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Hoboken site visitHoboken site visit5 September 20125 September 2012
3
Umicore, global leader in …
Automotive catalysts
for passenger cars
Key materials for rechargeable batteries
used in portable electronics and hybrid & electric cars
Germanium substrates
and other materials which are used in new photovoltaic technologies
Recycling precious metals
from old mobile phones, laptops, electronic scrap and spent catalyst material
4
Umicore’s business approach
We transform metals into hi-tech materials
We use application know-how to create tailor-made solutions in close collaboration with our customers
We close the loop and secure supply by recycling production scrap and end-of-life materials
We aim to minimize our environmental impact and be the best employer and neighbour
material
solutions
Metals
Applicationknow-how
Recycling
Material
solutions
Chemistry
Material science
Metallurgy
5
Umicore in figures
Key financials for H1 2012
Turnover € 6.9 bn
Revenues € 1.2 bn
Recurring EBIT €
192 m
ROCE 17.4%
R&D €
87 m
Capex €
95 m
Gearing ratio 12.5%
Market cap. €
4.5 bn*
Recurring EPS €
1.31/share
Interim Dividend
€
0.50/share
*
at 03/09/2012 excluding treasury shares
14,572
people
7,635347
3,251244
1,6253
1,19551
866113
77
industrial sites
15
R&D/technical
centres
Global positioning at end 2011
6
Performance Materials
CatalysisRecycling
Energy Materials
•
We develop materials which enable the clean production and storage of energy
•
The business is driven by the demand for clean, low-carbon energy solutions
•
We develop technologies to treat automotive emissions
•
The business is driven by increasingly stringent emission norms to promote clean air
•
We produce a range of essential materials and chemicals based on precious metals and zinc
•
Diverse applications, such as high-purity glass, construction, pharma, electrics/electronics
•
We operate a unique recycling process to deal with complex industrial residues and end-of-life materials
•
The business is driven by materials scarcity and recycling legislation
Umicore’s business groups
8
Organised in decentralised business units
AutomotiveCatalysts
PreciousMetals
Management
PreciousMetals
Refining
BatteryRecycling
Jewellery &IndustrialMetals
ZincChemicals
Electro-plating
Cobalt &SpecialtyMaterials
PreciousMetals
Chemistry
BuildingProducts
TechnicalMaterials
PlatinumEngineeredMaterials
ThinFilm
Products
Electro-Optic
Materials
RechargeableBattery
Materials
PerformanceMaterials
CatalysisRecycling
EnergyMaterials
10
Strategy based on clear focus on key development areas
•
Key growth areas responding to global megatrends
•
Innovation as a differentiator for success in all areas
Potential to achieve average annual double digit growth
between now and 2015/2020 in the business groups Catalysis, Energy Materials and Recycling
•
Growth will not be equal over all activities
•
Growth will not be linear
•
Growth will not be pursued at the expense of value creation
Goal to generate an average ROCE of 15%+
between now and 2015
Performance-based environmental and social objectives
11
Great place to work
Eco-
efficiency
Stakeholder engagement
Economic performance
Sustainability objectives for 2011-2015
Zero lost time accidents
Occupational exposure reduction
People development
Preferred employer
We aim to have ZERO lost time accidents
We will reduce the body concentrations of specific metals to which our employees have an exposure: Cd, Pb, Co, Ni, As, Pt
All employees will receive an annual appraisal to discuss individual development
We will target our actions based on the results of the 2010 People Survey
Growth and returns
Reduce carbon footprint
Emission reduction
Product sustainability
We aim to reduce our CO2
emissions by 20% vs
2006 levels and based on 2006 industrial scope
We aim to reduce by 20% the impact of metal emissions to water and air vs
2009 levels
We will invest in tools to better understand and measure the life cycles and impacts of our products
Sustainable procurement
Local community
We will implement the new Sustainable Procurement Charter throughout our business
All our sites will be expected to make further steps in identifying key stakeholders and engaging with the local community
We aim to achieve double digit revenue growth and our goal is to
generate an average return on capital employed of more than 15%
12
Growth strategy based on key megatrends
More stringent emission controlResource scarcity
Renewable energy Electrification of the automobile
13
Umicore well aligned with key megatrends
Market position
Umicore is a leading producer of key materials for rechargeable batteries for portable electronics
Market position
Umicore is the largest recycler of precious metals, able to recycle more than 20 different metals
Market position
Umicore provides catalysts for 1 out of 3 cars in the world as well as for trucks & non-road vehicles
Market position
Umicore supplies key innovative materials for high-efficiency solar cells and other photovoltaic applications
Growth opportunity
Expand recycling through UHT technology
Growth opportunity
Expand autocat
activity into new segments
Growth opportunity
Develop Umicore’s presence in PV materials
Growth opportunity
Expand battery materials activity into (H)EVs
More stringent emission controlResource scarcity
Renewable energy Electrification of the automobile
Business group Recycling
Business group Recycling
Ag Au
Pt Pd Rh
Ru
Ir
In Se Te Sn
Bi Cu Pb
Ni Co Sb
Ce
La Pr Nd
As S
Ag Au
Pt Pd Rh
Ru
Ir
In Se Te Sn
Bi Cu Pb
Ni Co Sb
Ce
La Pr Nd
As S
Industrial
residues
End-of-life
materials
Industrial
residues
End-of-life
materials
17
Business group Recycling
Business group offering recycling services for complex and precious metals containing raw materials, considered as a world leader in the recycling of precious metals
•
Recovery of 26 metals* including precious metals (gold, silver, platinum, ..), minor metals (selenium, indium, …) and base metals (lead, copper, …)
•
Main feed materials are by-products of the non-ferrous metals industry, jewellery industry, spent automotive and industrial catalysts and electronic scrap (including rechargeable batteries)
•
Service offering of hedging, leasing, purchasing and sale of precious metals
Growth driven by scarcity of raw materials and tightening waste legislation
* 24 metals in the business group Recycling and 2 in the other business groups
PreciousMetals
Management
PreciousMetals
Refining
BatteryRecycling
Jewellery &IndustrialMetals
18
Precious Metals Refining
Business group Recycling Business units
Precious Metals Management
Battery Recycling
Jewellery & Industrial Metals
•
Largest and most complex precious metals recycling operation in the world
•
Proprietary processes mastering a complex feed with the highest degree of flexibility
•
Efficient recovery of 17 different metals
•
Proprietary new UHT technology for the treatment of spent rechargeable batteries
•
Business driven primarily by the electrification of the automobile
•
Unique and clean process
•
Leading provider of Ag and Au materials for jewellery and industrial applications
•
Closed loop offering including recycling of high-value scraps & sweeps
•
This offering makes a strong fit with the Recycling segment
•
Superior precious metals management service to Umicore’s BUs
and customers
•
Proprietary trading, within strict risk control parameters
•
Marketing precious metal bars/ingots for investment
1919
Business Group Recycling 2012 H1 figures
H1 H2
Revenues
253
222
254 31
0
342
255
204 25
2
32750
8
427 50
6
637
0
200
400
600
800
2008
2009
2010
2011
2012(in €
million)
Recurring EBIT
95
66
102 13
3
122
106
52
93
134
202
118
195
267
0
50
100
150
200
250
300
Key figures H1 H1(in million €) 2011 2012
Revenues 309.8 342.0 +10.4%
Recurring EBITDA 153.6 144.6 -5.9%
Recurring EBIT 132.9 121.9 -8.3%EBIT 137.7 114.3 -17.0%
R&D 6.1 9.9 +62.3%Capex 27.7 26.6 -4.0%
REBIT margin 42.9% 35.6% -7.3%ROCE 65.1% 83.3% +18.2%
20
Above trends positively impact Umicore’s profitability
Increasing need for recycling
With its unique competences Umicore is ideally positioned to answer the
above themes
Recycling Business drivers and impact on Umicore
Resource scarcitySupply limitations vs
growing demand
Eco-efficiencyReduce eco impact of metal supply
Legislation & business ethics
Material complexityMore different metals in smaller %
Increasing metal prices
Increasing need for
eco-efficient refining
Increasing need for refining/ recycling of complex feed
Precious Metals RefiningPrecious Metals Refining
25
Precious Metals Refining At a glance
Largest and most complex precious metals recycling operation in the world
Processes around 350,000 tonnes/year of more than 200 different types of raw materials
•
Wide range of complex precious metals bearing materials
•
Efficient recovery of 18 different metals
•
Focus on high added value processes (throughput time, efficiency)
Applying world class environmental and quality standards
26
Maxton USA
Hoboken Belgium
•
Headquarters•
R&D centre•
All metals refining•
Sampling & assaying•
Autocat
collection & pre-
processingGuarulhos
Brazil
•
Smelting & pre-
processing of Au, Ag & PGM containing materials
•
Au refining•
Sampling & assaying•
Autocat
collection & pre-
processing
•
Autocat
collection & pre-
processing
Production configuration
Total headcount end of June 2010: 1469 people
Bangkok Thailand
•
Autocat
collection & pre-
processing
27
Complex
mining
concentrates
& residues
Smelting
& refining
residues
Complex
production
scrap
Complex
end-of-life
materials
Ores &
concentrates
Refined
metals
Products
e.g. computers
Production scrap
End-of-life materials
Recycled
metals
Recycled
metals
Position in the market
INDUSTRYSMELTERS
& REFINERSMINES CONSUMERS
28
Foster Flexibility Ensure ReliabilityMaster Complexity
Core competences
NiPbSb
Sn
As
BiIn
Cu Ru
TeRh
Ir
AgPt
Au SePdEmployees
Operations
Materials
Risk
management
Sampling & assaying
Knowledge management
Market
intelligence
Integrity
Environmental management
Pyrometallurgy
Hydrometallurgy
29
Positive net value recycling
Umicore Precious Metals Refining is mainly a positive net value recycler
⇒
Customers are incentivised to come to Umicore for the return they get
Regulation helps where the incentive on an individual basis is low (e.g. e-scrap)
In case of negative net value recycling, government incentives or legislation is needed
This can be for certain supply streams (e.g. battery recycling),
and for certain metals in the supply
Recovered metals
Contained metals
Recycling cost
Lost metals
Recovered metals
Contained metals
Recycling cost
Lost metals
Supplier’s recycling fee
Supplier’s return
Recycler’s return
Recycler’s return
Positive net value recycling Negative net value recycling
Valu
e
Valu
e
30
Umicore offers a treatment and refining service to the raw material supplier, returning the metal (value) to the supplier
→ Toll refining or
purchase contracts
•
Umicore charges the supplier a charge for this service
Recycling fee
•
Umicore returns metal to the supplier according to a contractually agreed recovery rate per metal (or returns the metal value)
Pass-through metal
•
Umicore assumes the risk of recovery under or above the contractually agreed recovery rate Metal yield
•
Umicore also recovers non-metallic, which are sold
By-products
Return split between recycling fee and metal yield varies per contract and per metal in the contract, depending on commercial negotiation
Pricing mechanism
Free metal
Secondary
& end-of-life
materials
Pass-through metal (value)
By-products
RAW
MATERIAL
SUPPLIER
METAL/
MATERIAL
CONSUMER
31
Impact of supply changes
Recycling supply pyramid
Valu
e &
com
plex
ity
Total
available
recyclable material
Availability
Feed
Umicore
Input feed optimised continuously to maximise profitability within capacity and contractual constraints
•
The recycling plant works continuously at maximum input capacity (350,000 tonnes/year)
•
Contracts typically longer term based
•
Flexibility of processes allow to adapt input feed
Changing market conditions triggers change in supply mix and profitability
•
Growing economy creates higher availability of materials, allowing more selective supply strategy
•
Higher complexity of raw materials increases competitive advantage of Umicore’s process
•
Metal prices influence value of raw materials
32
Impact of metal prices
Umicore Precious Metals Refining has a metal price exposure
•
Directly
→
Metal yield component
•
Indirectly
→
Availability of raw materials
Certain materials only worth recycling when the metal price above certain threshold
(i.e. value of metal contained becomes higher than the cost of the recycling)
Securing metal price exposure on earnings
•
Transactional exposure
→
Systematic hedging of to eliminate residual risk on pass-through metal
•
Structural exposure
→
Mitigated by securing the metal price component over a longer time
period, through contractual arrangements
Managing metal price impact on working capital
•
Toll refining contracts
→
Metals remain the property of the supplier
•
Purchase contracts
→
Payment terms optimised vs
throughput time, limiting impact on NWC
33
Base
metals
End-of-life
materials
Secondary
materials(Residues
from non-
ferrous
metal
industry)
Metal
Precious
metals
By-products
Supply market
Specialty
metals
Pb
refiners
Zn
refiners
Cu
refiners
Precious metals refiners
Automotive catalysts
Electronic
scrap
Industrial
catalysts
Various
production
scrap
Au
Pt
Ag
Pd Rh
Ir Ru
Pb Cu
Sb Sn
Te
Bi
In Se
External customers
•
Catalysts &
chemicals•
Jewellery &
decoration•
Electronics &Photovoltaics
•
Banks & brokers
Internal customers
•
Umicore BUs
Supply streams and metal output
Complex mining
concentrates
Slags
As
Ni
H2
SO4
Product Market
Construction
Fertilisers
General
market
Supply MarketSupply MarketSupply Market
37
Supply market
Breakdown by volume
By-products80%
Recyclables20%
Breakdown by revenues
By-products63%
Recyclables37%
Umicore is supplied from a wide range of sources of two main categories
•
Secondaries:
Waste/residues from industry/refining/mining
•
End-of-life materials
Environmental aspects
•
The more complex the raw material, the more environmental “hazards" are involved
•
Some competitors have trouble operating seen the environmental impact and the strengthening of the legislation worldwide
•
Customers are looking for transparent supply streams
38
Residues from the non-ferrous metals industry Umicore offer
Umicore focuses on complex residues containing different
metallic substances
•
Residues from non-ferrous metal smelters and refiners mainly
containing lead, nickel, copper, zinc and precious metals
•
Certain complex primary materials which are difficult to treat
by conventional smelters and refiners
Often in partnership to create win-win situation
•
Optimisation of the residue treatment is using Umicore’s
technical expertise and tailor-made treatment
•
Providing economies of scale and flexible processing capacity
•
Umicore’s dedicated business model supports development of partnerships
•
Partnerships are built on Umicore values, thus takes time to develop
Global supply base directly with non-ferrous metal industrial players
39
0
50
100
150
200
250
0
2
4
6
8
10
0
2
4
6
8
10
12
14
0
4
8
12
16
20
Residues from the non-ferrous metals industry Market growth
Non-ferrous metal residues supply driven by
•
Growing demand and production of primary refining for base metals, precious metals and specialty metals
•
Increasing complexity of feed, leading to more complex residues to treat
Pb
(in ktonnes)
Zn
(in ktonnes)
Cu
(in tonnes)
Pt
(in tonnes)
Evolution of global metal refining 1980-2011
(Source: WBMS, for Pt mining production up to 2010 only)
40
Electronic Scrap Umicore offer
Umicore focuses on complex, high-end scrap,
containing multiple metals/elements
•
Mobile phones
•
Printed circuit boards
•
Shredded e-scrap fractions
Supply through professional collector organisations
•
Collection of electrical equipment
•
Dismantling (and pre-processing) the material
•
Supplying the high-end fractions to Umicore
Main competitors are copper smelters that have adapted their flowsheet to be able to handle e-scrap to fill up their capacity. Their focus remains on simple, high copper fractions
41
Electronic Scrap Market growth
E-scrap supply driven by
•
Growing use of electronic products
•
Increasing complexity of electronic products
•
Legislation
E-scrap recycling situation in EU today
•
WEEE directive in place (recast on-going)
•
< 50% of total e-waste is recycled
•
< 10% of mobile phones are recycled
•
Non recycled part is either dumped,
not collected or exported as “re-use”
⇒
Hardly any recycling
or “backyard”
recycling
Worldwide availability of high-end e-scrap (printed circuit boards)
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
(Source: Umicore, in tonnes)
42
Spent automotive catalysts primarily contain platinum, palladium and rhodium
Supply comes from collectors and through own collection network
•
It is the only supply stream where Umicore is vertically integrated for the whole recycling process
•
Most of the competition covers only part of the flowsheet
Spent automotive catalysts
A1 (US)
Multimetco
(US), Nippon PGM (Japan)
Inco (Ca), Impala (SA)
Heraeus
(De), Tanaka (Ja), Johnson Matthey (UK)
Umicore
Collecting Pre-processing Concentration Refining
43
Spent automotive catalysts
Autocat
supply driven by
•
Growing automotive production
•
Larger and more complex engines
•
Tightening legislation increases metal loading per car
Only some 50% of spent car catalysts are recycled today, with significant regional variances
Use of pgms in autocats
0
50
100
150
200
250
300
350
1980
1982
1984
1986
1988
1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
2010
(Source: Johnson matthey, in tonnes/year)
Pt Pd Rh
Recycling potentialso far
Forthcoming“Mine on wheels”
44
Spent industrial catalysts
Spent industrial catalysts can contain different metals;
Umicore targets the ones containing platinum, palladium
and rhodium
Current recycling rate above 90%
•
Industrial loops are very efficiently organized
•
Close cooperation between catalyst manufacturers,
catalyst users and spent catalyst reclaimers.
Umicore’s original sampling capabilities are unique
in the market, assuring accurate and reliable assaying
of metal contents
Different competitors in the different sub-segments of this market, such as
Johnson-Matthey (UK), Heraeus
(De), Sabin (US), local Chinese refiners, …
45
International supply base
Asia
•
E-scrap•
Automotive catalysts•
Industrial catalysts•
Residues from non-
ferrous metals industry
North America
•
E-scrap•
Automotive catalysts•
Industrial catalysts•
Residues from non-
ferrous metals industry
•
Residues from non-
ferrous metals mining
Europe
•
E-scrap•
Automotive catalysts•
Industrial catalysts•
Residues from non-
ferrous metals industry
South America
•
E-scrap•
Automotive catalysts•
Industrial catalysts•
Residues from non-
ferrous metals industry
•
Residues from non-
ferrous metals mining
Oceania
•
Automotive catalysts•
Residues from non-
ferrous metals industry
•
Residues from non-
ferrous metals mining
Africa
•
E-scrap•
Automotive catalysts•
Industrial catalysts•
Residues from PGM industry
Metals MarketMetals Market
48
Precious metals
Flexible capacity for precious metals allows flexibility in the feed composition and volume
Production volumes are determined by the supply of materials, not by demand from the metal markets
End-of-life materials, particularly catalysts, are an important source of PGMs
Recovered metal is used primarily in Umicore’s product businesses
AgAg AuAu PtPt PdPd RhRh IrIr RuRu
525251002,400Capacity
42020251,200Output
tonnes / year
tonnes / year
49
Specialty metals
The main source of these metals are the residues of the non-ferrous industry.
Specialty metals are key metals in the production of photovoltaic cells, electronics (such as LCD displays), and metallurgical applications (processes & alloys).
Primary supply is constrained, which can lead to high prices when demand increases.
Indium is used by the Thin Film Products business unit to make ITO targets, other metals are mainly sold to external customers
150600504001,0003,000
InInSbSb SnSn BiBi TeTeSeSe AsAs
Capacity tonnes / year
50
Base metals
Base metals are important as they form the core of the technology for recovery of precious and specialty metals
Base metals can, however, be considered as a by-products:
Although high in volumes, they are less important for direct value creation
Produced metal mainly sold on the market
•
A large part of the Umicore lead is sold to the battery industry
•
Umicore sells its copper in the form of copper cathodes
•
Nickel is further transformed in chemical compounds in the Cobalt & Specialty Materials business unit
2,00030,000125,000
PbPb CuCu NiNi
Capacity tonnes / year
51
By-products
Umicore’s valorises its waste products through the production of by-products
Sulphuric acid (H2
SO4
)
•
Sold in the region
•
Share of voluntary production has decreased in past decade,
as result of involuntary production increase (e.g. as by-product from Hoboken plant)
Slags are used in the concrete industry (certified product)
140,000100,000
SlagsSlagsH
2
SO
4
H2
SO4
Capacity tonnes / year
Competitive position
Competitive position
55
Core competitive strengths
Umicore Precious Metals Recycling creates value through
•
High recovery yields for metals
•
Short throughput times
•
Recovery of 19 different metals
Supply of raw materials therefore focused on
•
High value metals contained: precious & specialty metals
•
Complexity (multiple metals contained)
Operational flexibility in supply is key to optimise and sustain
profitability
•
Short term: to continuously optimise profitability depending on market circumstances
•
Long term: to be able to treat new types of recyclable materials
56
Competitive position
Umicore is a dedicated recycler with focus on higher value supply streams
•
Competitors typically are dedicated smelters with focus on high volume base metals
•
Umicore’s complex flowsheet allows higher recovery yield
on highest added value metals
in a
shorter throughput time
Umicore’s operation is highly competitive due to its operational excellence which enables higher returns and the sharing of these with suppliers
Recovered metals
Contained metals
Recycling cost
Lost metals
Recovered metals
Contained metals
Lost metals
Supplier’s return
Recycler’s return
Umicore Typical competitor
Recycling cost
Supplier’s return
Recycler’s return
Valu
e
Valu
e
Hoboken PlantHoboken plant
Hoboken plant
59
Presence in Belgium
Overpelt
•
Zinc Chemicals
Brugge
•
Cobalt & Specialty Materials
Angleur
•
Zinc Chemicals
Heusden
Zolder
•
Zinc Chemicals
Brussels
•
Corporate•
Cobalt & Specialty Materials
Hoboken
•
Precious Metals Refining•
Battery Recycling
Olen
•
Cobalt & Specialty Materials•
Electro-Optic Materials•
Group R&D
Vilvoorde
•
Building Products
3,170 people
60
Hoboken plant 100 years of history
1853 Asturienne des Mines
1805 Vieille-Montagne
1928
1908 Soc. Gén. Métallurgique de Hoboken
1887
1919 Société
Générale de Minerais
1959 Mechim
1906 Union Minière du Haut-Katanga
1981
1901 ACEC
1919 SIBEKA
1873 Degussa
(DM)
1800 1850 1900 1950 2000
1985
1989
1985
Union Minière
1990
1970
Usine de Désargentation
Compagnie des Métaux d’Overpelt
1981
1989
2003DMC² PMG
2010
1919
2001
2007 Nyrstar
2005 Cumerio
2005 Traxys
MHO
UM
1989
(Degussa)
1994 Delphi AC
UM
1908 Soc. Gén. Métallurgique de Hoboken
1887Usine de Désargentation 1919
2001
MHO 1989
(Degussa)
2007
61
Hoboken plant Recent history
Transformation process started in late nineties
Continued process improvements and innovations since
Lead and precious metals refiner Precious and specialty metals recycler
62
Smelter1997
New plant
2007-2009
Spent industrial
catalysts
Sulphuric acid plant2005
Double absorption
Leaching &
electrowining
2003
New plant
PM refining1995-2001
Make-over
2008
New concentration
plant
2008
Rh
capacity increase
Lead blast furnace1995-2000
Plant make-over
2007
Glas
cleaning
installation
Lead Refinery1999-2005
Plant make-over
2008
Gas burners
Special Metals Refinery2006-2008
Make-over
Hoboken plant Major flowsheet investments
Sampling & assaying2011-2013
Make-over
Water treatment2012
Make-over
63
Hoboken plant Process flowsheet
Slags
Raw Materials
PM residue
Precious Metals Operations
Pb-bullion
In/Te residue
Ag, Au, Pt, Pd, Rh, Ir, Ru In, Se, TeNi
SO2
Cu Pb, Bi, Sb, Sn, As
Se
residue
Pb
slags
Cu
matte
Ni
speiss
H2
SO4
Ag
residue
Base Metals Operations
Cu bullion
PM
residue
Sulphuric acid plant Smelter
Special Metals refinery
Leaching
&electrowinning Lead refinery
Precious metals refinery
Blast furnace
Sampling
Nickel refinery
Battery RecyclingBattery Recycling
67
Umicore Battery Recycling
Unique recycling process
•
Based on ultra high temperatures (UHT)
•
Maximum valorisation of metals
•
Clean process with minimum energy use, CO2
and waste generation
Battery recycling
•
Closed loop offering
•
Flexibility to treat all Li-ion and NiMH chemistries
Other recyclable materials being tested
68
Investments & technology
Pilot plant in Hoboken
•
€
25 million investment
•
Initial treatment capacity of 7,000 tonnes
•
Equates to some 250 million mobile phone batteries
•
Equates to some 150,000 (H)EV batteries
•
Operational since September 2011
Uses Ultra High Temperature (UHT) technology
•
>3000°C temperatures
•
Allows to extract Co, Ni, Cu and REEs
from Li-Ion, Li-polymer and NiMH batteries
Investment is expected to bring opportunities for
•
New recyclable material types
•
Optimisation of existing UPMR flowsheet
69
Value chain & business model
Service is more important than metal value
Safety and sustainability are decisive elements
Value of recovered metals will probably not be enough to pay for
cost of recycling
(different model than Precious Metal Refining)
Spent batteries
Treatment Recycling Refining
Treatment charge
(TC)
Refining charge (RC)
Sampling
charge (SC)
Production
Umicore Battery Recycling
Sampling Dismantling Smelting SeparationTrans-
formation
70
Why do people recycle (now) ?
The waste volume is so big that it can’t be left “on the street”
Household waste, cars, construction waste, …
There is money to be made
Jewellery, copper scrap, automotive catalysts, …Value
EHSVolume
“Value”
driven recycling is taken care of by the market, pays for itself
“EHS”
and “Volume”
driven recycling are mostly society driven, at a cost, often have an ethical component, need policy / legislation
There is a threat to the environment, to human health, to human safety
NiCd batteries
Long-term
sustainability
71
Waste Framework Directive
BD
Battery Directive
ELV
End-of-Life Vehicles
WEEE
Waste Electrical & Electronic Equipment
Waste vs.
by-products
Hazardous waste list
Transport rules
Legislative Framework
The Waste Framework Directive contains the basic framework for handling waste, this is complemented by more specific directives in particular instances
73
Forward-looking statements
This presentation contains forward-looking information that involves risks and uncertainties, including statements about Umicore’s plans, objectives, expectations and intentions.
Readers are cautioned that forward-looking statements include known and unknown risks and are subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of Umicore.
Should one or more of these risks, uncertainties or contingencies materialize, or should any underlying assumptions prove incorrect, actual results could vary materially from those anticipated, expected, estimated or projected.
As a result, neither Umicore nor any other person assumes any responsibility for the accuracy of these forward-looking statements.
Investor Relations
Geoffroy Raskin [email protected] +32-2-227 71 47
Investor Relations
Geoffroy Raskin [email protected] +32-2-227 71 47
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