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HydroMet to acquire an E-waste recycling company

As part of its diversification and expansion plan, HydroMet Corporation (HMC) has entered into a Memorandum of Understanding with PGM Refiners, to take a controlling stake in in the E-waste recycling company.

This is scheduled to take place via a new share placement which would be funded by HMC from internal resources.

PGM has a newly upgraded processing facility in Dandenong, Victoria and has plans for expansion into other states.

The company expects that with the recently passed Commonwealth Product Stewardship specifically designed to increase E-waste recycling rates, reduce E-waste from landfill and reduce illegal exports, there will be substantial quantities of E-waste requiring to be recycled by companies such as PGM.

PGM has designed and developed its own technology to recover valuable commodities such as aluminium, copper, steel, plastics and precious metals from electronic waste.

It also separates and upgrades the television glass fraction (CRT) which predominantly contains lead to be sent for lead recovery by lead smelters.

It is expected the above acquisition should increase the combined processing capability of both Hydromet and PGM and along with downstream processing will offer an enhanced one stop solution to the growing E-waste problem in Australia.

The senior members of PGM’s management team should offer further resources and strength to the overall growth of Hydromet in the future.

[Image courtesy HydroMet.]

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