Nth Cycle, a US-based metals refining company, has entered into a $1bn offtake agreement with Glencore to supply lithium and other critical minerals recovered from recycled batteries, reported Reuters.
The ten-year contract, announced at Glencore’s New York offices, is said to be one of the largest supply deals to date in the US battery recycling industry.
Under the terms of the agreement, Glencore will sell approximately 24,000 tonnes per annum (tpa) of shredded battery materials, known as black mass, to Nth Cycle.
Nth Cycle will process this material using its electrochemical extraction technology to produce lithium carbonate and a nickel-rich substance called mixed hydroxide product, which will then be supplied back to Glencore over the next decade.
The actual amounts delivered will depend on the mineral content in the black mass received.
The value of the contract is based on metals prices as of the second quarter of 2026.
Nth Cycle CEO Megan O’Connor described the partnership as “a true strategic partnership between the companies, and [it] really just accelerates the overall critical minerals market here in the US”.
Glencore indicated that the deal aligns with its goal to “help close the loop in the supply of critical minerals for our US customers”.
Last month, Nth Cycle received a $100m grant from the US Department of Energy, prompting plans to develop a commercial refining facility in the south-east of the US.
Operations at the new, expanded site are expected to commence by 2029, with the specific location to be announced later this year.
This agreement follows Nth Cycle’s recent announcement that it will list publicly through a merger with Kensington Capital Acquisition, valuing the company at $585m.
The company cancelled a planned Series C funding round and is focusing on raising capital through its public offering.
“Nth Cycle signs $1bn recycled minerals supply deal with Glencore” was originally created and published by Mining Technology, a GlobalData owned brand.
