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Released December 13, 2024 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Multinational commodity trading and mining company Glencore plc (Baar, Switzerland) recently signed a multi-year agreement with rare earth and metals recycler Cyclic Materials (Kingston, Ontario) to source recycled copper to be processed and refined at a Glencore smelter in Canada. Industrial Info is tracking $5.5 billion worth of active and planned projects from Glencore in North America.
Cyclic Materials will sell copper extracted and processed from recycled electronic scrap, such as material from electric motors, at its commercial-scale plant in Kingston, to be refined for reuse. Reuters reports the recycler will provide Glencore with at least 10,000 tons from the plant, which opened in June. Subscribers to Industrial Info's Metals and Minerals Project and Plant databases can read a detailed project report and plant profile.
"We share Cyclic Materials' vision to create a circular supply chain for the materials required for the energy transition," said Kunal Sinha, global head of recycling at Glencore, in a December 11 press release. "We see Cyclic Materials filling a critical gap in the market with their focus on rare earth recovery, a much-needed solution to further drive sustainability in critical materials."
Thanks to its high electrical conductivity, copper is a critical mineral used in many technologies related to electrification and the energy transition, such as solar panels, power cables, electric vehicles (EVs) and energy storage systems.
Glencore will process and refine the copper at its Horne copper smelter in Quebec, which processes 840,000 tons per year of copper. The company plans to invest C$500 million (US$383 million) to improve the smelter's air quality, which includes an expansion project under construction that is expected to reach commissioning in 2027. It entails constructing a 100,000-square-foot building and replacing old/obsolete converters, adding a high-capacity dust collector and a new casting wheel system, among other work. Subscribers can click here to read more information about the project.
Last year, Glencore said it was considering spinning off its coal business, which, after shareholder consultation and internal analysis, the company in August decided to retain. That came after it announced the completion of a US$7.3 billion acquisition of the majority of Teck Resources Limited's (NYSE:TECK) (Vancouver, British Columbia) Elk Valley Resources (EVR) four steelmaking coal mines in British Columbia.
In an August press release, Chief Executive Officer Gary Nagle said the board "endorsed the retention, rather than demerger, of the coal and carbon steel materials business."
"This was primarily on the basis that retention should enhance Glencore's cash-generating capacity to fund opportunities in our transition metals portfolio, such as our copper growth project pipeline," he added. For more information on the company's now-canceled spin-off, see July 31, 2024, article - Glencore to Announce Whether it Will Spin Off Coal Business.
Glencore's project activity includes the grassroot Onaping underground nickel-copper mine in Ontario. Construction began in 2018 and is planned for completion by the end of 2025. The mine is planned to produce 9,000 tons per year of copper concentrate, 20,000 tons per year of nickel concentrate and 1.2 million tons per year of nickel ore. Click here for the project report and click here for the related plant profile.
Earlier this year, Glencore introduced its 2024-2026 Climate Action Transition Plan (CATP), which features a new interim target of cutting its overall emissions by 15% by 2026 and 50% by 2035. Non-executive chairman Kalidas Madhavpeddi in August said 90% of voting shareholders approved the plan, and in line with the effort, the company "will continue to oversee the responsible decline of its thermal coal operations over time. Glencore will also assess how best to integrate the EVR assets into our climate transition strategy ... and recognising that the transition away from steelmaking coal for steel production will be slower than thermal coal."
For more information on the CATP, see March 21, 2024, article - Glencore Unveils New Interim Climate Goal.
Industrial Info is tracking 158 active and planned Glencore capital projects worldwide worth more than US$20 billion, including US$5.5 billion in North America. This includes projects at the EVR assets. Subscribers can click here for a list of projects from Glencore in North America and here for its global activity.
Subscribers to the GMI Database can click here to view reports for all of the projects discussed in this article, and click here for the related plant profiles.
For more information on copper mining in the U.S., see Industrial Info's October 22, 2024, article - Copper Miner Advances U.S. Commercial-Scale Project Under Construction.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
Cyclic Materials will sell copper extracted and processed from recycled electronic scrap, such as material from electric motors, at its commercial-scale plant in Kingston, to be refined for reuse. Reuters reports the recycler will provide Glencore with at least 10,000 tons from the plant, which opened in June. Subscribers to Industrial Info's Metals and Minerals Project and Plant databases can read a detailed project report and plant profile.
"We share Cyclic Materials' vision to create a circular supply chain for the materials required for the energy transition," said Kunal Sinha, global head of recycling at Glencore, in a December 11 press release. "We see Cyclic Materials filling a critical gap in the market with their focus on rare earth recovery, a much-needed solution to further drive sustainability in critical materials."
Thanks to its high electrical conductivity, copper is a critical mineral used in many technologies related to electrification and the energy transition, such as solar panels, power cables, electric vehicles (EVs) and energy storage systems.
Glencore will process and refine the copper at its Horne copper smelter in Quebec, which processes 840,000 tons per year of copper. The company plans to invest C$500 million (US$383 million) to improve the smelter's air quality, which includes an expansion project under construction that is expected to reach commissioning in 2027. It entails constructing a 100,000-square-foot building and replacing old/obsolete converters, adding a high-capacity dust collector and a new casting wheel system, among other work. Subscribers can click here to read more information about the project.
Last year, Glencore said it was considering spinning off its coal business, which, after shareholder consultation and internal analysis, the company in August decided to retain. That came after it announced the completion of a US$7.3 billion acquisition of the majority of Teck Resources Limited's (NYSE:TECK) (Vancouver, British Columbia) Elk Valley Resources (EVR) four steelmaking coal mines in British Columbia.
In an August press release, Chief Executive Officer Gary Nagle said the board "endorsed the retention, rather than demerger, of the coal and carbon steel materials business."
"This was primarily on the basis that retention should enhance Glencore's cash-generating capacity to fund opportunities in our transition metals portfolio, such as our copper growth project pipeline," he added. For more information on the company's now-canceled spin-off, see July 31, 2024, article - Glencore to Announce Whether it Will Spin Off Coal Business.
Glencore's project activity includes the grassroot Onaping underground nickel-copper mine in Ontario. Construction began in 2018 and is planned for completion by the end of 2025. The mine is planned to produce 9,000 tons per year of copper concentrate, 20,000 tons per year of nickel concentrate and 1.2 million tons per year of nickel ore. Click here for the project report and click here for the related plant profile.
Earlier this year, Glencore introduced its 2024-2026 Climate Action Transition Plan (CATP), which features a new interim target of cutting its overall emissions by 15% by 2026 and 50% by 2035. Non-executive chairman Kalidas Madhavpeddi in August said 90% of voting shareholders approved the plan, and in line with the effort, the company "will continue to oversee the responsible decline of its thermal coal operations over time. Glencore will also assess how best to integrate the EVR assets into our climate transition strategy ... and recognising that the transition away from steelmaking coal for steel production will be slower than thermal coal."
For more information on the CATP, see March 21, 2024, article - Glencore Unveils New Interim Climate Goal.
Industrial Info is tracking 158 active and planned Glencore capital projects worldwide worth more than US$20 billion, including US$5.5 billion in North America. This includes projects at the EVR assets. Subscribers can click here for a list of projects from Glencore in North America and here for its global activity.
Subscribers to the GMI Database can click here to view reports for all of the projects discussed in this article, and click here for the related plant profiles.
For more information on copper mining in the U.S., see Industrial Info's October 22, 2024, article - Copper Miner Advances U.S. Commercial-Scale Project Under Construction.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
