Akobo Minerals (Euronext Oslo – “AKOBO”), the Scandinavian-based Ethiopian gold exploration and boutique mining company, today announced that it has reached an agreement with the South African company Solo Resources (Pty) Ltd for delivery of a processing plant for production of gold at the Segele Mine.
Effective 1 January 2023, the publicly listed construction technology group Strabag will be led by a new CEO, as Klemens Haselsteiner succeeds Thomas Birtel, who will be stepping down as CEO after ten years at the helm upon reaching the specified age limit.
Cimic Group company CPB Contractors, as part of a joint venture, has been selected by the NSW Government to deliver the western section of the M12 Motorway.
Glencore and Li-Cycle announce innovative Partnership to advance Circularity in Battery Raw Material Supply Chains
Glencore announces the establishment of a strategic partnership with Li-Cycle Holdings Corp., a leading lithium-ion battery recycler in North America. Glencore will subscribe for convertible debt in Li-Cycle and Li-Cycle will become a preferred partner for Glencore in the lithium-ion battery recycling sector.
The key commercial arrangements underpinning this strategic partnership will be entered into in connection with the closing of the subscription and will include:
- procuring feedstock for Li-Cycle Spoke facilities and black mass for Li-Cycle’s Hub facilities;
- offtake of black mass from Li-Cycle’s Spoke facilities;
- offtake of battery usable end products produced by Li-Cycle;
- offtake of by-products from Li-Cycle’s facilities; and
- supplying Li-Cycle’s sulfuric acid requirements for its Hub facilities.
Glencore has been working on establishing regional platforms across the world to localise battery raw material supply chains within key regions in a scalable and sustainable manner, enabling a set of key partners to connect to these platforms and sees Li-Cycle as a key strategic partner in this effort.
With the addition of this strategic partnership with Li-Cycle, Glencore will seek to combine primary and recycled battery raw materials to produce battery grade end products. This will enable auto manufacturers to meet their EV ambitions while also being able to meet key regulatory directives related to battery raw materials. This will be facilitated through the localisation of supply chains and increasing recycled content in battery raw materials over time.
In Europe, Glencore will work to assess the feasibility of utilising our existing asset footprint with a view towards re-purposing some of our 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.
Kunal Sinha, Head of Recycling at Glencore, said: “We are excited to announce this new strategic partnership with Li-Cycle. We both believe 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.
“We are united in our ambition to further the energy and mobility transition. Glencore’s industry-leading Net Zero total emissions reduction strategy is supported by key investments such as this, which is also expected to complement our existing investments and relationships with key partners in the battery and EV space.”
Subject to the satisfaction of customary conditions precedent and entry into the key commercial agreements described above, 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 an approximate 10% equity stake in Li-Cycle.
Upon closing, Glencore will have the right to nominate one board member to the Li-Cycle board. Kunal Sinha will be nominated by Glencore.
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