17 Dec RNS ...Glencore19 Dec 2024 10:48
Technology Minerals Plc (LSE: TM1), the first listed UK company focused on creating a sustainable circular economy for battery metals, is pleased to announce that its 48.35% owned subsidiary Recyclus Group Ltd ("Recyclus") has signed a black mass offtake agreement with Glencore plc ("Glencore"), one of the world's largest globally diversified natural resource companies.
Under the terms of the agreement, Recyclus will sell its black mass, which is produced at its industrial-scale lithium-ion ("Li-ion") facility in Wolverhampton, to Glencore's European network and operations. The black mass sales begin with a 100-tonne trial, after which commercial terms will be revisited.
The agreement represents Recyclus' strategy to sell black mass to multiple key geographical partners as it continues to build its inventory of the material and demonstrates the company's global reach and growing reputation in this specialised field. The partnership with Glencore provides Recyclus with access to an additional market in a new locale, emphasising its internationally focused strategy.
Black mass contains metals essential to battery production including lithium, manganese, nickel and cobalt, which can be reprocessed and sold back into the manufacturing supply chain. Recyclus' proprietary solution for end-of-life batteries into black mass has achieved a significant recycling rate.
The agreement with Glencore follows Recyclus' previous agreement with LOHUM, India's leading producer of sustainable energy transition metals. The commencement of the sale of black mass under the agreement with LOHUM has been subject to delays in progressing regulatory clearances between the respective UK and Indian governments. Glencore offers a more immediately accessible market for the sale of black mass into the European market.
Robin Brundle, Chairman of Technology Minerals and Director of Recyclus, said: "This marks another key milestone in our mission to return the critical minerals needed to power a sustainable transition to the battery supply chain. As the second agreement of this nature with an international partner, the deal is a strong endorsement for our battery recycling processes and demonstrates the demand for black mass. Commercial traction for our recycling solutions continues to increase, and the agreement further underscores our potential to build international trading partners as the world shifts to electrification."