Kabanga Nickel Limited’s parent company, Lifezone Metals, began trading on the New York Stock Exchange (NYSE) after merging with GoGreen Investments Corp. The Kabanga Nickel project in Tanzania, owned by Tembo Nickel Limited, is implementing clean technology called “Hydromet Technology” to produce nickel, copper, and cobalt for the US electric vehicle industry.
Lifezone Metal presented the Kabanga Nickel project with its environmentally friendly ‘Hydromet Technology,’ a clean energy solution that does not produce carbon emissions. The technology is considered beneficial for promoting the global shift towards clean energy usage and supports initiatives aiming to achieve zero emissions by 2050.
The transaction generated $86.6 million in gross proceeds, including $70.2 million from a private investment and $16.4 million in cash from GoGreen.
These receipts were in addition to the previously disclosed investments of $90 million from BHP Billiton (UK) into Kabanga Nickel Limited, and a further $10 million into Lifezone Limited.
The listing on the NYSE allows Lifezone Metals to raise funds for mining and development while adhering to low carbon emission standards. The move is also seen as a significant development for Tanzania’s mining industry and could attract EV battery factories to the country, bringing economic benefits.
The Kabanga nickel mining project aims to become one of the largest and highest-quality nickel deposits globally.
Source: THE CITIZEN
Image Source: NYSE