SUNSHINE RecycleFlash Weekly: March 17-21, 2025

March 21, 2025

Citi Hikes Gold Price Target for Next 3 Months to $3,200 per Ounce

Citi Research on Thursday raised its gold price target for the next three months to $3,200 per ounce from $3,000, citing robust official sector demand and higher exchange-traded-fund demand. “In our bull case, we see gold prices reaching $3,500 per ounce by year-end, underpinned by much higher hedging/investment demand on fears of US hard landing/stagflation,” analysts at Citi said in a note. (Reuters)

Copper Price Surpasses $11,000 as Tariff Fears Drive Rally

Copper prices scored another high on Thursday, surpassing the $11,000-a-tonne mark in New York, amid global trade dislocations triggered by US President Donald Trump’s push for tariffs. Trump last month ordered his Commerce Department to investigate the nation’s imports of copper as a likely precursor to imposing duties. Since then, US prices have spiked and traders have rushed to send metal to America ahead of any tariffs, in turn reducing availability in the rest of the world. (Bloomberg)

Commerzbank Upgrades Its 2025 Silver Price by 6%

In his latest precious metals report, Carsten Fritsch, a commodity analyst at Commerzbank, stated that he is raising his year-end silver target to $35 an ounce, up from his initial forecast of $33. This bullish outlook comes as silver prices hit a new four-month high, testing resistance at $34 an ounce. Spot silver last traded at $33.99 an ounce, up 0.49% on the day. The precious metal is experiencing modest profit-taking after briefly surpassing $34 an ounce overnight. Fritsch said he expects it is only a matter of time before silver consistently moves above $34 an ounce. (KITCO News)

Lotus Signs Binding Uranium Offtake Agreement with a Large North American Power Utility

Lotus Resources announced that its 85% owned subsidiary, Lotus Africa Limited, has signed a binding agreement for U₃O₈ sales with a leading North American utility. The contract pricing is a fixed US$ price based on the published long-term prices of leading nuclear market research and analysis companies, less a non-material discount. A fixed-price escalation percentage per annum applies from the time of first delivery for subsequent delivery years, with the amount in line with Reserve Bank of Australia (RBA) long term inflation target. The contract pricing achieved was the result of competitive discussions. (Lotus Resources)

Glencore Approached Battery Recycler Li-Cycle for Potential Deal

London-listed Glencore has made an offer to acquire Canadian lithium battery recycling company Li-Cycle as part of a proposal to offset operational and financial issues. In a letter to a board chair, dated March 14, Glencore said it would like to commence discussions with the company and Li-Cycle’s other stakeholders regarding the potential transaction as soon as possible. Li-Cycle’s debt held by Glencore is convertible to roughly 84 million shares in the recycling company. The Toronto-based company also amended its limited duration shareholder rights plan last year to exempt Glencore Canada, allowing it to acquire more than 20% of the company. (Reuters)

Call2Recycle and Staples Professional Expand Partnership to Enhance Battery Recycling Solutions for Canadian Businesses

Call2Recycle announced a new initiative with Staples Professional™, the leading business supplier in Canada, to expand its “Recycle Your Batteries, Canada!” program to Staples’ professional business customers nationwide. Staples Professional is offering its business customers of all sizes across Canada access to the Recycle Your Batteries, Canada! program. This will enable participating businesses to conveniently recycle their used batteries safely and responsibly, ensuring they are recycled in accordance with the highest industry standards. Used batteries will be processed to recover valuable materials for reuse in the manufacturing of new products, reducing the environmental impact and contributing to a strong circular economy. (Call2Recycle)

Trump Administration Seeks Delay in Nippon Steel Case for Merger Talks

The Trump administration filed a motion to extend two deadlines in US Steel and Nippon Steel’s lawsuit against a US national security panel to give the government more time to wrap up merger talks with the firms, a filing showed on Monday. The filing is the clearest indication that US President Donald Trump may allow the deal, scuttled by his predecessor Joe Biden, to proceed in some form. In January, the two companies filed a lawsuit against the Committee on Foreign Investment in the United States, which scrutinizes foreign investments for national security risks, after it recommended that a merger between them be rejected on national security grounds. The motion last week from the Department of Justice calls for extending briefing deadlines in the CFIUS lawsuit for 21 days, and rescheduling the oral arguments for the week of May 12 from April 24. (Reuters)

Hydro Starts Construction of Flagship Aluminium Recycling Plant at Torija, Spain

It is reported that Norwegian aluminium and renewable energy company Hydro marked the start of construction of the latest addition to its expanding recycling portfolio with a groundbreaking ceremony in Torija. The EUR 180 million investment in a start-of-art recycling plant north of the Spanish capital is part of Hydro’s continuous efforts to strengthen the European circular economy by keeping more post-consumer scrap in the loop. The Torija plant, strategically located in Spain’s Castilla-La Mancha region, will serve key Iberian industries, including the transport and automotive, building and construction, and energy sectors. With an annual production capacity of 120,000 tonnes of extrusion ingots, it will complement the offerings from Hydro’s nearby Azuqueca plant, bringing the combined capacity to more than 200,000 tonnes of low-carbon, recycled aluminium. Hydro plans to recruit 65 new employees well before the scheduled start of operation in 2026. (Hydro)

The LEGO Group Introduces Tires Made with Recycled Materials

The LEGO Group announced the introduction of a new, more sustainable material for selected LEGO tires, made from recycled fishing nets, ropes, and engine oil. The material is created by repurposing discarded ropes and nets from ocean vessels which is then combined with recycled engine oil to reduce reliance of virgin fossil fuel-based ingredients. It will initially be used in seven LEGO tire pieces, each containing at least 30% recycled content. The new tires have already started appearing in LEGO sets— indistinguishable from existing tires fans know and love. The company expects these new tires to be used in approximately 120 different sets by the end of 2025 and plans to explore ways to expand recycled content across more tire styles in the near future. (LEGO)

Saudi Arabia Awards Mining Exploration Licences to Local, International Firms

The Saudi industry and mineral resources ministry on Tuesday awarded mining exploration licences to several local and international firms, state news agency SPA reported. The licences were granted to Indian miner Vedanta and a consortium comprising local Ajlan & Bros and China’s Zijin Mining among others. The ministry said the miners would spend approximately over 366 million riyals ($97.59 million) on exploration over the next three years. It announced that the number of valid mining licences in Saudi Arabia reached 2,401 by the end of 2024. These licences cover various categories, including mining, exploration, reconnaissance, building materials quarries and small mine operations, it added. (The Arab Weekly)

Circular Services Breaks Ground on $61M North Texas Facility

Circular Services celebrated the groundbreaking of its new state-of-the-art recycling facility in Frisco, Texas, on March 18th, 2025. The 120,000-square-foot, $61 million materials recovery facility (MRF) will serve McKinney, Frisco, and the surrounding Dallas metroplex area, enhancing recycling infrastructure and supporting local sustainability efforts. (Circular Services)

Freepoint Eco-Systems Announces Project Finance Facility with ING

Freepoint Eco-Systems LLC announced the closing of a $50 million non-recourse project finance facility for its plastic waste upcycling facility located in Hebron, Ohio. The term loan facility, underwritten by ING Capital LLC (“ING”), is the first of its kind in the developing plastic reclamation space for hard-to-recycle plastic. (PR Newswire)

Congo President Meets US Lawmaker Amid Talk of Mineral Deal

Democratic Republic of Congo’s President Felix Tshisekedi has met US lawmaker Ronny Jackson to discuss fighting in the east of the country and opportunities for US investment, Congo’s presidency said. The meeting took place one week after Washington said it was open to exploring critical minerals partnerships with Congo. A Congolese lawmaker in February contacted US officials to pitch a minerals-for-security deal. A presidency statement described Jackson as a “special envoy” for US President Donald Trump. (Reuters)

Indonesia to Issue Freeport Indonesia a Six-Month Permit to Export Copper Concentrate

Indonesia will issue Freeport Indonesia a six-month permit to export copper concentrate while its smelter is repaired, which will also ensure the government continues to receive royalty payments, the energy minister said on Monday. Freeport has been seeking the permit after it was forced to stop copper cathode production at its new smelter in Gresik, in East Java province, after a fire damaged the plant last October. (Reuters)

Michigan EGLE Offers Grants for Repurposing of Scrap Tires

The Michigan Department of Environment, Great Lakes, and Energy (EGLE) announces the availability of grants that promote and support the cleanup and reuse of scrap tires in Michigan. Scrap tires pose a fire risk and a human health risk as mosquito breeding grounds. Scrap tires can be collected, processed, and used for various purposes, including paving products for roads, manufactured products, and energy production. Scrap Tire Market Development Grants are available to fund up to 50% of the total eligible costs for projects that demonstrate new or increased uses for scrap tires in manufactured products and paving projects. EGLE will prioritize proposals based on the amount of scrap tire material used in developing the project or product, demonstration of a new or improved use of scrap tire material, and demonstration of viable markets. EGLE will accept Scrap Tire Market Development Grant Applications with all supporting documentation received on or before Friday, April 18, 2025. (State of Michigan)

Trump Says No Exemptions on US Steel and Aluminum Tariffs

US President Donald Trump said he has no intention of creating exemptions on steel and aluminum tariffs and said reciprocal and sectoral tariffs will be imposed on April 2. Last month, Trump raised tariffs on imports of steel and aluminum to a flat 25%, without exemptions or exceptions, in a move that was designed to help US industry while contributing to an escalating trade war. Speaking to reporters on Air Force One, Trump said reciprocal duties on US trading partners would come alongside auto duties. “In certain cases, both,” Trump said when asked if he would be imposing sectoral and reciprocal tariffs on April 2. “They charge us, and we charge them. Then, in addition to that, on autos, on steel, on aluminum, we’re going to have some additional,” he said. Trump has said previously that he would impose reciprocal tariffs on US friends and foes alike at the beginning of April. (Reuters)