AlphAIAlphAI — Financial news for AI agents
mining-technology.comSEP 232 min read

Nth Cycle signs $1bn recycled minerals supply deal with Glencore

Nth Cycle, a US-based metals refining company, signed a $1bn, 10-year deal with Glencore to supply lithium and other critical minerals from recycled batteries. Glencore will provide 24,000 tonnes of black mass annually, which Nth Cycle will process into lithium carbonate and nickel-rich products. The contract's value is based on 2026 metal prices. Nth Cycle recently received a $100m US DoE grant and plans to go public, valuing the company at $585m.

Original reporting
mining-technology.com
Published Sep 23, 2026, 4:00 PM UTC
Analysis
AlphAI AI DeskAI-generated
Added to AlphAI Sep 23, 2026, 4:23 PM UTC. Informational, not investment advice.
How this was made
AlphAI summarizes source reporting and applies a structured AI analysis for relevance, timing, sentiment and ticker impact. Always verify material claims with the original publisher.
About AlphAI AI DeskScoring methodologyReport an issue
AlphAI market briefMergers & acquisitions
Primary signal
MARKET
Neutral
AI market analysis
Mentioned
$GLCNF
Relevance
9/10
AlphAI data visualization · based on mining-technology.com
Decision brief

The 30-second read

Med
01

Why it matters

The deal provides Glencore with a secured source of recycled lithium and nickel, aligning with ESG goals and potentially improving margins.

02

Market read

A major $1bn contract that could influence the critical minerals market and Glencore's position within it.

03

What to watch

Potential regulatory changes or competition from other recyclers could affect the long‑term profitability of the agreement.

Relevance 9/10Novelty 9/10Timing: announced today

Background

Glencore aims to close the loop on critical mineral supply for its US customers by partnering with Nth Cycle, a private US metal‑refining firm.

Market effects

Sector

Strengthens the US battery recycling and critical minerals supply chain, encouraging further investment in recycling technologies.

Regional

Boosts the North American mining and recycling sector, potentially benefiting other US‑based battery material producers.

Global

Highlights the shift toward recycled inputs in the global EV supply chain, supporting broader sustainability trends.

Counterpoint

What could challenge this read

If the recycled material quality varies, the economics may be less favorable than projected, limiting upside for Glencore.

Key entities

  • Company
    Glencore

    Global commodities trader securing recycled mineral supply.

  • Company
    Nth Cycle

    US‑based metals refining company specializing in battery recycling.

Read at source← All news

Also covered by

1 outlet

Related articles

SEP 23
MedAI 8/10

Glencore to create US strategic critical minerals reserve with EXIM Bank

Glencore announced a $500 million commitment from the US Export-Import Bank to establish a strategic critical minerals reserve, aiming to bolster US supply chains. The partnership, VaultCo, will focus on sourcing and delivering critical minerals to prevent future supply disruptions, according to the company.

aol.com2 min
SEP 23
MedAI 8/10

Glencore joins US critical minerals reserve in $500m EXIM deal

Glencore partners with the US government to build a critical minerals reserve. The US Export-Import Bank (EXIM) committed $500m to the deal, with Glencore sourcing and delivering minerals for VaultCo. Glencore also agreed to sell a 40% stake in its DRC operations to Orion CMC, valued at $9bn. VaultCo aims to secure supplies for US industry, with EXIM and private capital backing.

miningmx.com2 min
SEP 23
MedAI 8/10

Glencore Offtake Deal Increases Recycled Lithium Supply

Nth Cycle signed a 10-year, $1B offtake deal with Glencore to supply 24,000 tonnes/year of processed lithium and nickel materials. The agreement supports Nth Cycle's planned US processing plant, with operations expected to start in 2029. Glencore will explore further collaboration on black mass refining and rare earth/copper recovery. This follows a similar deal with Trafigura in 2026.

miningdigital.com2 min
SEP 23
HighAI 8/10

Glencore suspends executive over Radiant scandal

Glencore suspended Peter Hill, its head of steelmaking raw materials, pending a review of its dealings with Singapore-based iron ore trader Radiant World. This follows a $2bn lawsuit by Radiant against Glencore units, alleging misrepresentation in audited accounts. Glencore denies wrongdoing and plans to contest the claims, citing evidence of falsified documents.

miningmx.com2 min
SEP 23
$GLEN.LMedAI 8/10

Radiant World sent Mizuho fake Glencore email, court filing says

Glencore (LON: GLEN) alleges Radiant World fraudulently created emails implying a $100M repayment plan to Mizuho Bank. Mizuho is suing Radiant in Singapore, claiming fraud over iron-ore receivables. Radiant denies wrongdoing, stating the dispute stems from a commercial disagreement with Glencore. Mizuho seeks to place a Radiant unit under judicial management, with $97.28M exposure. Radiant has $870M outstanding to six creditors, including Jefferies and Intesa Sanpaolo.

mining.com3 min
SEP 22
$GLEN.LMedAI 9/10

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

Nth Cycle, a metals refiner, signed a 10-year, $1B off-take deal with Glencore for its Project SHIELD facility in South Carolina. The agreement covers 100% of feedstock and offtake needs, with Glencore supplying black mass and Nth Cycle providing refined products. The deal aligns with U.S. export controls and DOE funding, targeting final agreements by late 2026.

mining.com2 min