SEATTLE (Scrap Monster): Korea Zinc- the leading Korean metals smelting company announced that it has entered into a majority investment agreement with While Plains, New York-headquartered Igneo Technologies LLC.
As per the agreement, the Seoul-based company will invest 436 billion won ($332 million) to own a 73-21% stake in the U.S. e-smelting firm, through its U.S. subsidiary, Pedal Point Holdings.
The strategic investment in Igneo Technologies will help it to boost its global growth strategy, including the ongoing construction of the new secondary smelter in Savannah, which is projected to have an annual capacity of 90,000 metric tons once it becomes operational in early 2024. The company makes use of in-house pyrolysis technology to reclaim precious metals from electronic waste.
The partnership between the companies will foster vertical integration. The copper concentrate produced by Igneo will be used to produce copper foil, which in turn will be used in manufacturing electric vehicles. Igneo noted that the discussions about the deal started almost six months back and that it considers Korea Zinc as a strategic partner that allows it to achieve full circularity. Danish Mir, CEO, Igneo added that its leadership team will remain in place after the deal.