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1) Glencore is joining the Canadian company Li-Cycle Holdings, to build the largest European battery recycling plant. The companies will study to see if they can convert an old Glencore lead refinery in Sardinia, Italy, into a plant that will recycle metals like lithium, nickel and cobalt. The new facility will be commissioned by late 2026, early 2027 will have the capacity to process 50,000 to 70,000 tons per year, which would make it the largest plant in Europe. As the demand for electric vehicles and the minerals that make those vehicles run increases, a strong incentive is created for facilities such as these. Government regulations, both in Europe and the US, that set rules on what cars drive the roads and where minerals come from, will further support these facilities and the companies building them. Li-Cycle is set to bring a similar recycling hub online in Rochester, New York later this year supporting the American electric vehicle market.
2) According to the International Copper Study Group (ICSG), the global copper market is facing another year of a supply shortage. In October, the ICSG expected a shift to surplus of 155,000 tons this year. Usage of copper, particularly in China, has been growing faster than previously forecasted, and at the same time, mine supply is again failing to live up to expectations. China's usage of refined copper is now forecasted to grow by 1.2% this year, and by 2.6% in 2026. ICSG says that despite the challenging marco-economic backdrop, "manufacturing activity is expected to continue rising in most of the key copper end-use sectors." When it comes to global mine production, the UCSG's expectation in October was 3.9% in 2022 and 5.3% this year. Now, the adjusted growth rate is 3.0% last year and decreased its growth rate for this year to 3.0%. The ICSG cites as reason for its lowered mine growth expectations "operational and geotechnical issues, equipment failure, adverse weather, landslides, revised company guidance in a few countries and community actions in Peru".
3) Freeport-McMoRan's CEO, Richard Adkerson, has been selected to be inducted in the National Mining Hall of Fame in recognition of his lifetime contributions to the company and the global mining industry. He is the founding member and past Chair of the International Council on Mining and Metals, and today all 12 of Freeport's copper producing sites have achieved the Copper Mark. Mr. Adkerson is the primary architect of the Phelps Dodge acquisition that created one of the largest copper companies in the world. Freeport now supplies 9% of the world's copper and 57% of the US production. Promoting the safety and well-being of employees and their communities has been a top priority for Adkerson. His commitment to transparency, ethics, and the ripple effect of his decisions on employees, communities, and the environment has been the heart of his success.