Lifezone Metals initiates project financing process for Kabanga Nickel Project

Lifezone Metals (LZM) announced that Lifezone, in partnership with BHP (BHP), has formally commenced the project 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 that expressed DFC’s interest in considering the Project for loans as part of the Project’s financing package. The DFC loan application would initiate a comprehensive review process; this follows Lifezone’s August 27, 2024 announcement that DFC would be evaluating political risk insurance coverage for future investments in Kabanga. Kabanga is one of the world’s largest and highest-grade undeveloped nickel sulfide deposits. By utilizing Lifezone’s Hydromet technology, the project is expected to significantly reduce emissions compared to traditional smelting methods. Kabanga is supported by the Partnership of Global Infrastructure and Investment, which is a values-driven, high-impact, and transparent infrastructure partnership that was created to meet the enormous infrastructure needs of low- and middle-income countries and to support the United States’ and its allies’ economic and national security interests. Kabanga is also recognized as a project within the Minerals Security Partnership, a collaboration of 14 countries and the EU to catalyze public and private investment in responsible critical minerals supply chains globally. Societe Generale (SCGLY) has been appointed as the lead financial advisor to Kabanga Nickel Limited, a subsidiary of Lifezone that is managed by Lifezone and in which BHP has a 17% interest.