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[China]
Posted on : Mar 09, 2009
Australia / China | Battery recycling plant operator Hydromet from Australia,
will receive a Aus$3 million cash injection from a share placement to a Chinese
company to fund its expansion. Under the deal, Hydromet will issue 49.92 million
shares - equating to 15% of its issued capital - at six cents each to leading
used lead acid battery (ULAB) recycler Jiangsu Chunxing Alloy Co Ltd (Chunxing)
of Nanking.

The placement, which is set to be completed in the next month upon Chinese
government approval, also paves the way for an agreement for the supply of lead
products to Chunxing from Hydromet's Unanderra recycling operation and Newcastle
smelter.

‘The board believes that the following benefits of the involvement with Chunxing
will place Hydromet in a much stronger position within the ULAB recycling and
secondary lead production markets within Australia and the Pacific,’ Hydromet
says

‘With the volatile metal market, financial market turmoil and uncertainty
experienced since 2008 we believe that joining with Chunxing will be invaluable
in working through the challenges ahead and will place us in a positive position
to take advantage of improved conditions as they emerge.’ A representative of
the privately owned Chunxing will join Hydromet's board.

Chunxing is the largest lead recycling company in China with four operating
plants. It has more than 30 years experience in the secondary lead smelting
market. It is the only waste metal recycling company in China recognised by the
Chinese government under the National Circular Economy program, which supports
selected organisations in expanding through foreign investment.

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