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Copper June 16, 2020 08:20:15 PM

New Joint Venture Declares $26 Million Investment to Build Copper Smelter Plant

Paul Ploumis
ScrapMonster Author
The joint venture has already received a performance-based grant of $150,000 from the One North Carolina Fund.
New Joint Venture Declares $26 Million Investment to Build Copper Smelter Plant

SEATTLE (Scrap Monster): The new joint venture between East Hartford, Connecticut-headquartered Prime Materials Recovery Inc. and Cordoba, Spain-headquartered Cunext Group decided to expand its copper manufacturing plant in Shelby, North Carolina. Ames Copper Group will invest $26.3 million to build the new plant.

According to company press release, it plans to invest more than $50 million in new infrastructure, equipment and working capital over the course of the project in building the new plant. The investment is expected to create approximately 46 new job positions, mainly of casting workers, maintenance personnel, supervisors and administrative staff, in Cleveland County. This could result in a payroll impact of more than $2.3 million per annum for the local economy.

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The joint venture has already received a performance-based grant of $150,000 from the One North Carolina Fund.

North Carolina Gov. Roy Cooper announced that this is good news for Cleveland County and the city of Shelby. The state’s strong workforce has prompted Ames Copper Group to select North Carolina for its next phase of expansion. Meantime, Bernard Schilberg, CEO of Prime Materials Recovery noted that the operation will be the only custom smelter in the U.S.