Elemental Holding SA and Mitsubishi Corporation will form a platinum-group metal (PGM) recycling strategic partnership, covering Elemental's global operations from collection to refined metal.
As part of the partnership, Elemental and Mitsubishi will combine experience in the collection and pre-processing of spent automotive catalytic converters along with the smelting, refining, and marketing of refined platinum-group metals. Both companies will work together to scale and grow Elemental's PGM recycling business.
Elemental has built an integrated PGM smelter/refinery in Southern Poland that uses 100 percent recycled feedstock, which will make a significant contribution to critical mineral independence in the European Union. Through Elemental's integrated PGM recycling production chain, the Elemental-Mitsubishi partnership will aim to deliver the greenest and most sustainable PGMs in the world.
As part of the partnership, Mitsubishi will provide a trade finance working capital facility that will support the ramping up of Elemental's PGM smelter/refinery to full production. Mitsubishi will also make an equity investment in Elemental's operating subsidiary in the United States. The parties have a clear intent to grow their partnership through further collaboration in PGMs and other metals.
This transaction is subject to customary conditions and is expected to close in early 2024.
