CNEI commits $8.5m to China waste treatment firm
China New Enterprise Investment (CNEI) has invested $8.5 million in Chenzhou Yangtao Chemical, a Chinese mining waste treatment firm.
Set up in 2007, Chenzhou Yangtao is one of few operators in China licensed to treat arsenic-bearing mine tailings - waste generated as a by-product of the mining process. The waste is processed and nonferrous metals, ferroalloys and related chemical products are extracted.
The company claims to be the one of the largest exporter of arsenic metal in China, which is primarily alloyed with lead. For example, lead components in car batteries are strengthened using a small amounts of arsenic.
According to a statement, the extra funding will be used to improve the company's leadership and expand capacity. The investment was made via CNEI Fund II, a $255 million vehicle that closed in 2010.
CNEI typically targets well established Chinese growth companies in a wide range of industries. Last June it invested $10.5 million in Qinghai Weide Special Sugar, a producer of nutritional additives. Earlier the same year it re-upped in specialty leasing company Juxin International.
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