Glencore

Reinforcing recycling, rerouting refuse, and reducing wasteflows

Waste Recovery & Management Tech

<div>
 
 Li-Cycle is a Canadian lithium-ion battery manufacturer and a recycler offering technology solutions to recycle end-of-life batteries. The company offers two proprietary technologies, one is its &ldquo;Mechanical Safe Size Reduction&rdquo; technology, which converts lithium-ion batteries into inert products with no solid or liquid waste, and the other is its &ldquo;Hydrometallurgical Processing&rdquo; technology that recovers and recycles battery-grade lithium, nickel, cobalt, and other materials. Li-Cycle claims that it has the potential to recover more than 95% of the constituent materials in lithium-ion batteries.&nbsp;
 
 
 As of April 2023, the company operates facilities in Ontario (5,500 tons of annual lithium-ion battery processing capacity); 
 <a href="https://sp-edge.com/updates/10541">
 Arizona
 </a>
 , (18,000 tons annual lithium-ion battery processing capacity); and 
 <a href="https://sp-edge.com/updates/13784">
 Alabama
 </a>
 (10,000 tons per year). Furthermore, the company also has four facilities under construction : 
 <a href="https://sp-edge.com/updates/15068">
 Rochester
 </a>
 (35,000 tons of black mass per year,), 
 <a href="https://sp-edge.com/updates/20634">
 Germany
 </a>
 (30,000 tons per year), 
 <a href="https://sp-edge.com/updates/8082">
 Norway
 </a>
 (10,000 tons per year, 2024) , and 
 <a href="https://sp-edge.com/updates/17331">
 France
 </a>
 (10,000 tons per year, 2024). Construction of the New York facility (18,000 tons of annual processing capacity) was paused in October 2023 pending a review of the project. The company has reached a total lithium-ion battery processing capacity of 51,000 tons per year across all four operating spokes in North America, and plans to reach a total of 81,000 tons per year across spokes in North America and Europe by the end of 2023.
 
 
 Key customers and partnerships
 
 
 
 <a href="https://sp-edge.com/updates/7351">
 In December 2021,
 </a>
 the company signed a non-binding letter of intent to receive nickel-bearing battery scraps from LG Energy Solutions (LGEC) and recycle them into nickel sulfate to supply to both LGEC and LG Chem Ltd (LGC). The supply would be able to power 300,000 high-performing electric vehicles. In addition to this, LGEC and LGC invested USD 25 million each in Li-Cycle. The investment is likely to support Li-Cycle in scaling battery production to keep up with the growing demand for lithium-ion batteries. Similarly, the company also secured USD 200 million in investment from metals and mining firm 
 <a href="https://sp-edge.com/updates/10201">
 Glencore
 </a>
 and also signed a supply deal with the latter.&nbsp;
 
 
 To enter Europe and build a plant in Norway, Li-Cycle formed a 
 <a href="https://sp-edge.com/updates/8082">
 joint venture (JV) 
 </a>
 with Eco Stor (European battery manufacturer and recycler) and Morrow Batteries (Norwegian battery manufacturer) in January 2022. During the same time, the company also extended its partnership with 
 <a href="https://sp-edge.com/updates/8104">
 Ultium Cells LLC
 </a>
 (a joint venture between General Motors and LG Energy Solution) to construct the Ohio lithium-ion battery recycling plant.&nbsp;
 
 
 In November 2022, the company forged a global partnership with VinES, a battery and cell pack manufacturer and a member company of Vingroup, the largest private conglomerate in Vietnam. As per the partnership companies will explore global recycling solutions for VinES and VinFast &ndash; a global electric vehicle manufacturer that is also part of Vingroup.&nbsp;
 
 
 The company also signed a definitive agreement with 
 <a href="https://sp-edge.com/updates/17331">
 KION Group
 </a>
 , a German multinational manufacturer of industrial trucks and supply chain solutions, to recycle lithium-ion batteries from KION&rsquo;s global brands using Li-Cycle&rsquo;s proprietary submerged shredding technology until 2030.
 
 
 
 
 
 Funding and financials
 
 
 The company started trading on the NYSE in August 2021, via a SPAC deal with Peridot raising USD 580 million in gross proceeds. The company reached a pro forma equity value of USD 1.55 billion following the SPAC deal.&nbsp;
 
 
 Li-Cycle reported a revenue of USD 5.9 million for the 
 <a href="https://sp-edge.com/updates/17492">
 two-month transition period
 </a>
 ending December 31, 2022, 2.1x higher the revenue for the same period in 2021. The company&rsquo;s adjusted EBITDA loss was USD 17.8 million, 2.1x the loss in the same period of 2021.
 
 
 In 
 <a href="https://sp-edge.com/updates/16688">
 February 2023
 </a>
 , Li-Cycle received a conditional commitment from the US Department of Energy Loan Programs Office for a USD 375 million loan to fund their first commercial hydrometallurgical resource recovery facility located near Rochester, New York.
 
</div>

Augmenting the mining value chain with technology and automation

Mining Tech

Trevali Mining Corporation, headquartered in Vancouver, Canada, was a global base-metals mining company primarily focused on zinc production. The company operated multiple mines across the Americas and Africa, including the Caribou Mine in New Brunswick, Canada, the Santander Mine in Peru, and the Rosh Pinah Mine in Namibia. Trevali's strategic approach involved optimizing existing operations, pursuing organic growth, and participating in accretive investment opportunities. In 2018, the company produced 407 million payable pounds of zinc, 41.7 million payable pounds of lead, and 1.2 million ounces of silver. Trevali employed state-of-the-art mining technologies to extract and process high-quality zinc concentrates.
However, Trevali faced significant challenges in recent years. In April 2022, a serious flooding incident occurred at the Perkoa Mine in Burkina Faso, resulting in the death of eight miners. The company's efforts to dewater the mine and conduct search operations were unsuccessful in locating the missing miners. In August 2022, Trevali suspended operations at its Caribou zinc mine in Canada due to financial and operational challenges. Subsequently, in September 2022, the company filed for protection under the Companies' Creditors Arrangement Act (CCAA) and its shares were delisted from the Toronto Stock Exchange effective October 3, 2022.
In June 2023, Trevali's remaining officers and employees ceased their employment with the company, and Russell Ball resigned as a director. The company's assets have since been sold or placed into receivership. In June 2023, Appian Capital Advisory acquired an 89.96% interest in the Rosh Pinah zinc mine from Trevali.

Li-Cycle is a clean technology company with revolutionary technology for resource recovery of end-of-life lithium-ion batteries. Li-Cycle Technology™ is a closed loop, economically viable, safe and sustainable process that can recover 80 – 100% of all materials in lithium-ion batteries. Li-Cycle is on a mission to provide sustainable and safe customer-centric solutions for end-of-lifecycle lithium-ion batteries while meeting the rapidly growing demand for critical batteries.

Tantalex is a Canadian junior exploration and development company that focuses on offering the market with conflict-freehigh-tech minerals.

Tullow oil is a leading independent oil and gas exploration and production company. Their focus is on finding and monetising oil in Africa and the Atlantic Margins. Their portfolio of over 135 licences spans 22 countries and is organised into three regions. They are headquartered in London and have a total workforce of approximately 2,000 people, with over 50% of these working in Their African operations. Their shares are listed on the London, Irish and Ghanaian Stock Exchanges.

Stillwater Critical Minerals (TSX.V: PGE | OTCQB: PGEZF) is a Canadian mineral exploration company focused on its flagship Stillwater West Ni-PGE-Cu-Co + Au project in the iconic and famously productive Stillwater mining district of Montana, USA.

Vedanta Resources is a metals and mining company that extracts and processes minerals, oil, and gas. The company operates in India, South Africa, Liberia, and Namibia, through our various subsidiaries.

Alumina do Norte do Brasil produces aluminum products.

Mining Rio do Norte is a mining company the produces bauxite and raw material for aluminum.

Palladium One Mining is a mineral exploration company that specializes in district-scale deposits of the platinum group elements, copper, and nickel in mining jurisdictions The company is targeting district scale, platinum-group-element copper-nickel deposits in world class mining jurisdictions. Its projects in Canada include two high-grade sulfide nickel-copper projects, the Tyko Project in Ontario and the CanAlask Project in Yukon. The Läntinen Koillismaa platinum-group-element copper-nickel project in Finland has a significant NI 43-101 resource.

Swedish Stirling develops and delivers highly efficient and reliable energy solutions for electricity generation on the global market.

Capstone is a metal mining company, focused on copper. They are committed to the responsible development of their assets and the environments in which they operate. Capstone's strategy is to extend the lives of their current mines with mineral resources and reserve expansions, maintain optionality on the Santo Domingo development project, prudently progress the exploration portfolio, and grow through acquisitions in politically stable, mining-friendly regions.

Cyprium Metals is ready to grow into a mid-tier mining business and manage an copper project portfolio to deliver vital natural resources.

Britishvolt is a battery technology developer, working with leading strategic partners and suppliers to power an electrified future. It is working with partners and suppliers to achieve this because it is of paramount importance to the future.

The Metals Company provides battery-powered shifts to clean energy and electric vehicles that will be used, recovered, and reused again and again.

Hot Chili Limited (ASX:HCH) is an ASX copper developer who holds the largest copper resource on the ASX, outside of the control of a major mining company. The Company’s vision is to build a major copper miner through the development of Costa Fuego Mineral Resource, which currently stands at 2.9Mt copper, 2.7Moz gold, 9.9Moz silver, and 64kt molybdenum.

FREYR plans to develop up to 43 GWh of battery cell production capacity by 2025 to position the company as one of Europe’s largest battery cell suppliers. The facilities will be located in the Mo i Rana industrial complex in Northern Norway, leveraging Norway’s highly skilled workforce and abundant, low-cost renewable energy sources from hydro and wind in a crisp, clear and energized environment. FREYR will supply safe, high energy density and cost competitive clean battery cells to the rapidly growing global markets for electric vehicles, energy storage, and marine applications.

​Ireland ranks as one of the largest zinc producers in Europe and is host to some of the world’s largest zinc deposits. Over the last three years, Group Eleven Resources Corp. has assembled the largest zinc ground position in the country and its material projects (Ballinalack, Stonepark and Silvermines) are highly prospective for Irish Type zinc-lead mineralization. The Company’s shareholders include MAG Silver Corp. and Teck Resources Ltd. and its team is comprised of accomplished mining executives with direct experience finding mines, building companies and exploring Irish zinc deposits. The Company is positioned to leverage cutting-edge exploration techniques in a period of strong zinc market fundamentals.

Rosneft is the leader of Russia’s petroleum industry and the world’s largest publicly traded petroleum company. Rosneft activities include hydrocarbon exploration and production, upstream offshore projects, hydrocarbon refining, and crude oil, gas and product marketing in Russia and abroad.

PolyMet Mining Corp. is a publicly-traded mine development company focused on permitting, building and operating the NorthMet copper-nickel-precious metals project through its wholly owned subsidiary, Poly Met Mining, Inc., a Minnesota corporation.  Our corporate office is in Toronto, Ont. our executive office is in St. Paul, Minn., and our operation headquarters is in Hoyt Lakes, Minn. Through long-term mineral leases, we control the NorthMet copper-nickel-precious-metals ore body. The ore body is located near the Mesabi Iron Range, northeastern Minnesota’s well-established 100-mile-long mining district.

Trevali Mining operates as a zinc-focused base metals mining company with one producing operation in Peru and another currently undergoing commissioning in Canada. In Peru, the company is actively producing zinc and lead-silver concentrates from its 2,000-tonne-per-day Santander mine. In Canada, Trevali owns the Caribou mine and mill, Halfmile mine, and Stratmat deposit all located in the Bathurst Mining Camp of northern New Brunswick. The company is currently commissioning its 3,000-tonne-per-day Caribou mine.

Glencore is a global and diversified natural resource company. From powering the electric vehicle revolution to the smartphone in your pocket, the commodities we source enable modern life.

<div> Glencore plc (LSE: GLEN) is a Swiss-based multinational commodity trading and mining company. Founded in 1974 as Marc Rich &amp; Co., Glencore has grown into one of the world's largest natural resource companies, with operations in over 35 countries across the globe. The company went public in 2011, listing on the London Stock Exchange. Glencore's operations span three main segments: <ul> <li> Metals and Minerals: Mining and production of copper, nickel, zinc, cobalt, ferroalloys, and aluminum. Also includes metals warehousing and trading. </li> <li> Energy Products: Coal mining and oil production, as well as related trading and logistics. </li> <li> Agricultural Products: Production, processing, storage, and trading of grains, oilseeds, cotton, and sugar. </li> </ul> In recent years, Glencore has faced several challenges and controversies. In February 2024, the company reported a significant decline in profits for 2023, with net income falling 75% to USD 4.28 billion due to lower commodity prices. Glencore has also been subject to multiple investigations and legal proceedings related to alleged bribery, corruption, and market manipulation in various countries. In 2022, the company agreed to pay over USD 1.1 billion to resolve investigations by US, UK, and Brazilian authorities. Glencore states it has invested heavily in improving its ethics and compliance programs in response to these issues. </div>

Solaris Resources Names Former Glencore Executive Matthew Rowlinson as New CEO

ANALYST_QUICK_TAKE

INCUMBENTS_PRESENT

<div>
 Li-Cycle Holdings Corp, a leading lithium-ion battery fabricator and recycler from Canada, is set to issue a senior secured convertible note of a worth estimated at USD 75 million to an associate of Glencore, a prominent metals and mining firm. This move is subsequent to Glencore's previous investment of USD 200 million in Li-Cycle Holdings Corp back in June 2022.
 Objective of this funding is to amplify Li-Cycle’s financial robustness and is a segment of a thoroughgoing review procedure in progress. This monetary input also fortifies the pre-existing long-standing strategic partnership that exists between the two conglomerates.
</div> Analyst QuickTake: 
 Li-Cycle’s partnership with Glencore also extends to a <a href="https: 
//sp-edge.com/updates/18469"> European battery recycling hub </a> in Sardinia which would experience delays as announced in <a href="https: 
//sp-edge.com/updates/22356"> October 2023 </a> . The company’s <a href="https: 
//investors.li-cycle.com/news/news-details/2023/Li-Cycle-Comments-on-Process-to-Evaluate-Financing-and-Strategic-Alternatives/default.aspx"> strategic review </a> comes in the wake of this setback and other delays to its spoke and hub projects across Europe and Rochester, New York.

Glencore

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