Romco Group, located in London and with operations in Nigeria and other African countries, has announced its "most ambitious capex programme to date" for this year, as it seeks to build on record revenues in 2021. Romco in its March quarterly report stated that 2021 was a great year of progress during which it had recycled 18,000 tonnes of aluminium and earned $29.4 million.
As per Raymond Onovwigun, Romco switched to compressed natural gas (CNG) to power all of Nigeria's furnaces in 2021, focusing on new trade hubs across Sub-Sahara Africa, and strengthening feedstock lines by boosting its small business buying program by 300 per cent.
“With global supply declining and demand increasing, there is an urgent need to ramp up the recycling of existing metals in the supply chain. Demand for aluminum is expected to grow by 80 per cent by 2050,” added Romco CEO Raymond Onovwigun.
According to Romco's most recent report, tense grade aluminium scrap (mixed castings) accounted for moreover 80% of the scrap melted in its furnaces last year. Romco has a "fully operating" alloys manufacturing factory in Nigeria, and Ghana has been designated as the location for its second such plant.
One of the firm's priorities for this year's investments is to expand the scrap collecting network even further, according to the corporation. Romco also wants to improve its truck fleet to serve its collecting network, as well as start construction on a new melt shop and recycling plant "on Africa's East Coast."
The African metals manufacturer has stated that it intends to obtain "Performance Standard" accreditation from the Aluminium Stewardship Initiative in Australia (ASI). It also states it "will engage" with the London Metal Exchange (LME) about listing our commodities, potentially allowing our items to be traded directly on the LME exchange and enhancing alloy stock liquidity.
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