Lifezone Metals Announces Completion of Funding for Phase 1 Platinum, Palladium and Rhodium Recycling Joint Venture with Glencore
Portfolio Pulse from Benzinga Newsdesk
Lifezone Metals Limited (NYSE:LZM) has completed funding for Phase 1 of a joint venture with Glencore plc's subsidiary for a platinum group metals recycling project. Both companies have contributed $1.5 million each for a pilot project in Perth, Australia, with Phase 1 expected to finish by the first half of 2024. The project utilizes Lifezone Metals' Hydromet technology and aims to construct a commercial-scale PGM recycling facility in the US following the pilot's success.
January 10, 2024 | 11:05 am
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Lifezone Metals has completed Phase 1 funding for a PGM recycling project with Glencore, each contributing $1.5M. The project's success could lead to a commercial-scale facility in the US.
The completion of Phase 1 funding for the joint venture with Glencore is a significant milestone for Lifezone Metals. It demonstrates progress in their strategic initiatives and could lead to future revenue streams from a commercial-scale recycling facility. This news is likely to be viewed positively by investors, potentially leading to a short-term increase in LZM's stock price.
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