Glencore has revealed its intention to begin trading lithium, a critical metal currently in high demand due to the growing proliferation of electric vehicles and battery storage technologies.
In statements first published by Reuters, company insiders revealed that Glencore – which currently produces other metals such as copper, nickel and cobalt but does not currently operate lithium mines – would explore other “commodities of the future”, such as lithium.
Sources suggested that should Glencore add lithium to its traded commodities, the Switzerland-based company’s trading team would be part of Glencore’s new zinc and copper marketing division, currently headed by Jyothish George and Nick Popovic.
It comes following the company’s recent $200 million investment in lithium-ion battery recycling company Li-Cycle while also partnering with UK startup Britishvolt to develop a new battery recycling plant in England.
As demand, and prices, of critical minerals continue to rise (bolstered by rumours of forthcoming bans on fossil-fuel powered cars) Glencore’s decision means it is well-positioned to take advantage of mounting interest in critical minerals commodities.
