Cyclic Materials Signs Long-term Copper Supply Deal with Glencore

Strategic Partnership to Drive Copper Circularity and Sustainability
Cyclic Materials, a Canadian metals recycling company focused on rare earth elements (REEs) and other critical materials, has entered into a multiyear offtake agreement with commodities giant Glencore. This deal will see Cyclic Materials supply copper recovered from electronic scrap, a significant move to advance circular practices within the rare earth industry. The agreement is pivotal for meeting growing demand for recycled materials, which are essential for driving the global energy transition.

Under the terms of the agreement, Cyclic Materials will extract copper from electronic waste at its Spoke operations. Glencore will then refine this material at its Horne Smelter and Canadian Copper Refinery (CCR), converting it into copper cathode that can be used in new products. As a critical material defined by the U.S. Department of Energy, copper plays a vital role in electrification, making this agreement crucial for supporting green energy initiatives.

Cyclic Materials Expands Focus on Recycling and Critical Metals
Cyclic Materials is rapidly scaling its operations and diversifying its critical metals offerings. The company specializes in recovering valuable metals from end-of-life electric vehicle (EV) motors, wind turbines, and a variety of electronic scrap, including MRI machines and data center materials. Copper, alongside mixed rare earth oxides (MREO), represents two of Cyclic’s core products. The copper offtake agreement marks the company’s first foray into the copper market, complementing its existing supply of rare earths.

This agreement aligns with Cyclic’s broader strategy to grow its portfolio of critical metals and create a circular supply chain. The company has previously partnered with Solvay to supply mixed rare earth oxides and has plans to expand this network. By focusing on end-of-life materials like EV motors and electronic devices, Cyclic plays a key role in meeting demand for materials vital to the energy transition.

Technological Innovation and Expansion in Recycling
Cyclic Materials’ growth is powered by its proprietary recycling technologies. The company’s MagCycle process, which recovers rare earth magnets from end-of-life materials, has been operational since 2023, marking a significant milestone in rare earth recycling. In addition, its hydrometallurgical REEPure technology, which produces MREO from electronic scrap, was showcased in a second demonstration facility opened in Kingston, Ontario, in 2024.

As Cyclic expands its global reach, it is increasing its manufacturing capacity across North America, Europe, and Asia. The company has also raised significant capital, oversubscribing its $53 million Series B funding round, to help scale its operations. Partnerships with major players such as Vattenfall, Synetiq, and Vacuumschmelze further solidify Cyclic’s position in the critical materials recycling market.

Glencore Expands Recycling Activities with Copper from Cyclic Materials
The agreement with Cyclic Materials is part of Glencore’s ongoing commitment to sustainability and responsible resource use. As part of the deal, Glencore will refine the recycled copper into high-quality copper cathodes suitable for use in new products. Glencore has previously signed similar agreements with other companies, including a 15-year agreement with Ace Green Recycling for recycled lead and lithium-ion battery materials, and a partnership with Li-Cycle for mixed hydroxide precipitate (MHP) produced from battery recycling.

Kunal Sinha, global head of recycling at Glencore, noted that the addition of Cyclic Materials as a partner broadens Glencore’s recycling scope. Glencore will now receive copper materials from electric motors, complementing its existing portfolio of recycled materials such as battery metals.

Cyclic Materials Poised for Global Expansion
Looking ahead, Cyclic Materials is positioning itself to become a leader in the critical materials recycling sector. The company’s expansion plans include increasing its production capacity and launching new facilities to serve global markets. With its focus on both copper and rare earth recovery, Cyclic is addressing key gaps in the recycling of critical metals, which are essential for technologies driving the green energy transition.