In November 2011 Nyrstar NV and Sims Metal Management Limited (SimsMM) announced that they had reached a conditional agreement to sell their respective interests in the secondary lead producing facility in Sydney, Australian Refined Alloys (ARA). The facility will be sold to companies associated with Renewed Metal Technologies for a sale price of approximately A$8O million.
Completion of the sale is subject to the approval of the Australian Competition and Consumer Commission (ACCC) and the Foreign Investment Review Board (FIRB). Subject to these approvals, completion of the sale is expected to occur in early 2012.
Following the sale, Nyrstar and SimsMM will retain ARA’s secondary lead producing facility in Melbourne, which will continue to be operated as a 50/50 joint venture.
About Australian Refined Alloys
ARA is a secondary lead producing 50/50 joint venture between Nyrstar and SimsMM. ARA has two facilities, one of which is located in Alexandria (Sydney) and the other in Laverton North (Melbourne). Total lead production in 2010 was approximatley 37,900 tonnes (Sydney 20,700 tonnes and Melbourne 17,200 tonnes).
About Renewed Metal Technologies
Renewed Metal Technologies (RMT) is a privately held company that specialises in the recovery of non-renewable resources. RMT owns and operates a secondary lead producing facility in Wagga Wagga, NSW.
Nyrstar is an integrated mining and metals business, with market leading positions in zinc and lead, and growing positions in other base and precious metals. Nyrstar has mining, smelting and other operations located in Europe, Australia, China, Canada, the United States and Latin America and employs over 6,600 people. Nyrstar is incorporated in Belgium and has its corporate office in Switzerland.
About Sims Metal Management
SimsMM is the world’s largest listed metal recycler with approximately 260 facilities and 6,500 employees globally. Sims’ core businesses are metal recycling and recycling solutions. SimsMM generated approximately 85% of its revenue from operations in North America, the United Kingdom, Continental Europe, New Zealand and Asia in fiscal year 2011. The company’s executive head office is located in New York.