Lifezone Metals Limited Chief Executive Officer Chris Showalter is pleased to announce that Lifezone, in partnership with BHP, has formally commenced the financing process for the Kabanga Nickel Project in Tanzania. In conjunction, Lifezone has received a Letter of Interest from the U.S. International Development Finance Corporation (DFC) expressing DFC’s interest in considering the Project for loans as part of the Project financing package.

Kabanga is one of the largest and highest-grade undeveloped nickel sulphide deposits in the world. Thanks to Lifezone’s Hydromet technology, the project is expected to significantly reduce emissions compared to traditional smelting methods.

Kabanga is supported by the Partnership for Global Infrastructure and Investment (PGI), which is a transparent, values-driven, high-impact infrastructure partnership created to meet the massive infrastructure needs of low- and middle-income countries and to support the economic and national security interests of the United States and its allies. Kabanga is also recognized as a project within the Partnership for Mineral Security, a collaboration of 14 countries and the EU to catalyze public and private investment in responsible critical minerals supply chains globally.

DFC is America's development finance institution. It partners with the private sector to finance solutions to the most critical challenges facing the developing world in sectors such as energy, infrastructure, healthcare, agriculture and financial services. DFC's investments adhere to strict standards and respect the environment, human rights and workers' rights. Societe Generale has been appointed lead financial advisor to Kabanga Nickel Limited, a Lifezone subsidiary managed by Lifezone and in which BHP holds a 17% stake.

Lenaig Trenaux, Global Head of Batteries, Mining and Industries at Societe Generale, commented: “Societe Generale supports its clients in the energy transition, through targeted solutions, and a commitment to contribute to sustainable finance. We are very pleased to be working together with Lifezone Metals and BHP to implement the Kabanga Nickel Project, with the aim of fostering development in Tanzania and fueling the energy transition with a large volume of critical low-carbon mineral.”

Societe Generale brings world-leading expertise in large-scale debt financing for mining projects around the world. In cooperation with BHP, Lifezone and Societe Generale will seek to optimise Kabanga’s capital structure through a combination of project-level debt and equity from multiple sources.

About Lifezone Metals:

At Lifezone Metal, our mission is to deliver cleaner, more responsible metal production and recycling. With a scalable platform supported by our Hydromet technology, we offer the ability to produce metals with lower energy consumption, lower emissions and lower costs compared to traditional smelting.

Our Kabanga Nickel Project in Tanzania is likely one of the largest and highest-grade undeveloped nickel sulphide deposits in the world. By combining it with our Hydromet technology, we are working to unlock a new source of London Metal Exchange (LME) grade nickel, copper and cobalt for global battery metals markets, and enable Tanzania to achieve full in-country value creation and become the next major source of Class 1 nickel. The definitive feasibility study for the mine-to-metals project is scheduled to be completed in Q3 2024.

 

Source: businesswire.com

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