Cyclic Materials Secures Multi-Year Agreement to Supply Recycled Copper to Global Natural Resources Company Glencore
Cyclic Materials will supply copper from its Spoke operations to Glencore’s copper recycling operation in Quebec, Canada
TORONTO–(BUSINESS WIRE)–Cyclic Materials, an advanced metals recycling company building a circular supply chain for rare earth elements (REEs) and other critical metals, today announced the signing of a multi-year offtake agreement with Glencore, a global natural resources company, for the supply of copper produced at its Spoke operations. The strategic partnership aims to advance sustainable practices in the rare earths industry and drive copper circularity while addressing the growing demand for securing recycled materials central to the energy transition.
Under the terms of the agreement, Cyclic Materials will provide high-quality copper, which is extracted and processed from recycled electronic scrap. Glencore will further process and refine this copper at the Horne Smelter and Canadian Copper Refinery (CCR) into copper cathode that can be reutilized in new end-products. Copper is just one of the eight critical materials used in many technologies related to electrification and the energy transition due to its natural conductivity, as defined by the United States Department of Energy. This collaboration aligns with both companies’ commitment to reducing environmental impact and waste through promoting responsible use of all available resources.
Kunal Sinha, global head of recycling at Glencore, said :
We share Cyclic Materials’ vision to create a circular supply chain for the materials required for the energy transition,
“Adding Cyclic Materials as a partner broadens the scope of our recycling activities in this field as we will now receive copper materials from electric motors, in addition to other metals we already recycle such as battery materials. 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.”
This partnership marks a significant effort in transforming the global approach to recycling critical materials and maximizing supply chain resilience, providing a sustainable local alternative. Recycling and reusing valuable materials like copper, as opposed to discarding the hidden sources of the material in electronic waste and industrial byproducts, helps to offset the footprint of resource extraction.
Ahmad Ghahreman, co-founder and CEO of Cyclic Materials, said:
We are excited to be partnering with Glencore on the recycling of copper materials. This is a significant milestone in establishing key partners to purchase our recycled materials and close the loop for all critical materials we will produce,
“We’re eager to further partner with Glencore and expand our offtake agreements for the primary materials we will recover, prior to ramping up our operations to global commercial scale, opening new facilities in the US and in Europe to better serve our partners where they are.”
Established in 2021, Cyclic Materials’ proprietary technologies are capable of economically and sustainably recovering critical raw materials from end-of-life electric vehicle motors, wind turbines, MRI machines, and data center electronic scrap. Over the past year, the company forged strategic partnerships with key industry leaders such as Solvay, Vattenfall, Synetiq, and VACUUMSCHMELZE to recycle magnets containing REEs and establish a circular supply chain. The company recently announced its oversubscribed USD $53M Series B equity round to expand its global operations.
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Cyclic Materials Secures Multi-Year Agreement to Supply Recycled Copper to Global Natural Resources Company Glencore, source
