From the Globe and Mail, March 17:
Switzerland’s Glencore PLC GLCNF is interested in acquiring teetering Canadian EV battery recycling company Li-Cycle Holdings Corp.
Glencore on March 14 disclosed that had approached Li-Cycle LICYF to discuss a possible deal. In a letter to Li-Cycle chair Jacqueline Dedo, Glencore senior legal counsel Adam Luckie wrote that a transaction could help the company solve its operational and capital structure problems, and maximize value.
Louie Diaz, vice-president, corporate affairs with Li-Cycle, in an e-mail to The Globe and Mail, said the company had set up a board committee to review the Glencore letter, but there is no guarantee a deal will materialize.
Glencore is one of Li-Cycle’s biggest debt holders, and its financings have helped keep the company afloat. Glencore has invested US$275-million into Li-Cycle since 2022.
Toronto-based Li-Cycle’s future has been in doubt after it paused construction in 2023 on its flagship recycling project in Rochester, N.Y., owing to spiralling costs.
The U.S. Department of Energy agreed to advance Li-Cycle US$475-million last year to help it finish construction of the plant. At that point Li-Cycle pegged the total capital cost of the project at US$960-million. Even though the financing package closed, the company has not been able to draw on the loan because it hadn’t met certain conditions.....
....MUCH MORE
Related:
September 2024 - "Most electric-car batteries could soon be made by recycling old ones"From the Economist, Sept 19:
Mining for raw materials may peak by the mid-2030s...
March 8 - Opportunity: "Looming EU mining pollution surge increases pressure to recycle critical minerals"
March 18 - "Critical minerals processing will be the equivalent of 19th-century oil refineries—at a Rockefeller moment"
