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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Zincox Res. | LSE:ZOX | London | Ordinary Share | GB0031124638 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.45 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
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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