Korean smelter takes majority stake in e-scrap major Igneo

Electronics recycler Igneo has finalised a majority investment agreement with precious and non-ferrous metals recycler Korea Zinc. The deal sees Korea Zinc acquiring a 73% stake in the US company previously known as Weee Metallica worth US $332 million (EUR 333 million).

The move will boost Igneo’s global growth strategy which includes the construction of a new furnace in Savannah, Georgia (US) capable of processing 90 000 tonnes per year when online in early 2024.

‘The strategic partnership with Korea Zinc is an incredible milestone,’ says Igneo’s ceo Danish Mir. ‘Their world-class smelting and refining capabilities have made them a global leader in the production and recycling of critical metals. Their commitment to sustainability and renewable energy truly differentiates them from their competitors.’

‘Tapping into Igneo’s robust capabilities to collect and process end-of-life electronics will allow Korea Zinc to upgrade its standing in secondary copper refining,’ adds Yun Choi, vice chairman of Korea Zinc.

Igneo currently operates a metal recovery furnace in the north of France capable of handling 30 000 tonnes of e-scrap per year. In addition, it has four collection and shredding sites operating or under construction in the US with a combined annual capacity of some 140 000 tonnes of e-scrap.