The Hellenic Competition Commission approved the acquisition of 100% of the shares of Imerys Bauxites by Mytilineos Energy & Metals.
Imerys Bauxites activity is to be merged with Mytilineos’ wholly-owned subsidiary, Delphi Distomon as part of the further vertical integration of the Metallurgy Sector. Upon the completion of the acquisition and the merger process, Mytilineos becomes the largest bauxite producer in Europe, significantly increasing its production capacity.
More specifically, the new activity will boost annual production to 1.2 million tonnes – the largest production in Europe and among the largest globally. This will ensure the long-term supply of bauxite to the historic Aluminium of Greece plant. In addition, the consolidation of the two mines entails substantial economies of scale at all levels: a) in production b) in logistics c) in the joint use of the port of Itea and many more.
With the acquisition and investment planned by Mytilineos, the production of sufficient quantities of gallium is further secured to meet European needs, as the quantities that can be produced correspond to the current demand of the EU. Moreover, discussions are already underway between the Company and the European Commission, as Mytilineos undertakes a pilot project to assess the most efficient method of gallium extraction, with the goal of producing 40-45 metric tons, per annum.
The new entity resulting from the merger will directly employ 500 highly skillful and long experienced personnel in the mining and administration sector, making it the largest mining complex in terms of direct and indirect employment value in the country, further boosting economic activity in the Fokida region.
It is reminded that the acquisition concerns all bauxite mining activities in the Fokida area, which will now be incorporated into Mytilineos’ M Metals.
