Swiss Mining Company Glencore Plans EV Battery Recycling Factory Outside Of Italy: Report
Portfolio Pulse from Lekha Gupta
Glencore PLC plans to build a pilot EV battery recycling plant outside Italy and is considering Sardinia for a larger facility. The move aims for faster project commissioning and aligns with expected EU regulations on critical raw materials. Glencore's Sardinian unit communicated this in a letter to Italy's ministries. The company, in partnership with Li-Cycle Holdings Corp, previously announced a two-phase approach to the Portovesme Hub project. Glencore's copper production fell by 5% Y/Y due to asset sales and lower by-product production. Glencore's stock (GLCNF) closed down 1.83% at $5.64.
November 24, 2023 | 12:34 pm
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NEUTRAL IMPACT
Glencore PLC is expanding its EV battery recycling operations in Italy, which may benefit from EU regulations on critical raw materials. The company's copper production has decreased, impacting year-to-year performance.
The news about the EV battery recycling plant could be seen as positive due to alignment with EU regulations and expansion in the recycling sector. However, the decrease in copper production and the recent drop in stock price suggest a neutral short-term impact.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Li-Cycle Holdings Corp is involved in a partnership with Glencore PLC for the production of battery-grade lithium carbonate as part of the Portovesme Hub project in Sardinia, Italy.
Li-Cycle's partnership with Glencore for lithium production is a positive development, indicating potential growth in the EV battery recycling market. This could have a favorable short-term impact on Li-Cycle's stock.
CONFIDENCE 70
IMPORTANCE 65
RELEVANCE 60