Shares in Technology Minerals PLC more than tripled on Tuesday morning after it announced an offtake agreement with Glencore PLC for the output of its battery recycling operations.
Trading in Technology Minerals shares had been suspended in London. They were restored to trading after the announcement on Tuesday, surging to 0.38 pence. There were trading at 0.11p prior to the suspension in October.
Its 48%-owned subsidiary Recyclus Group Ltd signed an offtake agreement with miner and commodities trader Glencore for black mass, the output of Recyclus’s lithium-ion battery recycling facility in Wolverhampton, England.
Black mass contains the metals essential to new battery production including lithium, manganese, nickel and cobalt.
The Glencore deal, for which financial details were not released, follows a similar agreement with Lohum Cleantech in India.
‘This marks another key milestone in our mission to return the critical minerals needed to power a sustainable transition to the battery supply chain,’ said Technology Minerals Chair Robin Brundle.
‘As the second agreement of this nature with an international partner, the deal is a strong endorsement for our battery recycling processes and demonstrates the demand for black mass.’
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