Lifezone Metals announced the completion of funding for Phase 1 of a joint venture with a wholly owned subsidiary of Glencore plc for a platinum, palladium and rhodium (collectively platinum group metals or PGMs) recycling project which will utilize Lifezone Metals’ hydrometallurgical technology. (Earlier post.)

Phase 1 of the joint venture implementation is already underway and involves a confirmatory program of pilot work in Lifezone Metals’ laboratories in Perth, Australia. Following successful completion of Phase 1, Phase 2 will involve Lifezone Metals and Glencore jointly funding the capital expenditures required to construct a commercial-scale PGM recycling facility in the United States.

The signing of the Subscription Agreement, along with the completion of Phase 1 funding, means the estimated US$3 million required for the confirmatory pilot project cost has now been finalized. Lifezone Metals and Glencore have contributed US$1.5 million each to the project. Phase 1 is expected to be completed in the first half of 2024.

We believe our North American recycling project with Glencore is poised to be an excellent example of the versatility of our Hydromet Technology as a cleaner and more efficient method of metals extraction versus traditional smelting and refining, and our joint venture with Glencore is well positioned to deliver attractive economic returns. The timing of the milestones announced today are consistent with our expectations and allow the project to move along as planned.

—Chris Showalter, Lifezone CEO

Lifezone Metals seeks to provide cleaner and more responsible metals production and recycling. Using a scalable platform underpinned by its Hydromet Technology, it offers lower energy, lower emission and lower cost metals production compared to traditional smelting.

Hydromet eliminates the carbon-intensive smelting phase from the refining process by leaching metallic concentrates with liquid solvents. Lifezone’s Kabanga Nickel Project in Tanzania is believed to be one of the world’s largest and highest-grade undeveloped nickel sulfide deposits. By pairing with its Hydromet Technology, it seeks to unlock a new source of LME-grade nickel, copper and cobalt for the global battery metals markets, and empower Tanzania to achieve full in-country value creation and become the next premier source of Class 1 nickel. A Definitive Feasibility Study for the project is due for completion by Q3 2024.

Through its US-based, platinum, palladium and rhodium recycling joint venture, Lifezone is working to demonstrate that Hydromet Technology can process and recover platinum group metals from responsibly sourced spent automotive catalytic converters in a cleaner and more efficient way than conventional smelting and refining methods.