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US metals refining startup Nth Cycle has signed a $1-billion offtake agreement with Glencore to supply the commodities giant with lithium and other critical minerals extracted from recycled batteries, a deal that comes ahead of a planned public listing later this year.

The 10-year deal is among the largest in the US battery recycling sector as companies and governments race to secure domestic sources of critical minerals needed for electric vehicle batteries and other clean energy technologies.

The agreement, which Reuters is first to report, was signed on Tuesday at Glencore's New York offices at a time when critical minerals are expected to be an area of focus at this week's United Nations General Assembly.

Massachusetts-based Nth Cycle's technology uses an electrochemical process to extract critical minerals from electronic waste, shredded batteries or mined rock.

As part of the deal, Glencore will sell Nth Cycle roughly 24 000 metric tons a year of shredded battery parts known as black mass for it to process, essentially supplying it the feedstock from which to extract the minerals.

Nth Cycle will then process that black mass and supply Glencore with lithium carbonate and a nickel-rich material known as mixed hydroxide product for 10 years. The exact volume will depend on the percentage of minerals in the black mass, which can vary depending on battery chemistry.

The deal value reflects metals pricing as of the second quarter of this year, the companies said.

Nth Cycle, which in August received a $100-million grant from the US Department of Energy, is planning to build a commercial facility somewhere in the US Southeast to process the minerals for Glencore as well as commodities trader Trafigura under the terms of a similar deal announced in March.

The location of the commercial facility is set to be announced later this year with operations beginning by 2029. That is a shift from earlier this year when Nth Cycle planned to build the facility in South Carolina and open by 2028.

The company now says it doubled the planned size of its facility due to the Energy Department grant and is now searching for a larger site.

"This is a true strategic partnership between the companies, and really just accelerates the overall critical minerals market here in the US," said Megan O'Connor, Nth Cycle's CEO.

Glencore, which is a large marketer of black mass and last year bought the assets of bankrupt battery recycler Li-Cycle, said it aims to "help close the loop in the supply of critical minerals for our US customers."

The Glencore agreement comes after Nth Cycle said in July it would go public through a merger with special purpose acquisition company Kensington Capital Acquisition, a deal that values the company at $585-million.

Nth Cycle had canceled a planned Series C funding round earlier this year, a move O'Connor said was tied to a desire for more funding from the public listing.

"We decided that going public was what we needed," said O'Connor. "I'd be surprised if you met a company that wasn't looking at multiple fundraising options at the same time."

This audio is brought to you by Endress and Hauser, a global leader in process and laboratory measurement technology, offering a broad portfolio of instruments, solutions and services for industrial process measurement and automation.

Harmony Gold Mining Company on Monday, 21 September, announced the launch of an offering of $500-million guaranteed senior unsecured convertible bonds due in 2031, and the following day reported the offering's pricing.

The intended use of the net proceeds from the bond offering would be for general corporate purposes, the Johannesburg Stock Exchange-listed gold and copper mining company stated in a stock exchange news service (SENS) announcement on Tuesday, 22 September.

"The offering reflects a proactive and disciplined approach to balance sheet management from a position of strength," Harmony CEO Beyers Nel stated on SENS.

"It enhances funding efficiency, diversifies our capital sources and optimises our funding profile. Our capital programme remains fully funded, and we remain confident in Harmony's ability to continue creating long-term value for shareholders," Nel added.

Mining Weekly can report that Nel will be presenting at Mining Forum Americas on 28 September, where the company's strategy and progress on its gold and copper portfolio will be discussed.

Payments in respect of the bonds will be guaranteed by Harmony Gold (Australia), African Rainbow Minerals Gold, Avgold, Chemwes, Golden Core Trade and Invest, Freegold, Randfontein Estates, Harmony Copper, Harmony Moab Khotsong Operations, MAC Copper, Cobar Management, Metals Acquisition (Australia) and Eva Copper Mine.

The bonds will be issued at 100% of their principal amount, which is $200 000 per bond, and unless previously redeemed, converted or purchased and cancelled, the bonds will be redeemed at their principal amount on or around September 29, 2031.

The bonds will pay a coupon of 1.500% a year, semi-annually in arrear, in equal instalments on 29 March and 29 September of each year and for the first time on March 29, 2027.

The initial conversion price is R418.60, representing a premium of 40% above the reference share price, being the placement price per share determined in the concurrent offering of existing shares.

The conversion price will be subject to customary market-standard adjustments, including certain dividend protection provisions.

The bonds will be convertible into 19.4-million ordinary shares of the issuer, which represents 3% of issuer's current issued ordinary share capital.

Citigroup and JP Morgan acted as joint global coordinators and joint bookrunners while Absa, FirstRand and Nedbank acted as co-lead managers.

This audio is brought to you by Endress and Hauser, a global leader in process and laboratory measurement technology, offering a broad portfolio of instruments, solutions and services for industrial process measurement and automation.

TSX-V-listed Artemis Gold has entered into an agreement to acquire all of the issued and outstanding shares of TSX- and NYSE-listed Vista Gold in a deal valued at $427-million through the exchange of shares.

Artemis currently holds 4.95% of Vista's outstanding shares.

Under the terms of the transaction, Vista shareholders will receive 0.0966 common shares of Artemis for each Vista share held. The exchange ratio implies a consideration of $2.83 per Vista share, representing a 29% premium to Vista's 20-day volume-weighted average share price on the TSX.

On completion of the deal, Artemis shareholders will own 95% of the enlarged company and Vista shareholders the balance.

Vista brings to the enlarged company the Mt Todd gold project, in Australia, which Artemis says will be constructed after the completion of its Blackwater Phase 1A and EP2 expansions.

Mt Todd hosts 9.1-million ounces of measured and indicated resources and 1.4-million ounces of inferred mineral resources, with key permits in place for the construction of a 50 000 t/d processing plant.

The Vista takeover establishes a growth pathway for Artemis to reach production of one-million ounces a year, while Vista shareholders benefit from an immediate attractive premium and retained exposure to the future development and value creation potential of Mt Todd through their equity interest in Artemis.

The Artemis and Vista boards have both recommended that shareholders vote in favour of the transaction, while an independent firm has also deemed the offer fair from a financial point of view.

The deal is expected to close in January next year.

This audio is brought to you by Endress and Hauser, a global leader in process and laboratory measurement technology, offering a broad portfolio of instruments, solutions and services for industrial process measurement and automation.

More than 300 emerging researchers, industry leaders, government, academia and other stakeholders are to gather this month and next to explore innovative solutions to challenges in the minerals sector, Mintek announced on Monday, September 21.

In partnership with the National Research Foundation (NRF), Mintek will be hosting its third Science Convention for Innovators in Engineering, Science and Technology (SCi) between September 29 and October 2 in Randburg, Gauteng.

Held under the theme "The Next Frontier: Emerging Scientists Driving Change" the 2026 event will highlight the strategic role of collaboration between research institutions and industry in strengthening South Africa's science, technology and innovation ecosystem.

The convention partnership takes place in the context of the memorandum of understanding (MoU) signed between Mintek and the NRF in 2025, which marked an important commitment by the two organisations to deepen collaboration in research, innovation, human capacity development and other areas of mutual interest. Importantly, the partnership is moving beyond the signing of an agreement towards tangible collaboration, programmes and opportunities such as this gathering.

Mintek SCi will be connecting emerging research with industry applications, promoting knowledge exchange and developing the next generation of researchers and innovators.

The Disruptive Research Roundtable, to be held at The Fairway Hotel in Randburg on September 29 will convene representatives from industry, government, academia, civil society and science councils. Under the theme "The Quadruple Helix in Science: Solving the Mineral Problems of the Future", the roundtable will examine how South Africa's innovation system can work differently and more collaboratively to address emerging mineral challenges.

The Mintek SCi Grad Hackathon will challenge emerging researchers and innovators to develop practical solutions to real-world challenges in the minerals sector. Finalist teams will present their solutions during the main Mintek SCi Symposium on October 2.

The flagship Mintek SCi Symposium will bring together emerging researchers from Mintek, academia, industry and research institutions to showcase research, exchange knowledge and explore opportunities for collaboration. Professor Loyiso Tyobeka, Vice-Chancellor of the North-West University, will deliver a keynote address at the Mintek event.

The 2026 programme will focus on four key themes: Critical Minerals, Energy, Emerging Technologies, and Sustainability and Circular Economy. Research topics include sustainable mineral extraction and beneficiation, rare earth elements, energy storage and hydrogen technologies, artificial intelligence and machine learning, digital twins, advanced process control, water management, decarbonisation, and converting waste streams into sources of value.

Mintek SCi is designed to bridge the gap between academic research and industrial application, giving researchers aged 35 and under opportunities to present their work, receive peer feedback, and build professional networks.

The 2026 edition demonstrates the importance of partnerships in advancing research and innovation that respond to real-world challenges. By bringing together researchers, innovators, industry and other stakeholders, Mintek SCi creates a platform for ideas to move from research into practical applications that can contribute to the future of the minerals industry.

This audio is brought to you by Endress and Hauser, a global leader in process and laboratory measurement technology, offering a broad portfolio of instruments, solutions and services for industrial process measurement and automation.

Australia- and Frankfurt-listed Vulcan Energy has started commercial-scale production of its proprietary lithium extraction adsorbent, VULSORB, which selectively captures lithium from brine.

The company will use VULSORB in its Lionheart lithium production plant, which is currently under construction in Germany and due for commissioning in the second half of 2028.

VULSORB has successfully completed thousands of operating cycles under real-world conditions, achieving up to 95% lithium extraction efficiency.

Notably, ULSORB encompasses the aluminate-based adsorbent formulation, which is the 'recipe' to manufacture, as well as the method for manufacture. VULSORB provides Vulcan with an enduring competitive advantage – control over a proven western technology with a western manufacturing supply chain.

This is particularly relevant given that the largest global provider of adsorption-type direct lithium extraction technology and products, China, placed export controls and strict licencing arrangements on overseas shipments early in 2025.

"Achieving commercial-scale production of VULSORB marks a significant technology, supply chain and execution de-risking achievement for the Lionheart project ahead of its first commercial lithium production. Adsorption-type direct lithium extraction technology is increasingly embraced by major companies as the industry's brine technology choice.

"At a time when access to critical mineral technologies is becoming increasingly strategic, this provides Vulcan with greater supply chain security, reduced geopolitical risk and enhanced project execution certainty," says Vulcan MD and CEO Cris Moreno.

Meanwhile, Lionheart comprises an integrated lithium and renewable energy project targeting production of 24 000 t/y of lithium hydroxide monohydrate, 275 GWh of renewable energy and 560 GWH of heat every year for local consumers over an estimated 30-year project life.

Vulcan will now focus on manufacturing VULSORB over the next 18 to 24 months in preparation for Lionheart's commissioning, however, beyond this project, VULSORB provides a scalable platform for future expansion across Vulcan's resource base. It also allows Vulcan to selectively licence the technology globally through its VULTEC technology arm, to gain exposure to lithium brine fields in other jurisdictions.