September 8, 2025: European metals recycling and speciality chemicals group Campine has launched a probe into the alleged resale of its products into Russia.

Belgium-based Campine, which is about to acquire Ecobat’s French battery recycling and speciality lead manufacturing operations, revealed the allegations in a statement released on August 15.
Campine, which acquired two lead battery recycling plants from French recycler Recyclex in 2022, said it was committed to ensuring compliance with applicable laws, including sanctions and export controls laws.

“We are working with external legal counsel to address the issue, including assessing whether it is appropriate to further enhance compliance measures and what the next steps should be,” the firm said.

The company halted all sales to Russia following the outbreak of the Russia-Ukraine conflict in March 2022 and said it took allegations that its products have been resold to Russia by third parties “very seriously”.

Separately, on September 1, Campine posted strong growth in the first half of 2025, reporting that revenue more than doubled to €384 million ($450 million), compared to €169 million in the same period last year.

EBITDA nearly tripled to €54 million, setting a new record for the first six months. The firm said the profit increase was largely driven by strong demand for antimony trioxide and significant rises in antimony prices.

Revenue in the firm’s circular metals division grew by 2% to nearly €115 million, while revenues of the lead and ‘battery fractions’ business units dipped on lower lead prices on the London Metal Exchange.

However, Campine’s metals recovery unit saw revenue increase by more than 50%, driven by higher prices for gold, silver, and antimony. EBITDA in this division rose from €14 million to €17 million, supported by lower purchase prices for battery scrap.

CEO Wim De Vos said he expected a record year, with EBITDA likely exceeding €80 million.
But he warned: “Forecasting remains challenging in such a volatile market. Changes in Chinese export restrictions or US import regulations could quickly impact results. Nevertheless, 2025 is already shaping up to be an exceptional year.”