Glencore ties up with Cyclic Materials in copper recycling push
me-metals: Canadian rare earth and metals recycler Cyclic Materials Inc. will supply at least 10 thousand metric tones of recycled copper to Glencore as the Swiss miner looks to secure copper that is expected to soar in demand in the coming years, Cyclic Materials’ CEO said.
According to me-metals cited from mining.com, As part of a multi-year agreement, Cyclic Materials will sell copper scrap to Glencore, which will process and refine the metal at its Horne smelter and Copper Refinery in Quebec to turn it into copper cathodes. The Horne smelter is North America’s largest recycler of copper and precious metals, according to Glencore.
Ahmad Ghahreman, co-founder and CEO of Cyclic Materials told Reuters that reducing the carbon footprint of copper and reusing metals are an important conversation among mining companies.
The call for copper is poised to surge in coming years due to its role in electric vehicles, renewable energy and data centers for artificial intelligence.
Demand is expected to outstrip supply by 1.7% in 2035, and copper prices have scaled to record highs this year. It takes at least 10 years and as much as $5 billion to build a copper mine from scratch. Even if companies do build mines there are other challenges with social capital as seen with opposition to mining by local communities from Panama to Serbia.
Cyclic Materials, which recycles rare earths and copper from end-of-life electric vehicle motors, wind turbines, MRI machines, and data center electronic scrap, is expected to start delivery by the end of 2025.
Though the financial deals of the agreement are still confidential, Ghahreman said they have benchmarked to the price of high grade scrap copper which is at a small discount to the LME copper price.
Three-month copper on the London Metal Exchange is currently trading just above $9,200 per metric ton.
Kunal Sinha, global head of recycling at Glencore, said in a statement this partnership broadens the scope for the company’s recycling activities in this field as it will receive copper materials from additional sources.
source: mining.com
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