2022-07-12
Korea Zinc, the world’s largest lead and zinc smelter, agreed to buy a majority stake in a US-based electronic waste recycling company for $332 million on Monday, a move to expand its footprint in the battery materials market.
The largest non-ferrous metal smelter in South Korea is acquiring a 73.21% stake in Igneo Holdings LLC in an all-cash deal, the company said on Monday
Igneo collects electronic waste in the US and extracts copper, gold, silver and palladium during their smelting process.
The acquisition will expand Korea Zinc’s copper smelting capacity from the current 30,000 tons per year for supply to its wholly-owned copper foil producing unit KZAM. Copper foil coats anode materials used in rechargeable batteries.
Korea Zinc expects that Igneo’s e-waste supply chain will ensure a steady supply of copper foil materials and smooth its entry into the rechargeable battery recycling market.
Korea Zinc Vice Chairman and CEO Choi Yun-Birm said in a statement that its majority stake in Igneo Holdings will create synergy for its non-ferrous smelting businesses of rechargeable battery materials, resource recycling and renewable energy.
“It will also contribute to our efforts to shift into renewable energy as per the RE100 initiative which we participated in last September,” he said.
Full Article: Korea Zinc buys US e-waste recycling firm for $332 mn – KED Global
