Umicore launches sale and subsequent lease in of permanent gold inventories unlocking significant value [Yahoo! Finance]
UMICORE SA UNSP/ADR (UMICY)
NASDAQ:AMEX Investor Relations:
umicore.com/en/investors
Company Research
Source: Yahoo! Finance
Umicore launches the sale of its permanently tied up gold inventories held within the Jewelry & Industrial Metals (JIM) and Precious Metals Refining (PMR) Business Units. In a period of exceptionally attractive market conditions for gold, the sale is expected to generate approximately €410 million in net cash proceeds , strengthening Umicore's balance sheet and liquidity. Currently, Umicore still owns a portion of the gold required to run the JIM and PMR activities. This inventory is as such continuously tied up in the industrial and logistics operations. Through this transaction, Umicore now optimizes the business model for gold refining by fully substituting these permanently tied up gold inventories with revolving metal leases with various counterparties. This enhanced set-up provides a predictable and cost-efficient financing method, while maintaining operational effectiveness. The sale is to be considered as a non-recurring event and is anticipated to generate an EBITDA co
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