Elemental Holding Group has acquired Maryland Core, one of the leaders in the platinum group metals (PGMs) recycling market on the US east coast.
The US$ 11 million (EUR 9.3 million) transaction was conducted in partnership with the Polish International Development Fund, managed by PFR TFI, and the Polish Development Bank (BGK). ‘Thanks to our ambitious investment policy, we are strengthening our position in the global supply chain of economically strategic raw materials,’ declares Krzysztof Spyra, management board member of Elemental Holding.
The business deal represents another move by the company to secure a strong position in the PGM market. In December 2019, it purchased a controlling stake in PGM of Texas, which has an extensive purchasing network in 11 locations across the US.
Spyra says the growth strategy has allowed Elemental Holding to increase its PGM production volume in Europe, Asia and North America from 1.25 tonnes in 2016 to nearly 15 tonnes in 2020.
‘The integration of Maryland Core into the structure of the Elemental Holding Group is another important step in the implementation of our strategy,’ he adds. ‘It envisages building the largest entity dealing with sourcing and green production of precious metals, including PGM as well as copper, silver and gold.
‘As we integrate companies operating around the world, we invest in the latest technologies. Thanks to this the production process is not only cost-effective but also optimal for the environment.’
Approximately 650 tonnes of PGMs are obtained worldwide every year – about 500 tonnes comes from mines and about 150 tonnes from recycling. The content of PGM in a tonne of ore ranges from 2-6 g while a tonne of catalyst converters contains about 2 kg.
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