ABRI member Hydromet is preparing to acquire a major interest in PGM Refiners Pty Ltd (PGM), a leading electronic waste operator in Victoria. The company has entered into a Subscription Agreement which will lead to the Company acquiring a controlling interest in PGM. The transaction is subject to the approval of Hydromet shareholders, which will be determined at a meeting to be held in February 2012.
The company believes the combined resources of Hydromet and PGM will provide a platform for the group to diversify its current operations and participate in the rapidly growing electronic waste (e-waste) sector, which has been given a boost by recently passed regulations on recycling TVs and computers.
The acquisition of PGM will position Hydromet as a leading provider of e-waste recycling services in Australia with the potential to expand into other hazardous waste recycling segments. It will offer synergistic opportunities for Hydromet and PGM to achieve improved downstream e-waste processing recovery in areas such as the treatment of lead bearing CRT glass and circuit boards containing precious metals, which will result in Hydromet becoming a niche market leader.
Hydromet is an Australian owned industrial residue treatment and recycling company. The company is listed on the Australian Stock Exchange.
In 2008 Hydromet tripled their recycling capacity from 12,000 tonnes to 36,000 tonnes per annum of used lead acid batteries at its Unanderra battery recycling facility. Hydromet has capacity to recycle almost one-third of the estimated 120,000 tonnes of lead acid batteries that reach the end of their life in Australia each year. For more information visit their website.
PGM Refiners is an Australian owned company, specialising in electronic waste recycling and developing innovative resource recovery technologies. Their recently upgraded processing facility in Dandenong, Victoria breaks down e-waste, including lead bearing CRT glass, into its major components. The resultant products, value added where appropriate, are used by downstream processors and by manufacturers as feed material for creating new consumer products.
PGM has a number of collection and recycling arrangements across a wide network of local governments and corporate clients. The company’s revenue is predominately derived from service fees. For more information visit their website.