The sale of its gold reserves has earned Belgian materials group Umicore a post-tax profit of €377 million, the company announced on Monday.
Last Wednesday, Umicore revealed its plan to monetise its permanent gold holdings as the precious metal reached record prices. The company has now completed the transaction, reporting a net gain of €416 million from multiple sales phases. This move is expected to contribute €486 million to its EBITDA by 2025.
Instead of maintaining permanent gold stocks, the group will transition to ongoing lease agreements with various counterparties. While Umicore had initially estimated annual leasing costs at €5 to €8 million, it did not disclose specific figures in its Monday statement.
