https://www.reuters.com/business/retail-consumer/nth-cycle-inks-1-billion-minerals-offtake-with-glencore-ahead-public-listing-2026-09-22/ The interesting part of this agreement is not only the headline value. It is the structure. Glencore is expected to supply approximately 24,000 tonnes of battery “black mass” annually. Nth Cycle plans to process that material into lithium carbonate and a nickel-rich intermediate product, which will then go back to Glencore. In other words, Glencore is supplyin
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