Cyclic Materials Partners with Glencore to Supply Recycled Copper

Toronto-based metals recycling company Cyclic Materials Inc. has secured a multiyear agreement with Glencore PLC to supply copper extracted from electronic scrap. The Swiss-based mining giant will process the recycled copper at its Horne Smelter and Canadian Copper Refinery in Quebec, converting it into copper cathode for use in new products. The financial terms of the deal were not disclosed.

Founded in 2021, Cyclic Materials specializes in extracting rare earth elements and critical materials from waste electronics, offering an energy- and carbon-efficient alternative to traditional mining. Its hub-and-spoke facilities collect and process materials for applications in renewable energy, electric vehicles, and other sectors tied to the energy transition. This agreement adds to Cyclic’s growing portfolio of partnerships, which includes collaborations with Belgium-based Solvay, Sweden’s Vattenfall AB, Britain’s Synetiq Ltd., and Germany’s Vacuumschmelze GmbH & Co.

Ahmad Ghahreman, CEO of Cyclic Materials, emphasized the strategic importance of the Glencore deal, stating, “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. This includes opening new facilities in the U.S. and Europe to better serve our partners.”

The partnership follows Cyclic’s successful $53 million Series B funding round in September, led by investors such as ArcTern Ventures, BDC Capital’s Climate Tech Fund, Hitachi Ventures, and Microsoft Corp.’s Climate Innovation Fund. These funds are earmarked for accelerating the company’s expansion efforts.

Glencore’s Global Head of Recycling, Kunal Sinha, highlighted the critical role of Cyclic’s rare earth recovery technology in driving sustainability in critical materials. “Cyclic Materials fills a critical gap in the market with their focus on rare earth recovery,” Sinha said. The partnership complements Glencore’s existing recycling efforts, which include copper recovery from electric motors and battery metals such as lithium, nickel, and cobalt through its supply deal with Li-Cycle Holdings Corp.

This agreement not only broadens Glencore’s access to recycled materials but also strengthens its commitment to sustainable practices within the critical materials supply chain. As Cyclic ramps up its operations and expands globally, the partnership is poised to play a significant role in shaping the future of resource recovery and sustainable manufacturing.