Umbrella group for European recyclers; Cash boost for French recycler; Smell complaints close facility; University wins recycling accolade
European recyclers launch recycling group
The European Ferrous Recovery and Recycling Federation, the European Recovered Paper Association and the European Metal Trade and Recycling Federation have established an umbrella organisation, the European Recycling Industries’ Confederation. The new association, based in Brussels, aims to promote the efforts of recycling companies operating throughout Europe.
Shareholder aids recycler’s cashflow
Recyclex, a French firm that specialises in recycling lead and plastics, primarily from automotive and industrial batteries, has signed a loan agreement with Glencore International for €16m (£12.6m). The company also put in place a contingent equity line with Kepler Cheuvreux to strengthen its cash position.
Glencore, a major producer and marketer of more than 90 commodities, presently has a 32% stake in Recylex which says the loan will allow it to cover its 2014-2015 projected cash requirements.
Recylex is also involved in recycling zinc from electric arc furnace dust.
Facility closed over smell complaints
A Delaware government agency in the US has ordered the closure of Peninsula Compost’s recycling and composting facility in Wilmington because of an inability to control odours.
Secretary David Small of the Delaware Department of Natural Resources and Environmental Control ordered the closure and told the owners to immediately stop accepting any material, according to a news release.
The order also requires all active composting of existing material onsite to be completed by 16 January 2015. All compost and related waste must be removed from the facility by 31 March.
Recycler accused over non-payment of wages and insurance
A Malaysian recycler has been accused of not paying staff insurance contributions, months after workers picketed the company over alleged unpaid wages.
The Employees Provident Fund (EPF) said its investigation revealed that Recycle Energy Sdn Bhd had defaulted in its EPF contributions between 2012 and 2014 and promised to reclaim the outstanding amount.
The recycling company in Kampung Pasir Baru, Semenyih, was thrust into the limelight recently following a picket by 167 of its employees over unpaid salaries since May.
University wins national accolade for recycling
Penn State University has won the top award from the US National Recycling Coalition for its recycling and community outreach programmes – the best of 70 universities considered.
By separating waste into individual streams and reusing more than 100 materials, Penn State diverts 65% of its waste, more than 10,000 tonnes, from landfill each year. The university says it wants to expand its current programme, and believes that composting and recycling Styrofoam can improve waste reduction by another 20%.
Talisman buys nickel project
Talisman mining has made a deal with Glencore to acquire the Sinclair Nickel Project in Western Australia for A$10m (£5.5m). Glencore subsidiary Xstrata placed the project on care and maintenance in 2013 due to depressed nickel prices. The site includes a 300,000 tonnes per year concentrator, a 200-room accommodation area and a 2km air strip.
Proactive Investors Australia
Kinross sells Ecuador interests
Kinross Gold is selling the Fruta del Norte gold project and its Aurelian Resources interests in Ecuador to Fortress Minerals for $240m. Kinross expects to complete the transaction by mid-December. It has yet to be approved by Fortress shareholders, the Ecuadorian Government and the stock exchange. The Fruta del Norta gold mine is the biggest in Ecuador.
Wall Street Journal