What Northam's move into US PGM recycling sector means
The producer secures another cheap deal with Pennsylvania assets worth $10.7m
Northam Platinum secured another cheap deal, snapping up the assets of a liquidated platinum group metal (PGM) recycling company in the US, giving the group greater exposure to palladium and reducing its exposure to SA.
The deal, which is due to close before the end of August, comes soon after Sibanye Gold bought US miner and recycler Stillwater Mining for $2.2bn, launching it into the premier league of PGM producers.
The assets Northam is buying in Pennsylvania are capable of generating more than 300,000oz a year of PGMs, mainly palladium, from recycled autocatalysts, which are used to tackle pollution from the exhaust gases of petrol and diesel engines.
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