RE: Some of Glencore's LOI history below - yes, I'm back in with over a 100m shares26 Apr 2025 13:03
And another LOI with Li-Cyle:
"Glencore International AG, a wholly owned subsidiary of Glencore plc (LON: GLEN) (“Glencore”), a leading producer, recycler, and marketer of nickel and cobalt for the production of electric vehicle batteries and Li-Cycle Holdings Corp. (NYSE: LICY) (“Li-Cycle” or the “Company”), an industry leader in lithium-ion battery resource recovery and the leading lithium-ion battery recycler in North America, have signed a Letter of Intent to jointly study the feasibility of, and later, develop a Hub* facility in Portovesme, Italy (the “Portovesme Hub”). The Portovesme Hub would produce critical battery materials, including nickel, cobalt and lithium from recycled battery content.
The Portovesme Hub will leverage Li-Cycle’s state-of-the-art hydrometallurgical technology and is expected to be the largest producer of sustainable battery grade products in Europe.
Located in Sardinia, Italy, the Portovesme metallurgical complex consists of a lead-zinc and hydrometallurgical facility which first started operations in 1929. The Portovesme site has a range of substantial existing infrastructure, including access to a port, utilities, processing equipment from the hydrometallurgical plant and an experienced workforce.
Glencore and Li-Cycle will jointly commence a definitive feasibility study (“DFS”) for this project within 60 days from this announcement. The DFS is expected to be completed by mid-2024. Subject to a final investment decision, the project will proceed to construction with commissioning of the Portovesme Hub expected to commence in late 2026 to early 2027.
Kunal Sinha, Global Head of Recycling, Glencore, commented:
“This project, combined with our existing footprint in primary supply as well as recycling of battery metals, underpins our ambition to become the circularity partner of choice for the European battery and EV industry. This also marks a significant step in our collaboration with Li-Cycle, a preferred partner in the lithium-ion battery recycling space."
And Another LOI with Cyprium Metals, full funded:
Cyprium Metals Ltd (CYM) has entered into an exclusive Letter of Intent (LOI) with Glencore International AG for AUS$50 million in respect of a Copper Cathode Offtake Secured Prepayment Facility.
The facility will be used for funding Nifty Copper, as part of the debt financing for the restart of the Nifty Copper Project, which includes capital expenditure, contingencies, working capital, and financing costs.
This exclusive LOI includes a non-binding term sheet for both offtake arrangement and project funding. This is part of the targeted AUS$240 million to AUS$260 million debt funding package to finance the restart of the Nifty Copper Project, which is expected to include senior secured financing and secured offtake financing"
If Prem deliver, we will witness quite a few millionaires IMHO.
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