Northam follows Sibanye into US platinum industry with purchase of A-1
Northam Platinum is the second major South African platinum producer to buy assets in the US platinum group metal industry, investing $10.7m cash to acquire recycling group A-1 Specialised Services. Northam’s decision follows Sibanye Gold’s $2.2bn cash purchase of Stillwater Mining, the largest US producer of platinum group metals from mines and its recycling business. Northam said on Friday it had a binding agreement to buy Pennsylvania-based A-1 Specialised Services, which claims on its website to be the "world’s largest lot consolidator and dry processor of salvage automotive catalytic converters and of catalysts removed from converters". A-1 says it sources its material mainly in the US but has a collection centre in Germany for autocatalysts, which are anti-pollution systems containing platinum group metals, including platinum, palladium and rhodium, and are installed in petrol and diesel vehicle engine exhaust pipes. Northam expects to close the deal by the end of August and s...
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