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Waste & Recycling December 13, 2017 09:30:08 AM

Glencore Announces Strategic Investment in American Zinc Recycling

Waste Advantage
ScrapMonster Author
In connection with the strategic investment, the Board of Directors of the Company has approved a capital spending plan to put the Mooresboro Refinery into full production.

Glencore Announces Strategic Investment in American Zinc Recycling

SEATTLE (Waste Advantage): American Zinc Recycling LLC announces that a subsidiary of Glencore plc has purchased a 10% stake in its wholly-owned subsidiary American Zinc Recycling Corp. This strategic investment has been made in connection with the restart of operations at AZR Corp.’s Mooresboro Zinc Refinery located in Mooresboro, North Carolina, and furthermore involves a commitment by Glencore to purchase and a subsidiary of AZR Corp to sell all of the zinc metal produced at the Mooresboro Refinery for a period of 10 years after commencement of production.

In connection with the strategic investment, the Board of Directors of the Company has approved a capital spending plan to put the Mooresboro Refinery into full production. Following the completion of the strategic investment, the Company believes that this capital spending plan is well funded.

“This transaction represents a major step forward in our advancement of the Mooresboro project. We are pleased to have attracted the commitment of a world-class operator like Glencore who shares our ambition to advance the project rapidly into production. Glencore’s zinc process engineering and general project execution expertise will enhance our own ongoing activities aimed at rapidly restarting production at Mooresboro,” stated Rodrigo Daud, CEO of American Zinc Recycling LLC.

Chris Eskdale, Head of Assets for Glencore Zinc, stated, “Glencore is pleased to be deploying its technical and commercial expertise to work in this unique partnership with AZR, both at Mooresboro and across the AZR group.”

Courtesy: https://wasteadvantagemag.com

 

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