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mining majors are investing in battery recycling","why-mining-majors-are-investing-in-battery-recycling","article/why-mining-majors-are-investing-in-battery-recycling",{"_uid":557,"date":558,"tags":559,"editor":569,"content":579,"excerpt":713,"featured":51,"reporter":714,"_editable":718,"component":719,"seo_title":553,"categories":720,"visibility":739,"author_company":49,"featured_image":740,"seo_description":713,"author_full_name":49,"author_job_title":49,"formattedDate":745,"formattedArticleDate":746},"478cc962-bff7-4c83-b75a-c586510a7e2b","2024-04-23 00:00",[560,563,566],{"slug":561,"name":562},"canada","Canada",{"slug":564,"name":565},"europe","Europe",{"slug":567,"name":568},"usa","USA",[570],{"slug":571,"name":572,"content":573},"matthew-bird","Matthew Bird",{"job_title":574,"image":575,"bio":577,"linkedin":578},"Senior Editor - Supply Chains & Data Visualisation",{"filename":576},"https://a.storyblok.com/f/287943243085208/512x512/14738033ec/matthew-bird.jpeg","Matthew writes, edits and produces content for Benchmark Intelligence and Benchmark Source across the whole mine to grid supply chain. He also acts as a liaison to the press. He has a PhD in electrochemistry from the University of Nottingham.","https://www.linkedin.com/in/birdmatthew/",{"type":580,"content":581},"doc",[582,599,604,609,614,619,624,629,636,641,646,651,656,661,673,678,683,688,693,698,703,708],{"type":583,"attrs":584,"content":585},"paragraph",{"textAlign":49},[586,589,597],{"text":587,"type":588},"Mining majors like Glencore and SQM are stepping up investments into ","text",{"text":590,"type":588,"marks":591},"battery recycling",[592],{"type":593,"attrs":594},"link",{"href":595,"uuid":49,"anchor":49,"target":49,"linktype":596},"https://www.benchmarkminerals.com/forecasts/recycling/reports/","url",{"text":598,"type":588}," to demonstrate sustainability commitments and capitalise on forecast demand growth for critical minerals.",{"type":583,"attrs":600,"content":601},{"textAlign":49},[602],{"text":603,"type":588},"2024 has already seen two recycling investments from mining companies. In March, Switzerland’s Glencore invested $75 million into Canadian recycler Li-Cycle following an initial $200 million investment in 2022, giving Glencore a 10% stake. ",{"type":583,"attrs":605,"content":606},{"textAlign":49},[607],{"text":608,"type":588},"“Outside of its mining business, Glencore is also one of the world’s biggest commodity traders. We expect recycled battery metals to prove popular with some end users and Glencore clients wanting to put spotlight on using sustainably sourced metals in their products,” said Piotr Kulas, principal analyst at Benchmark.",{"type":583,"attrs":610,"content":611},{"textAlign":49},[612],{"text":613,"type":588},"Glencore’s Li-Cycle partnership began in 2022 when the two firms first entered a long-term commercial agreement. ",{"type":583,"attrs":615,"content":616},{"textAlign":49},[617],{"text":618,"type":588},"The miner’s latest Li-Cycle investment was to keep the recycler afloat as it faces financial difficulties. Rising costs led Li-Cycle to pause construction at its Rochester Hub black mass processing facility last year and the company is now conducting a comprehensive review of its organisational structure.",{"type":583,"attrs":620,"content":621},{"textAlign":49},[622],{"text":623,"type":588},"Apart from its investments into Li-Cycle, Glencore holds its own recycling capacity across two sites in Canada: at Horne Smelter in Quebec and at the Sudbury INO, Ontario, whose end products include recycled cobalt sulphate, nickel, and copper.",{"type":583,"attrs":625,"content":626},{"textAlign":49},[627],{"text":628,"type":588},"In February, Chilean lithium producer Sociedad Química y Minera (SQM) announced it would put $9.43 million to UK battery recycler Altilium following its $2.58 million injection into Altilium’s Series A round in 2023.",{"type":630,"attrs":631,"content":633},"heading",{"level":632,"textAlign":49},4,[634],{"text":635,"type":588},"Why are miners interested in recycling?",{"type":583,"attrs":637,"content":638},{"textAlign":49},[639],{"text":640,"type":588},"Miners are becoming more publicly visible actors in the energy transition, with their environmental, social and governance credentials facing increased scrutiny.  ",{"type":583,"attrs":642,"content":643},{"textAlign":49},[644],{"text":645,"type":588},"“Mining companies that are showing commitment to sustainable practices could be giving themselves a competitive advantage,” said Benchmark analyst Beatrice Browning.",{"type":583,"attrs":647,"content":648},{"textAlign":49},[649],{"text":650,"type":588},"Upstream majors also want to maximise their critical minerals output as supply deficits forecast this decade for lithium, cobalt, and nickel could see prices increase.",{"type":583,"attrs":652,"content":653},{"textAlign":49},[654],{"text":655,"type":588},"Mines will remain the largest source of battery critical minerals but recycled material can generate additional economic value. ",{"type":583,"attrs":657,"content":658},{"textAlign":49},[659],{"text":660,"type":588},"“Mining companies are aware that secondary supply will only help to plug the demand gap and not to overtake them any time soon,” said Browning.",{"type":583,"attrs":662,"content":663},{"textAlign":49},[664,666,671],{"text":665,"type":588},"Benchmark forecasts the scrap pool could contain 25% of lithium, 24% of nickel and 33% of the cobalt demand from batteries in 2040. That compares to 6% of lithium, 7% of nickel and 9% of cobalt demand from batteries in 2024, according to ",{"text":667,"type":588,"marks":668},"Benchmark’s Recycling Forecast",[669],{"type":593,"attrs":670},{"href":595,"uuid":49,"anchor":49,"target":49,"linktype":596},{"text":672,"type":588},". ",{"type":630,"attrs":674,"content":675},{"level":632,"textAlign":49},[676],{"text":677,"type":588},"What is the demand right now for recycled materials?",{"type":583,"attrs":679,"content":680},{"textAlign":49},[681],{"text":682,"type":588},"The last year has seen recycled materials decline in line with prices for the mined material.  ",{"type":583,"attrs":684,"content":685},{"textAlign":49},[686],{"text":687,"type":588},"However, there are signs that things may be improving for recycled cobalt and nickel. ",{"type":583,"attrs":689,"content":690},{"textAlign":49},[691],{"text":692,"type":588},"“Primary nickel prices have been increasing. Nickel and cobalt black mass payables are higher than for lithium so the best recycling economics is with batteries rich in these minerals,” said Browning. ",{"type":583,"attrs":694,"content":695},{"textAlign":49},[696],{"text":697,"type":588},"By contrast, nickel and cobalt-free lithium iron phosphate batteries have been uneconomic to recycle at current prices, at least in the West.",{"type":583,"attrs":699,"content":700},{"textAlign":49},[701],{"text":702,"type":588},"It is significant that miners are continuing to invest in recycling through a period of low prices and low demand. This indicates that for larger miners, recycling investments are guided by expectations of a stronger market later this decade once deficits for critical minerals kick in.",{"type":630,"attrs":704,"content":705},{"level":632,"textAlign":49},[706],{"text":707,"type":588},"Which other miners are interested in recycling?",{"type":583,"attrs":709,"content":710},{"textAlign":49},[711],{"text":712,"type":588},"Apart from SQM and Glencore, other big mining names have acquired stakes in recycling or are planning to enter the sector. ","Mining majors like Glencore and SQM are stepping up investments into battery recycling to demonstrate sustainability commitments and capitalise on forecast demand growth for critical minerals. 2024 has already seen two recycling investments from mining companies. In March, Switzerland’s Glencore invested $75 million into Canadian recycler Li-Cycle following an initial $200 million investment in 2022, […]",[715],{"slug":571,"name":572,"content":716},{"job_title":574,"image":717,"bio":577,"linkedin":578},{"filename":576},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"478cc962-bff7-4c83-b75a-c586510a7e2b\", \"id\": \"\"}-->","article",[721,724,726,729,732,734,736],{"slug":722,"name":723},"batteries","Batteries",{"slug":725,"name":115},"cobalt",{"slug":727,"name":728},"critical-minerals","Critical Minerals",{"slug":730,"name":731},"gigafactories","Battery & Gigafactory",{"slug":733,"name":8},"lithium",{"slug":735,"name":151},"nickel",{"slug":737,"name":738},"recycling","Recycling","private",{"id":49,"alt":741,"name":741,"focus":741,"title":741,"source":741,"filename":742,"copyright":741,"fieldtype":743,"meta_data":744,"is_external_url":51},"","https://a.storyblok.com/f/287943243085208/edb4f711b1/bm-used-ev-batteries-recycling.jpg","asset",{"alt":741,"title":741,"source":741,"copyright":741},"Apr 23, 2024","23rd April 2024",[],[],1789748848681]