Umicore SA is taking further steps to strengthen its long-term competitiveness, combining investment in its Precious Metals Refining flowsheet in Hoboken, Belgium, with proposed changes to strengthen its operating model. Together, these initiatives support performance and strengthen the Group’s ability to capture further growth opportunities and create sustainable long-term value.
- Investment of €450 million to expand the Precious Metals Refining flowsheet in Hoboken, Belgium, enhancing its distinctive competitive advantage.
- Targeting a simpler, more agile operating model with clearer accountabilities and stronger collaboration to enhance customer focus and achieve annualized savings of ca. €60 million by Q4 2028.
- Q3 2026 trading in line with expectations and FY 2026 guidance reiterated.
Umicore (Brussels, Belgium) has decided to invest €450 million in the expansion of the flowsheet in Precious Metals Refining (Hoboken, Belgium), as envisioned at its Capital Markets Day in March 2025.
The European Commission recently selected the expansion as a strategic project under the Critical Raw Materials Act. Subject to required regulatory approvals, the new state-of-the-art hydrometallurgical flowsheet will reinforce Umicore’s distinctive long-term competitive position in Recycling, built on decades of pioneering investments and innovation.
The project, based on proprietary technology, will deliver value in three distinct ways: greater flowsheet performance, further environmental improvements and enhanced operational safety. Flowsheet performance will improve through increased feed flexibility, shorter throughput times for platinum group metals and other precious metals, and greater capacity for minor and specialty metals such as antimony and tin. It will also enable the refining and recycling of cobalt, adding an 18th metal to the flowsheet. The expansion will further strengthen best-in-class environmental performance by enabling compliance with the European Union’s (EU) Ambient Air Quality Directive. It will also enhance operational safety through increased automation.
The investment will be deployed between 2027 and 2030, which is the expected commissioning year. As announced in March 2025, Umicore expects a payback period of about six years, which would be significantly shorter should current metal prices prevail.