Canadian cleantech firm Cyclic Materials has struck a multi-year deal with Swiss mining giant Glencore to supply recycled copper.
Cyclic Materials extracts copper from electronic scrap, including cars and wind turbines, and refines it for reuse. The company, which was founded in 2021, recently won US$ 53 million (EUR 48 million) to expand its global operations.
According to the recycler, around 10 000 tonnes will go to Glencore’s Horne Smelter and Canadian Copper Refinery. The facilities will transform it into copper cathode.
The refined copper will be used in the manufacture of new electric cars and renewable energy systems. The first shipments of recycled copper are expected to start in late 2025.
Milestone
‘Cyclic Materials is filling a critical gap in the market,’ says Kunal Sinha, Glencore’s global head of recycling. ‘Its focus on rare earth recovery is exactly what we need to build a circular supply chain for critical materials.’
Cyclic Materials ceo Ahmad Ghahreman adds: ‘This is a significant milestone in establishing key partners to purchase our recycled materials and close the loop for all the critical materials we will produce.’
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