Maltese mining group to buy Metalysis out of administration
July 8, 2019
Power Resources Group (PRG), a mining company headquartered in Valletta, Malta, has announced that it will buy Metalysis, Rotherham, UK, after the company announced that it had entered administration following financial difficulties in June 2019. According to Reuters, PRG mines tantalum and niobium in Rwanda, and has a refinery in North Macedonia.
The company reportedly stated that it is a good fit for Metalysis, which can be strategic for Britain. One of the challenges said to have been faced by Metalysis was its reliance on externally sourced materials, the prices of which can be volatile, for the metal powders it produced for the Additive Manufacturing industry.
Ray Power, CEO of PRG, told Reuters that Metalysis had been “just a whisper away from commerciality” when it went into administration, and that “the technology metals focus is a perfect complement to PRG’s existing vertically integrated mining and refining operations and customer base.”
While the companies have declined to disclose financial details of the transaction, PRG will be the sole owner of Metalysis. Eddie Williams of Grant Thornton, joint administrator of Metalysis, said the sale had been “a very challenging process,” but he was pleased that jobs had been saved.
