|

The groundbreaking ceremony of BASF Heraeus Metal Resource Co Ltd is held in the Dushan Port Economic Development Zone in Jiaxing, Zhejiang province, on Nov 22. [Photo/cnjxol.com]

The groundbreaking ceremony of BASF Heraeus Metal Resource Co Ltd was held in the Dushan Port Economic Development Zone in Jiaxing, Zhejiang province, on Nov 22.

The company was jointly established by two Fortune 500 companies, BASF Group and Heraeus Group in a 50-50 split of investment.

Receiving a total of 480 million yuan ($68.76 million) in investment, the company's annual output of platinum enriched materials is expected to reach 47 metric tons, and its annual sales revenue to exceed 2 billion yuan.

The company will help reduce China's dependence on precious metals imports and provide high-purity noble metal raw materials for the clean energy, 5G, aerospace, environmental protection and pharmaceutical industries.

In the field of functional solutions for noble metals, BASF and its joint ventures have a 25-percent market share in the global noble metals sector due to their mature and reliable technology.

Heraeus is a global leader in the recovery and production of noble metals, with more than 100 companies in more than 40 countries around the world.

the noble metals obtained through recycling can reduce carbon dioxide emissions by 90 percent compared with platinum group noble metals obtained by mining and smelting.