Pilbara Minerals' profit fell sharply as lithium prices slumped; Li-Cycle went bankrupt
Short record: the main facts, with sources. A full case file has not been prepared.
Pilbara Minerals' FY24 profit fell by 86% to 89%, depending on the measure, as lithium prices slumped and its Bald Hill mine closed. Battery recycler Li-Cycle went bankrupt in 2025, and the sources reviewed do not set out any effect on nature.
- Glencore — Acquired Li-Cycle's battery recycling assets for about 40 million dollars Waste Dive
- Pilbara Minerals — Annual profit fell 86% to 89%, depending on the measure Mining.com
- Bald Hill mine workers — About 300 jobs to go as the mine closed AAP
What happened
Mining.com reported an 86% fall in Pilbara Minerals' annual profit for FY24; the sources reviewed give a range running to 89%, depending on the measure.
AAP reported that 300 jobs were to go as low prices closed the Bald Hill lithium mine.
Waste Dive reported that Li-Cycle filed for bankruptcy, that only its German plant of 61,000 tonnes a year of capacity was operating, and that Glencore bought its assets for about 40 million dollars.
In court and with insurers
Lawsuits and rulings
Insurers
What we don't know
Nature
- Not measured Harm to nature: The record holds no measurement of harm to nature.
Record
- None on record The sources reviewed do not explain what measure gives the 89% figure rather than 86%.
- None on record The sources reviewed do not say why Li-Cycle filed for bankruptcy.
- None on record The sources reviewed do not say what happened to Li-Cycle's creditors or staff.
- None on record The sources reviewed do not say whether the Bald Hill closure has been completed.
- None on record The sources reviewed do not describe any environmental effect of the closures or the asset sale.
Did the harm stop?
Not stated in the sources reviewed.
Who paid?
Not stated in the sources reviewed.
Sources
Press and investigations
- Pilbara Minerals posts 86% fall in annual profitMining.com · 2024
- Glencore completes takeover of Li-Cycle battery recycling assetsWaste Dive · 2025-08
Connected cases
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- Glencore (Company) — here: acquirer of Li-Cycle assets; there: Seller of the Optimum coal mine
- Glencore settles bribery and market manipulation charges in US, UK, Brazil Multiple countries · 2007–2022
- Glencore (Company) — here: acquirer of Li-Cycle assets; there: Admitted bribery and market manipulation charges (2022)
- The Metals Company deep-sea nodule mining in the Clarion-Clipperton Zone (NOAA permit route) International waters (Pacific Ocean) · 2011
- Glencore (Company) — here: acquirer of Li-Cycle assets; there: Holder of a right to half of NORI-area nickel and copper