German company plans $ 347 million foundry in Georgia, hires 125
AUGUSTA, Georgia (AP) – A German company will build a $ 347 million (â¬ 300 million) smelter in Georgia to recycle copper, hiring 125 workers.
Hamburg-based Aurubis AG announced the plans on Wednesday, saying construction on the Augusta smelter will begin next year, with the plant starting operations in 2024.
Aurubis said much of the copper is now sent from the United States to Asia for recycling there, and it makes business sense to recycle the material locally.
âThe need for modern, sustainable and local transformative capacities is very strong,â said Roland Harings, CEO of Aurubis, in a statement. âToday, these are not at all sufficient to meet the high demand, so large volumes of valuable raw materials have to be exported. “
Georgia’s Economic Development Commissioner Pat Wilson called it “one of the biggest German investments in our state”.
Company spokesman Meino Hauschildt said the plant would recycle printed circuit boards, copper cables and other materials, including nickel, tin, zinc, gold, l ‘silver and platinum.
The company said it expects up to 6.6 million tonnes (6 million metric tons) of metalliferous materials to be collected for recycling in the United States in the coming years, the amount of material increasing by 5% per year.
Aurubis said the smelter supports environmental goals by reducing the need to extract new copper and will also allow the company to recover other materials that are combined with copper. Hauschildt said the smelter will be supplied with electricity and natural gas. He said the plant would be designed to “the latest environmental standards” with reused water. He said dust and air emissions would be “low”.
The company said it expects the plant to add around $ 93 million (â¬ 80 million) to its earnings before interest, taxes, depreciation and amortization from its 2025-2026 fiscal year.
Aurubis could qualify for various state tax breaks, including an income tax credit allowing him to deduct $ 4,000 per job annually from state income tax, up to 2.5 million dollars over five years, provided workers earn at least $ 28,000 per year.
The state will pay for vocational training. Company officials said on a conference call Wednesday that they also expected to receive property tax rebates and infrastructure assistance.