TACO Trade Still Priced In: Zaman
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13 minutes ago
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Lifezone Metals acquires BHP's stake in Tanzania nickel project
Lifezone Metals has finalised a definitive agreement with BHP Billiton (UK) DDS to acquire its 17% equity interest in Kabanga Nickel Limited (KNL), which has majority ownership of the Kabanga nickel project in Tanzania. With this deal, Lifezone gains full ownership of KNL, which has an 84% stake in Tembo Nickel Corporation Limited (TNCL), the Tanzanian operating company for the project. The Government of Tanzania owns the remaining 16% of TNCL. Lifezone has also gained complete control of 100% of the offtake from the nickel project. Lifezone acquired the Kabanga project in 2021 and secured a licence to operate a multi-metal processing facility for nickel, copper and cobalt for the project in March last year. The deal terms include a $10m (£7.43m) fixed cash payment post-final investment decision (FID), a second deferred cash payment linked to Lifezone's share price after first commercial production, and a total consideration cap of $83m, reduced to $75m if independent verification via a Resettlement Action Plan Trigger Event occurs. BHP has agreed to a 12-month lock-up period on its Lifezone shares and must offer any intended share sales to Lifezone first. Lifezone CEO Chris Showalter said: 'This marks a significant milestone for Lifezone as we consolidate ownership of the Kabanga nickel project. BHP has been a supportive and value-adding partner whose investment has contributed to advancing the project, and their exit coincides with the project's transition into its next stage of development. 'Our focus remains on delivering a world-class, low-cost nickel project that benefits all stakeholders, including the Government of Tanzania and local communities.' Lifezone has engaged Standard Chartered Bank for short-term financing and strategic advisory services to support early construction works and progress towards the FID. Société Générale is advising on project financing, with interest from potential lenders including export credit agencies. Lifezone founder and chair Keith Liddell said: 'This transaction to own 100% of Kabanga Nickel Limited allows Lifezone to fully align our technical, commercial and ESG [environmental, social and governance] strategy as we advance Kabanga toward the final investment decision. We are committed to delivering the project responsibly and to creation of long-term value for all our stakeholders.' Furthermore, Lifezone has filed the Kabanga project feasibility study technical report summary, confirming its economic potential. The study establishes initial mineral reserves for the premier nickel sulphide project. The project has proven and probable mineral reserves totalling 52.2 million tonnes (mt), with Lifezone's share at 43.9mt, containing 1.98% nickel, 0.27% copper and 0.15% cobalt. With an 18-year operational lifespan, the mine is expected to maintain an annual production rate of 3.4mt. Overall production is projected to yield 902,000 tonnes (t) of nickel, 134,000t of copper and 69,000t of cobalt in intermediate product form across the mine's lifetime. Showalter added: 'With declared mineral reserves, robust economics and path to final investment decision targeted for 2026, we are advancing a project that not only delivers strategic value to the critical metals supply chain but also creates long-term economic benefits for Tanzanians.' "Lifezone Metals acquires BHP's stake in Tanzania nickel project" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
15 minutes ago
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Trump's Tariffs Spur Global Central Bank Rate Cuts — But Less So at the Fed
I'm Craig Stirling, a senior economics editor. Today we're looking at the outlook for central banks. Send us feedback and tips to ecodaily@ And if you aren't yet signed up to receive this newsletter, you can do so here. Donald Trump is struggling to get the Federal Reserve to cut interest rates, but policymakers around the world won't need so much convincing.
Bloomberg
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RBC's Calvasina Sees Investors Looking Past Policy to 2026
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