Glencore has reportedly made a proposal to acquire Canadian lithium battery recycling company Li-Cycle, per Reuters.
While no financial details have been released and the miner has not yet commented publicly on the deal, a March 14 letter to a board chair for Glencore outlined the desire to discuss a transaction that could commence as soon as possible.
The U.S. Department of Energy finalized a $475 million loan for Li-Cycle last November, which was seen as a financial lifeboat as it reportedly stumbled over cost and technical issues, the report said.
Source: Glencore approached battery recycler Li-Cycle for potential deal