Glencore ties up with Cyclic Materials in copper recycling push [Yahoo! Finance Canada]
HONG KONG EX&CL UNSP/ADR (HKXCY)
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Source: Yahoo! Finance Canada
Inc. will supply at least 10 thousand metric tones of recycled copper to Glencore as the Swiss miner looks to secure copper that is expected to soar in demand in the coming years, Cyclic Materials' CEO said. As part of a multi-year agreement, Cyclic Materials will sell copper scrap to Glencore, which will process and refine the metal at its Horne smelter and Copper Refinery in Quebec to turn it into copper cathodes. The Horne smelter is North America's largest recycler of copper and precious metals, according to Glencore. Ahmad Ghahreman, co-founder and CEO of Cyclic Materials told Reuters that reducing the carbon footprint of copper and reusing metals are an important conversation among mining companies. The call for copper is poised to surge in coming years due to its role in electric vehicles, renewable energy and data centers for artificial intelligence. Demand is expected to outstrip supply by 1.7% in 2035, and copper prices have scaled to record highs this year. It takes
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