2014.The group said a reduction in the amount of electric arc furnace dust generated in Korea led to a restriction in production at the Korean recycling plant and for much of the half year the plant ran at only about 80% of capacity.To address the short supply of electric arc furnace dust in Korea, the group has unveiled plans to import material to treat at the site, adding it will use stockpiled material in the meantime, to ensure the plant runs close to full capacity.ZincOx shares were up 1.65% to 13.85p at 1116 BST on Tuesday.