Lifezone Metals announces joint venture with Glencore

Lifezone Metals’ (LZM) CEO Chris Showalter is pleased to announce the signing of a term sheet with a subsidiary of Glencore (GLNCY) for a platinum, palladium and rhodium recycling project utilizing Lifezone Metals’ hydrometallurgical technology to be based in the USA. Phase 1 confirmatory piloting work has commenced in Perth, Australia using Hydromet to process and recover PGMs from responsibly sourced spent automotive catalytic converters. Highlights of the PGM Recycling Joint Venture with Glencore: Term sheet signed by Lifezone Metals and Glencore for the two-phased implementation of a recycling joint venture to recover PGMs from spent automotive catalytic converters. The joint venture will be domiciled in the USA. The goal of the joint venture is to profitably deliver high purity, refined PGMs from 100% recycled sources. Lifezone is providing its Hydromet technology for Phase 1 confirmatory piloting and design of the recycling facility. Test work is underway at Lifezone Metals’ laboratories in Perth, Australia and is expected to be complete in the first half of 2024. The Phase 1 confirmatory pilot project costs are expected to be $3M. Initial capital costs for the Phase 2 commercial-scale recycling facility in the USA are expected to be ~$15M-20M for a ~115,000 oz per year PGM recycling facility. Glencore will provide a working capital facility for the Phase 2 commercial-scale recycling facility and will be the sole offtaker and marketer of the refined PGMs.