Eti Bakır Acquires Nickel Chemical Producer ICoNiChem

Eti Bakır acquires ICoNiChem, UK-based inorganic cobalt and nickel chemicals producer. Turkish mining company Eti Bakır has acquired ICoNiChem, a UK chemical company producing inorganic cobalt and nickel chemicals, which expanded its processing capacity following support received from GIL Investments in 2016. Through this acquisition, Eti Bakır will be able to both extract cobalt ore and process it for sale to end users. Trevor Middleton, Director of GIL Investments, said he was pleased that the sale of ICoNiChem to Eti Bakır had been completed. "I have enjoyed working with this company over the past 5 years, and with this acquisition Eti Bakır is making a good strategic move, while ICoNiChem will achieve significant growth," he said. Emre Kayışoğlu, General Manager of Eti Bakır, said: "We are pleased to have completed the acquisition of ICoNiChem. Demand for cobalt-based chemicals is expected to increase in the coming years. When our mining operations are combined with ICoNiChem's cobalt processing operations, we will have positioned ourselves well to meet the growing demand."   Source