Nth Cycle signs 10-year, $1 billion offtake deal with Glencore

Major US metals refiner Nth Cycle has inked a 10-year, $1 billion off-take agreement with Swiss mining company Glencore. The deal, based on projected pricing from the second quarter of 2026, revolves around Nth Cycle's upcoming battery materials refining facility, dubbed "Project SHIELD," set to be built in South Carolina. The strategic location offers benefits like port access and proximity to an energy corridor that's seeing rapid growth in North America.

Nth Cycle's innovative 'Oyster' system, which uses an electrochemical process to extract nickel and cobalt from various sources, will utilize 100% of the black mass from Glencore's existing US shredding assets and commercial network. This partnership will also see Nth Cycle taking on high purity mixed hydroxide product (MHP) and battery-grade lithium carbonate from Glencore's supply.

The collaboration aims to explore the deployment of Nth Cycle's OYSTER system for black mass refining in Europe, as well as rare earth and copper recovery on a global scale. This deal aligns with recent U.S. policies and Glencore's selection for a $100 million grant from the Department of Energy's Office of Critical Minerals and Energy Innovation.

Nth Cycle's CEO, Megan O’Connor, highlighted how the agreement secures feedstock for the facility to meet rising market demand for critical materials and opens opportunities for deploying the OYSTER system for copper and rare earth elements. Glencore's Head of Marketing, Metals and Bulks, Jyothish George, praised the collaboration, stating that supplying black mass from their US operations will help close the loop in the supply of critical minerals for their US customers.

Both firms are targeting to finalize definitive agreements on black mass supply and MHP and battery-grade lithium carbonate by the end of 2026.