BASF and Heraeus have agreed to establish a joint venture (BASF: 50%; Heraeus: 50%) to recover precious metals from spent automotive catalysts. The new company, named BASF Heraeus (China) Metal Resource Co., Ltd., will be established in Pinghu, China. The legal entity is scheduled to be established in the first quarter of 2022 following approval by the relevant authorities. Construction is also scheduled to start in 2022, with operations commencing in 2023.
China has limited natural resources of Platinum Group Metals (PGM), consisting mainly of platinum, palladium and rhodium, and relies heavily on imports. Recycling end-of-life materials, such as spent autocatalysts, to recover PGMs enables a circular economy. The precious metals are used to manufacture new products for the automotive, chemical, electronics, and green hydrogen industries. Recycled precious metals are also very environmentally friendly and have up to a 90 percent lower carbon footprint than primary metals from a mine.