A major German technology group has announced that it is set to open a precious metals refinery and recycling plant in China, as the country’s demand for PGMS continues to soar.
Heraeus, a technology company based in Germany with a focus on innovation and entrepreneurial leadership in a number of sectors around the world, has invested around $100 million into the new facility in Nanjing, China.
The plant will make precious metals-based products which are used mainly in the automotive sector to cut vehicle emissions.
The move will mark the company’s ambition to be at the centre of the Chinese market, as the country continues it’s aggressive campaign to reduce its carbon footprint.
“Demand is very strong in China, especially for PGMs (platinum group metals),” Heraeus Precious Metals head Andre Christl told Reuters.
“We already have some refining capacity in China. With higher demands expected, we’ve decided to consolidate and expand those into one big factory where we can do refining but also chemical products.”
China has the largest car market in the world, with China representing more than a quarter of all global sales of passenger cars and trucks.