Glencore enters strategic partnership with lithium recycler
Commodities giant Glencore has announced a strategic partnership with NYSE-listed lithium-ion battery recycler Li-Cycle, as part of its strategy of combining primary and recycled battery raw materials to produce battery-grade end products.
In terms of the agreement, Glencore will procure feedstock for the Toronto-based company’s facilities and supply it with its sulphuric acid requirements, while Li-Cycle will supply it with battery useable end-products and by-products.
Subject to the satisfaction of customary conditions precedent and entry into the key commercial agreements, which is expected in the second quarter of 2022, Glencore will subscribe for $200-million of convertible debt in Li-Cycle.
If Glencore elects to convert during the conversion option period, Glencore would hold a 10% equity stake in Li-Cycle.
Head of recycling Kunal Sinha, who will be nominated to join the Li-Cycle board, says Glencore believes that battery recycling will form a key part of the energy transition. “Our bold aim is to help support the creation of a genuinely circular economy that supplies recycled materials and minerals back into the battery supply chain.”
Glencore has been working on establishing regional platforms across the world to localise battery raw material supply chains within key regions in a saleable and sustainable manner.
In Europe, Glencore will work to assess the feasibility of using its existing asset footprint with a view towards re-purposing some of its assets. This will reduce the lead time for achieving industrial scale production of battery grade end products. Glencore will also explore, together with other appropriate supply chain partners, the production of precursor cathode active material (pCAM) in Europe and potentially North America.
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