Lifezone acquires BHP's share in $2.5bln Tanzania nickel venture
The NYSE-listed company will acquire BHP's 17% equity interest in Kabanga Nickel Limited (KNL), the majority owner of the Kabanga Nickel Project in northwestern Tanzania, Lifezone said in a filing.
The company issued a report on Friday that put development costs for the project at $2.49bn.
It is expected to produce around 50,000 metric tonnes of nickel annually once fully ramped up, a process that will take six years, including construction. A final investment decision on the project is due next year.
BHP had agreed in 2022 to invest as much as $100m in the nickel mine and processing facilities if certain conditions were met.
BHP still considers Kabanga to be one of the world's best undeveloped nickel sulphide projects, said a source with knowledge of the matter, but the uncertain nickel market outlook and the miner's capital allocation framework have made investments in greenfield nickel projects challenging.
A BHP spokesperson declined to comment.
BHP has shifted its view on nickel on the back of a boom in output from Indonesia in recent years. It put its Australian Nickel West operations on care and maintenance last year due to a poor outlook for nickel prices, and a decision on the future of those operations is due by early 2027.
As a result of the transaction, Lifezone now owns 100% of KNL, which in turn holds an 84% interest in Tembo Nickel Corporation Limited (TNCL), the Tanzanian operating company for the Kabanga Nickel Project.
The remaining 16% of TNCL is held by Tanzania's government.
All existing agreements with BHP have been terminated and Lifezone has also assumed full control of 100% of the offtake from the Kabanga Nickel Project, it said.
All rights reserved. © 2022. Bizcommunity.com Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
9 hours ago
- Zawya
Workshop on Documentation and Distribution of Vegetable Seeds
The Ministry of Agriculture organized a workshop to discuss a draft resolution aimed at documenting and distribution of vegetable seeds developed at agricultural research centers and those entering the country through various means. The seminar was attended by Ministry staff from all regions and agricultural experts. Mr. Tekleab Misgina, Director General of Regulatory Services at the Ministry of Agriculture, stated that the national committee established in 2024 to regulate the distribution and quality of various crops, cereals, and oil seeds has commenced its activities by developing a guideline to support its operations. In the first half of 2025, a guideline to regulate potato seed quality was prepared, and regulations for vegetable seed quality have been finalized. Mr. Tekleab added that both domestically improved and imported vegetable seeds will be assessed through specific quality measures, documented, and issued certificates before being distributed to farmers. At the workshop, participants discussed papers on the importance of documentation and regulation of vegetable seeds, and the significance of adhering to established guidelines and regulations. Extensive discussions followed the presentations. Distributed by APO Group on behalf of Ministry of Information, Eritrea.
Zawya
14 hours ago
- Zawya
ADFD advances Maldives aviation sector through the Inauguration of Velana International Airport project
Abu Dhabi, UAE – Aligned with its commitment to its strategic sustainable development goals, Abu Dhabi Fund for Development (ADFD) participated in the inauguration the Velana International Airport, a landmark project that aims to significantly enhance Maldives' infrastructure. With a total investment of AED 330.5 million (USD 90 million) from ADFD, the project was implemented in two phases, receiving co-financing from Saudi Fund for Development, Kuwait Fund for Arab Economic Development, and OPEC Fund for International Development. This cooperation highlights the shared commitment of regional development institutions to support high impact projects in developing nations to contribute to an inclusive, sustainable growth. Attending the inauguration ceremony, which coincided with Maldives' 60th independence anniversary, were His Excellency Dr. Mohamed Muizzu, President of the Republic of Maldives, His Excellency Mohamed Saif Al Suwaidi, Director-General of ADFD, and His Excellency Rahma bin Abdulrahman Al Shamsi, UAE Ambassador to the Republic of Maldives, along with senior officials from both nations and from Saudi Fund for Development, Kuwait Fund for Arab Economic Development, and OPEC Fund for International Development. ADFD's funding played a critical role in enhancing the operational capacity of Velana International Airport, accommodating over 7 million passengers annually meeting the nation's growing travel demand. The project included the expansion of the airport's western passenger terminal, the implementation of 26 passenger boarding bridges, and the construction of a state-of-the-art international terminal. These enhancements reinforce the Maldives' position as a key hub for commercial, tourism, and investment activities, and underscore the Fund's commitment to supporting impactful, sustainable projects that improve the quality of life in communities. H.E. Dr. Mohamed Muizzu, President of the Republic of Maldives, during the ceremony, expressed his sincere appreciation to His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, for the continuous support from the UAE to advance Maldives' national goals. He said: "ADFD's financing of Velana International Airport, in partnership with international collaborators, reflects our shared commitment to achieving sustainable development goals and demonstrates a long-term strategic vision for infrastructure development and growth in developing nations. The opening of this airport will further enhance the Maldives' position in the global aviation sector." His Excellency Mohamed Saif Al Suwaidi, Director-General of ADFD, highlighted that this collaborative development is a testament to ADFD's dedication to supporting the sustainable development goals of its partner nations. He reaffirmed the Fund's mission towards strengthening strategic partnerships between regional development institutions and international organizations, fostering broader and more sustainable developmental impacts. Al Suwaidi said: 'Through our partnership with the Government of Maldives and regional development institutions, we have collectively contributed to country's economic and social growth. Coinciding with the Maldives' Independence Day celebrations, the inauguration of Velana International Airport underscores our ongoing commitment to ensuring greater resource efficiency and supporting our partner nations to build a resilient economy and prosperous future.' ADFD's partnership with Maldives dates to 1978. Over the past four decades, the Fund financed 11 strategic projects with a total investment of AED 1.11 billion, spanning across key sectors including transportation, tourism, healthcare, and energy. ADFD played a critical role in supporting Maldives' economic activities and enabling the country to achieve its sustainable development objectives.
Zawya
14 hours ago
- Zawya
President El-Sisi Follows Up on Latest Developments in Industrial Projects
Today, President Abdel Fattah El-Sisi met with Prime Minister Dr. Mostafa Madbouly, Deputy Prime Minister for Industrial Development and Minister of Transport and Industry, lieutenant General Kamel El-Wazir, Minister of Investment and Foreign Trade Engineer Hassan El-Khatib, Minister of Petroleum and Mineral Resources Engineer Karim Badawi, and CEO of the Environmental Affairs Agency Dr. Ali Hamid. The Spokesman for the Presidency, Ambassador Mohamed El-Shenawy, said that during the meeting, the President reviewed the latest developments regarding the implementation of industrial projects, the provision of necessary raw materials for industrial operations, means for securing the required financing, and efforts to establish partnerships with major international specialized companies, in addition to plans for marketing the products both locally and globally. The President emphasized the importance of petrochemical and mining industries implemented by the Ministry of Petroleum and Mineral Resources, given their role in maximizing the added value of Egypt's natural and mineral resources, meeting domestic market needs, exporting to international markets, and therefore contributing to the expansion of related industries. These efforts shall create job opportunities and boost returns for the national economy. President El-Sisi underscored the importance of accelerating the localization of related industries in Egypt and attracting investment to this vital sector. Distributed by APO Group on behalf of Presidency of the Arab Republic of Egypt. Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an 'as is' and 'as available' basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release. The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk. To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
