Silvermet Completes Joint Venture with Befesa

Silvermet Inc. has closed on a previously announced joint venture and strategic investment with an affiliate of the Spanish firm Befesa Medio Ambiente, S.A. As a result of the joint venture, Silvermet’s Turkish operations will be held through the newly established joint venture company, Befesa Silvermet Turkey, S.L.

As part of the joint venture, Befesa has acquired a 10 percent stake in Silvermet.

A statement from Silvermet notes that in forming the joint venture, Cooper Island Investments, L.L.C. is no longer a participant in Silvermet’s Turkish operations.

“We are enthusiastic about our new partnership. Silvermet achieved record production of 3,615 dry metric tons of zinc concentrates for the third quarter. We have achieved these operating levels as a result of the great efforts of our personnel. With the addition of Befesa’s expertise, we expect to build on this base to achieve even greater profitability in the future” says Stephen Roman, chairman, president and CEO of Silvermet.

Silvermet’s facility in Iskenderun, Turkey, in operation since May 2009, processes dust generated from electric arc furnaces. Silvermet produces a zinc oxide concentrate from the electric arc furnace dust, which is sold to smelters throughout the world.

Befesa, a subsidiary of the Spanish firm Abengoa, S.A., provides solutions for managing and recycling industrial waste and for water generation and management.