Metallum has a technological edge in processing and converting low grade copper scrap into metal.

With key operations in Beerse, Belgium, Metallum consists of two distinct business lines: Metallo, a copper and tin refining business; and Metallum, a European ferrous and non-ferrous scrap recycling and trading business.

First Reserve director Alex Williams said that Metallum affords First Reserve an opportunity to gain exposure to the tight copper market without taking the single asset, geological, development or country risk that is typically associated with a business of this size.

Completion of the transaction is subject to certain conditions, including obtaining approvals or confirmations from certain European regulatory authorities and other customary conditions.