Glencore backs Canadian lithium miner Tantalex’s DR Congo operations

Glencore, the Swiss mining and trading company, has backed Tantalex Lithium, a Canadian junior miner focused on producing lithium from the Democratic Republic of Congo (DRC). Under the agreement, Glencore will pay Tantalex a staggered $5 million as part of a marketing off-take deal and will finance a third of the capital requirements for Tantalex’s Manono tailings project in the DRC, provided certain conditions are met.

Tantalex’s Manono tailings project in the DRC involves the extraction of lithium from tailings dams, which are common waste disposal methods for miners. The project holds the potential to produce lithium from tailings deposited several years ago, with some reaching maximum heights of 70 meters (230 feet), according to Tantalex.

This backing from Glencore marks a significant milestone in de-risking the Manono tailings project, as it brings Glencore’s expertise and resources to the table. Glencore began trading lithium approximately a year ago but has stated that it has no interest in owning lithium assets outright.

Globally, mining companies and manufacturers are striving to secure lithium supplies, a key component for battery electric vehicles, as the world seeks faster alternatives to clean energy. Tantalex aims to become the first lithium producer in the DRC, and this partnership with Glencore is expected to play a pivotal role in achieving that goal.

Elevate your business with QU4TRO PRO!

Gain access to comprehensive analysis, in-depth reports and market trends.

Interested in learning more?

Sign up for Top Insights Today

Top Insights Today delivers the latest insights straight to your inbox.

You will get daily industry insights on

Oil & Gas, Rare Earths & Commodities, Mining & Metals, EVs & Battery Technology, ESG & Renewable Energy, AI & Semiconductors, Aerospace & Defense, Sanctions & Regulation, Business & Politics.

By clicking subscribe you agree to our privacy and cookie policy and terms and conditions of use.

Read more insights

BAE Systems buys Ball’s aerospace assets for $5.55 billion

British defense company BAE Systems has embarked on its largest-ever deal, agreeing to purchase aerospace assets from Ball Corp for approximately $5.55 billion in cash. The acquisition signifies BAE’s strategic move to extend its influence in critical domains such as space, national security, and intelligence. Ball Corp’s aerospace operations specialize in manufacturing spacecraft, instruments, and sensors used in both defense and civil satellites, serving purposes ranging from tracking space objects to monitoring weather patterns and climate changes.

China gives green light for Xiaomi’s EV venture

Xiaomi, a prominent Chinese smartphone manufacturer, has received a crucial approval from China’s National Development and Reform Commission (NDRC) to venture into the manufacturing of electric vehicles (EVs). This represents a significant stride toward Xiaomi’s ambitious goal of initiating mass production of EVs by the first half of 2024. The company had earlier pledged a substantial investment of $10 billion over a ten-year period to establish a foothold in the automotive industry.

Urenco’s New Mexico facility key for U.S. efforts to wean off Russian uranium

The US is taking steps to reduce its dependence on Russian uranium by revitalizing its domestic uranium enrichment industry, a vital component of its nuclear program. This effort is highlighted by the expansion of the Urenco plant in New Mexico, a key supplier of enriched uranium used in nuclear power plants. This expansion is expected to increase the plant’s output by 15%, contributing to the broader goal of establishing a more resilient and diverse supply chain for nuclear fuel.

Stay informed