Elemental Holding and Mitsubishi Materials Corporation Announce Strategic Partnership in E-Waste Recycling
December 18, 2025
Mitsubishi Materials Corporation (“MMC”) and Elemental Holding SA (“Elemental”) are pleased to announce that MMC has agreed to become a significant minority shareholder and strategic partner to Elemental’s E-Waste recycling business in the USA.
Elemental is a leading global urban-mining group with a growing U.S. presence, including an E-Scrap division (Elemental USA E-Waste & ITAD, Inc.) operated through its wholly owned subsidiary, Colt Recycling LLC (“Colt Recycling”), which processes approximately 18,000 tonnes of E-Waste annually across four facilities.
Advancing a Shared Vision for Global Resource Circulation
MMC and Elemental share a common vision of building a global supply chain for recycled materials that supports the transition to a more circular and low-carbon economy. This initiative will serve as an opportunity to combine our expertise in non-ferrous metal smelting with Elemental’s rapidly expanding E-Waste recycling platform. MMC and Elemental will work together to:
Accelerate the growth of E-Waste recycling operations globally, including strategic organic expansion and targeted M&A.
Strengthen upstream collection networks across the U.S. and internationally, enhancing access to high quality secondary raw materials.
Support capital investment and technology deployment to improve recovery yields, sustainability performance, and processing capacity.
Develop long-term downstream solutions, including potential future feedstock flows from Colt Recycling to the secondary smelting plant that the MMC group is considering constructing in the United States.
Strengthening MMC’s Broader Recycling Platform
As part of MMC’s global expansion of its resource recycling business, MMC has invested in Exurban Limited (“Exurban”), which is developing a secondary smelting business, including E-Scrap, in the United States. The partnership between MMC and Elemental is intended to complement MMC’s investment in Exurban by expanding upstream raw material procurement through an increase in the collection network. In addition, it will strengthen MMC’s global value chain from the collection and dismantling of E-Scrap to the smelting of metal ingots.
A Platform for Growth in the United States
With Elemental’s Colt Recycling business positioned as one of North America’s leading E-Waste processors, MMC’s investment provides strategic alignment for the development of future U.S. precious metals recycling and refining infrastructure. The partners intend to explore opportunities to expand material recovery volumes, enhance collection networks, and innovate around environmentally responsible processing technologies.
“The Investment is an important step toward expanding our global resource circulation business and advancing the shift toward secondary smelting, particularly in E-Scrap. Through collaboration with trusted recyclers such as Colt Recycling, we aim to strengthen E-Scrap collection capabilities and expand supply regions in the U.S. secondary smelting business. In addition, through our ongoing partnership with Exurban, we seek to build a more resilient and sustainable supply chain for critical materials.”
Paweł Jarski, CEO, Elemental Holding S.A., said:
“MMC’s investment and partnership provide significant strategic momentum as we scale our E-Waste operations worldwide. Global E-Waste volumes are projected to surge over the coming decade, driven by rapid digitalization, rising consumer device turnover, and the expansion of data centers and electrification infrastructure, heightening the need for scalable, technologically advanced recycling platforms capable of recovering critical materials at industrial scale. MMC’s technological expertise and global industrial footprint complement Elemental’s mission of becoming a leader in urban mining, and we look forward to developing this partnership across North America and beyond.”
Closing of the transaction is subject to the satisfaction of the conditions precedent set forth in the transaction documentation.
About Mitsubishi Materials Corporation
Mitsubishi Materials Corporation is a leading global materials and engineering group committed to creating a recycling-oriented society. Through its smelting, refining, cement, and advanced materials businesses, MMC supports resource efficiency and low-carbon innovation worldwide.
