Umicore will invest €450 million to expand precious-metals processing in Hoboken, Belgium, as a separate operating overhaul could put up to about 350 employees at risk of losing their jobs.
Spending is planned from 2027 through 2030, with commissioning expected in 2030 if regulatory approvals are secured. Umicore says the project will let the refinery handle a wider mix of materials and reduce processing times for platinum-group and other precious metals.
The redesigned flowsheet is also expected to increase capacity for antimony and tin and enable cobalt refining and recycling, bringing the total to 18 metals. Umicore says the new process should support compliance with the European Union’s Ambient Air Quality Directive. It links improved operational safety to increased automation.
The company estimates the investment will pay back in about six years, a period it says would be significantly shorter if current metal prices prevail. In a September 2025 statement, Umicore described a planned €400 million hydrometallurgical plant at Hoboken, also expected to operate by 2030. The Nov. 12 announcement presents a €450 million refining expansion but does not identify the new amount as a change to the earlier plan.
Separately, Umicore expects its operating changes to generate about €60 million in annualized savings by the end of the fourth quarter of 2028. The changes are expected to focus mainly on enterprise functions across regions, with implementation continuing in phases through 2029. The company says the plan uses automation, digital tools, artificial intelligence and selective outsourcing.
Umicore says as many as roughly 350 employees could lose their jobs within two years. It has started talks with trade unions and works council representatives. Contractor positions are also covered by the initiative but are excluded from the employee estimate.
The company said third-quarter 2026 trading was in line with expectations and reiterated full-year adjusted EBITDA guidance of slightly above €1 billion, which it had upgraded in July. Umicore expects a larger share of earnings in the first half, citing exceptional results in Recycling and Specialty Materials that it does not expect to repeat in the second half. Automotive Catalysts is expected to follow its usual seasonal pattern. Umicore’s full-year 2026 results are scheduled for Feb. 19, 2027.
