Northam Diversifies into the Recycling Market

South African Northam Platinum Limited has announced that it has entered into binding transaction agreements pursuant to which it will acquire platinum group metals (PGM) recycling equipment located in Pennsylvania (USA) as well as immoveable property comprising land and buildings for this equipment.

As reported, the aggregate consideration payable by Northam in respect of the transactions amounts to approximately 10.7 million US-Dollar. The PGM recycling equipment will be acquired from A-1 Specialized Services Inc., a recycler of PGMs from automotive catalysts. It comprises, inter alia, multiple ceramic catalytic converter processing lines and ancillary equipment, including sampling and separation systems, transportation and a materials handling fleet. The premises consist of approximately 30 acres of land as well as buildings measuring about 300,000 square feet used for warehousing, manufacturing and office space. According to Northam, the transactions afford the firm as an integrated primary and secondary producer and give the company the opportunity to expand and diversify its business interests into PGM recycling. The company would be able to participate in the growing demand for recycled PGMs from autocatalysts and maintain as well as develop a strategic footprint in North America.

Photo: GR Archive

GR 32017