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(Kitco News) - Li-Cycle (NYSE: LICY) and Glencore (LON: GLEN) announced today that the two signed a letter of intent to jointly study the feasibility of a battery metal recycling facility in Portovesme, Italy.
According to Li-Cycle's news release, the Portovesme hub would "...leverage Li-Cycle’s state-of-the-art hydrometallurgical technology and is expected to be the largest producer of sustainable battery grade products in Europe."
Located in Sardinia, Italy, the Portovesme metallurgical complex consists of a lead-zinc smelter and hydrometallurgical facility which first started operations in 1929. Li-Cycle said that the Portovesme site has substantial existing infrastructure, including access to a port, utilities, processing equipment from the hydrometallurgical plant and an experienced workforce.
A definitive feasibility study for the project is expected by mid-2024. Subject to a final investment decision by the parties, the project will proceed to construction with commissioning of the Portovesme hub expected to commence in late 2026 to early 2027.
Once operational, the Portovesme Hub is expected to have processing capacity of up to 50,000 to 70,000 tonnes of black mass annually, or the equivalent of up to 36 GWh of lithium-ion batteries.
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