Glencore PLC GLCNF reportedly plans to build a pilot project for an electric vehicle (EV) battery recycling plant outside Italy while eyeing the island of Sardinia for a larger facility.
The company's decision to relocate the testing and demonstration plant away from Portovesme in Sardinia would allow for faster project commissioning, according to Reuters.
In a letter sent by Glencore's Sardinian unit to Italy's environment and industry ministries, the company said it expects new European Union regulations on critical raw materials for decarbonization to accelerate the permitting process for its hub project.
As per the report, Glencore also confirmed it plans to continue restructuring its existing industrial activities in Portovesme.
In September, Glencore, along with Li-Cycle Holdings Corp LICY, unveiled plans for a two-phase approach to the Portovesme Hub project in Sardinia, Italy, to expedite the production of battery-grade lithium carbonate.
Last month, the commodity trader and miner reported its own sourced copper production of 735,800 tonnes in year-to-date FY23, down 5% Y/Y, due to the sale of Cobar in June 2023 and lower copper by-product production outside the Copper department.
Price Action: GLCNF shares closed lower by 1.83% at $5.64 on Wednesday.
Photo Via Company
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
