Hong Kong’s Co. limited has moved to invest $803,000 into Austpac Resources N.L. through 365 million shares at $0.022 to fund a zinc-iron recovery process (ZIRP).
The operation will recycle zinc-contaminated furnace dust and spent pickle liquor to produce saleable pig iron, zinc oxide and hydrochloric acid.
Pending success of the program, YanGang has proposed to construct Australia’s first ZIRP plant.
YanGang’s parent company, Tangshan Yanshan Iron and Steel Co Ltd, produces 9 million tonnes of steel annually.