Campine Agrees to Take a Stake in Green Tech Antimony and Produce ATO in Thailand
The Belgian group will take a minority stake in the industrial facility of Green Tech Antimony, but will control the marketing of the antimony trioxide manufactured there using its own technology.
This arrangement gives it access to ore and metal, in an antimony market that the group now describes as more competitive.
A Minority Stake in an 8,000-Tonne Smelter
Campine NV, a Belgian metal recycling and specialty chemicals group listed on Euronext Brussels, has entered into an agreement to acquire a minority stake in Green Tech Antimony (GTA). This Thai antimony metal producer operates a smelter in Kanchanaburi, Thailand.
The announcement was published on 3 November 2026 at 7:30 p.m., as regulated and inside information. The transaction has yet to be finalised: closing is scheduled for January 2027.
The stake will cover GTA's production activities. The smelter, commissioned in 2025, has an annual capacity of 8,000 tonnes of antimony metal, and GTA's Thai partners hold several antimony mines in Southeast Asia, which provide access to ore concentrates.
Campine places this investment within its long-term strategy in specialty chemicals. The stated objective is twofold: to secure access to antimony metal, a critical raw material, and to establish an antimony trioxide (ATO) production base in Asia.
According to the group, this vertical integration should strengthen the supply security of its Belgian operations, improve its cost competitiveness and open new opportunities on international markets.
Chief Executive Officer Wim De Vos describes “a major strategic step for Campine”. “By combining direct access to antimony metal with our technological expertise and competitive Asian production, we are creating a solid foundation for new profitable growth,” he said.
A 4,000-Tonne ATO Unit and a Trading Company Controlled by Campine
The project goes beyond a stake in an existing capacity. By the end of 2027, the Kanchanaburi site is to be supplemented by a 4,000-tonne ATO production unit, which will use Campine's proprietary technology.
Together, these elements will form an integrated chain, from antimony ore to finished ATO: access to concentrates through the mines of the Thai partners, conversion into metal at the smelter, then conversion into trioxide on the same site.
For Campine, the appeal of the setup lies in bringing three elements together in one location: access to ore, metal production and its own ATO conversion technology. The group sees it as a lever on both its costs and the security of its supplies.
Marketing follows a separate logic. All ATO production will be sold through a newly created trading company, majority-controlled by Campine, which will prioritise Asian markets.
The Belgian group thus retains control over the marketing of ATO produced in Thailand, while remaining a minority shareholder in the industrial facility. The division of roles is clear: the local partners provide the ore and the smelter, while Campine provides the technology and manages sales.
An Investment Decided After the Correction in Antimony Prices
According to the group, Campine became the world's leading player in the ATO market in early 2025, following supply disruptions of unusual scale and sharp price increases.
The context has since changed. Since late 2025, improved availability of raw materials has led to a significant correction in antimony prices, and the group now reports a more competitive global market.
It is in this context that Campine presents the Thai transaction: a means of strengthening its position in this new environment, relying on a secure supply of metal and on ATO production in Asia.
