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Nth Cycle and Glencore sign $1B+ off-take term sheet for battery metals
The binding deal centers on Project SHIELD in South Carolina and targets definitive agreements by the end of 2026.
Massachusetts metals refiner Nth Cycle said it signed a binding term sheet with Glencore for an estimated 10-year off-take value of more than $1 billion, using forecast pricing figures as of the second quarter of 2026, according to Mining.com.
The partnership focuses on Nth Cycle’s Project SHIELD, a planned battery materials refining facility in South Carolina that the company said benefits from strategic port access and proximity to a growing North American energy corridor.
Nth Cycle said Glencore would supply 100% of the black mass feedstock for the facility from its commercial network and already operational US shredding assets, covering the supply of high-purity mixed hydroxide (MHP) and battery-grade lithium carbonate.
The companies also plan joint exploration to deploy Nth Cycle’s OYSTER refining system for black mass in Europe, along with recovery of rare earth and copper globally, and they are targeting to execute definitive agreements for the black mass supply and offtake by the end of 2026.
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