The board of directors of HydroMet Corp., Australia, has entered into a memorandum of understanding with the Australian electronics recycling firm PGM Refiners Pty Ltd., to take a majority share in the company through a new share placement.
HydroMet cited the purchase as part of its diversification and expansion plan.
According to PGM, it recently upgraded its processing facility in Dandenong, Australia, and has plans to expansion into other parts of Australia. The company has designed and developed its own technology to recover aluminum, copper, steel, plastics and precious metals from electronic scrap. It also separates and upgrades the cathode ray tube (CRT).
Hydromet says the deal is expected to increase the combined processing capability of both companies, and along with downstream processing, will offer an enhanced one stop solution to the growing electronic scrap problem in Australia.
HydroMet says it expects the deal to be completed by February 2012.