18 March 2019CHINESE STEELMAKER TO FUND THE DEVELOPMENTOF AUSTPAC’S ZIRP PROCESSAustpac Resources NL is pleased to announce it has signed an agreement whereby YanGang (HongKong) Co Limited will provide funds to finalise the testwork for Austpac’s proprietary Zinc Iron RecoveryProcess (“ZIRP”). The process recycles two steel industry by-products, zinc-contaminated furnace dustand spent pickle liquor, and produces saleable pig iron, zinc oxide and strong hydrochloric acid.
Once the testwork program is successfully completed, YanGang proposes to fund the construction inAustralia of the first ZIRP plant.
Wasn't the test work completed in Nov 2019 according to an announcement on 13 Nov 2019? With no plant at Newcastle and no location for a plant to be constructed does APG have anything to show for over $87m in losses so far? Still no response to the ASX queries from 9 June 2021 so I don't know if the directors are still in Australia. Oh, I forgot, COVID-19 kept them from communicating.
I can't really use my huge (to me) loss in my SMSF as I am in pension phase so can't use the write-off. I would still much rather see the company survive but at this point don't hold out much hope.
Good luck to all.......
(Sentiment is hold because we have no other choice at the moment!)
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