Elemental Holding and Mitsubishi Materials Form U.S. E-Waste Recycling Alliance

Japan’s Mitsubishi Materials Corporation has agreed to take a significant minority stake in the U.S. e-waste recycling business of Elemental Holding SA, deepening cooperation between the two companies as demand grows for recycled metals and domestic supply chains, according to company statements released this week.

The partnership brings together Mitsubishi Materials’ non-ferrous smelting and metals recovery expertise with Elemental’s expanding U.S. urban-mining platform. Elemental operates its American e-scrap activities through Colt Recycling LLC, which processes about 18,000 metric tons of electronic waste annually across four facilities, company data show. Analysts say the transaction reflects intensifying interest by global metals groups in securing secondary raw materials as primary supply faces cost, geopolitical, and carbon constraints.

Electronic waste is one of the fastest-growing waste streams worldwide, driven by shorter device lifecycles, digitalization, and data center expansion. Observers note that the United States remains structurally undersupplied in advanced precious-metals recycling and secondary smelting capacity, despite rising volumes of discarded electronics. Previous industry efforts have focused on collection and dismantling, with fewer large-scale downstream refining investments.

Under the agreement, Mitsubishi Materials and Elemental plan to jointly expand e-waste recycling operations through organic growth and targeted acquisitions, strengthen upstream collection networks in the U.S. and abroad, and invest in processing technologies to improve recovery rates and environmental performance. The partners also intend to explore long-term downstream solutions, including potential future feedstock flows from Colt Recycling to a secondary smelting facility that Mitsubishi Materials is considering developing in the United States.

The deal also complements Mitsubishi Materials’ earlier investment in Exurban Limited, which is developing secondary smelting capabilities in the U.S. Industry groups argue that linking collection, dismantling, and smelting within a single value chain can reduce material losses and improve resilience for critical metals such as copper, gold, and silver.

Company executives framed the partnership as a strategic response to accelerating e-waste generation. Mitsubishi Materials President Tetsuya Tanaka said the investment supports the company’s shift toward secondary smelting and expands access to U.S. e-scrap supply, while Elemental Chief Executive Paweł Jarski cited forecasts of sharply rising global e-waste volumes over the next decade.

Analysts say the collaboration could position both companies to benefit from tighter environmental rules, higher recycling targets, and growing scrutiny of raw-material sourcing. Closing of the transaction remains subject to customary conditions outlined in the deal documentation.

Source: Elemental

SUNSHINE Spotlight: Mitsubishi Materials’ minority investment in Elemental signals a push to scale U.S. e-waste recycling and build a more integrated secondary metals supply chain.