Austpac Resources NL raises funds to advance Newcastle plant
Date
9/27/2016 2:58:35 AM
(MENAFN- ProactiveInvestors - Australia)
Austpac Resources NL";s (ASX:APG) has completed a $250,000 private placement to professional investors, at an issue price of $0.01 per share.
The new funds will be used for working capital and to progress the Newcastle Zinc Iron Recovery Plant.
Austpac is a minerals technology company which is developing a commercial process to recycle steel industry furnace dusts and by-products.
The recycling of contaminated steel furnace dusts and the separate recovery of iron and contaminants such as zinc provides significant benefits for the industry.
The Newcastle Iron Recovery Plant is being built to showcase the recycling process in a commercial plant.
Austpac is also in discussion with companies in the U.S. to recycle some of the hundreds of thousands of tonnes of electric arc furnace dust produced by the U.S. steel industry.
Moreover, the company has developed a technology to transform ilmenite into high grade synthetic rutile (synrutile), an important feedstock for titanium dioxide pigment production. <
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