Page 156 - CW E-Magazine (26-3-2024)

News from Abroad

FUNDING SUPPORT
Li-Cycle secures additional $75-mn investment

from Glencore

Lithium-ion battery resource recovery “Glencore is committed to bringing
company Li-Cycle has raised $75-mn scalable and sustainable circularity into
through a senior note financing with an the supply chain of battery materials,”
affiliate of Swiss commodities giant, Mr. Kunal Sinha, Glencore’s global
Glencore. head of recycling and non-executive
director of Li-Cycle’s board, said in the
The funding is expected to enable statement.
Li-Cycle to improve its liquidity posi-
tion as the company continues its com- “Our original investment in Li-Cycle,
prehensive review process. Li-cycle is in Li-Cycle in June 2022 through the alongside key commercial agreements,
currently reviewing its global recycling purchase of a convertible note. formed part of this strategy. We are
network and the company’s go-forward pleased to further support Li-Cycle
strategy for the paused Rochester Hub, Li-Cycle’s CEO, Mr. Ajay Kochhar, through this additional $75-mn invest-
including analysing potential end-pro- said the latest financing enhances ment so both Li-Cycle and Glencore
duct mix options and construction stra- “Li-Cycle and Glencore’s existing can continue to build the battery
tegy. The agreement between Li-Cycle long-term, strategic partnership and circularity platform of choice for our
and Glencore builds upon an existing represents an interim step in our fund- customers,” he added.
long-term partnership. Glencore has ing strategy to support Li-Cycle’s
previously designated Li-Cycle as one future plans.” “We also continue to Glencore is a battery feedstock
of its preferred recycling partners, and work closely with the US Department of partner for Li-Cycle’s spoke facilities, as
the two companies entered into a stra- Energy on the conditional commitment well as a future supplier of both black
tegic commercial partnership aimed at for a loan of up to $375-mn,” he added. mass and key reagents for Li-Cycle’s
creating an integrated platform to sup- Glencore last year said it planned to future hub facilities. Glencore comple-
ply a global customer base with both develop a recycling hub in Europe with ments the company’s existing partners
primary and recycled critical battery Li-Cycle to produce materials includ- through off-take and marketing of
materials. ing lithium carbonate in response to a Li-Cycle’s end products and certain
global shortage of key raw materials for by-products produced and expected to
As part of the partnership, Glencore the fast-growing electric vehicle (EV) be produced at certain of the company’s
previously made a $200-mn investment market. spokes and hubs.

Pilbara Minerals inks spodumene supply deal

with China’s Sichuan Yahua

Lithium miner, Pilbara Minerals, The Yahua Industrial Group has its supply between 100-kt and 160-kt
said it has signed an agreement with strong connections across the lithium in 2025.
Sichuan Yahua Industrial Group for the supply chain with key customers, in-
supply of spodumene concentrate from cluding Tesla, LG Energy Solutions, “The agreement enables Yahua to
its Pilgangoora operation in Western LG Chem, and Contemporary Amperex further expand its supply chain com-
Australia. Spodumene is a mineral with Technology. mitments with key global battery custo-
a high concentration of lithium. mers and builds-out Pilbara Miner-
Pilbara Minerals plans to supply als medium-term sales profile whilst
Pilbara has agreed to supply the between 20-kt and 80-kt of spodumene preserving long-term optionality,”
mineral at market price in an agreement concentrate to Yahua in 2024, it said, Pilbara’s Managing Director and CEO,
signed for three years, the company said. adding that it would eventually increase Mr. Dale Henderson said.

156 Chemical Weekly March 26, 2024

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