Dodoma (Tanzania), London (United Kingdom), 9 December 2022 – BHP has agreed to invest an additional US$50 million in Kabanga Nickel Limited (“Kabanga Nickel”). This investment will increase BHP’s direct equity interest in Kabanga Nickel to 17%, and is subject to the satisfaction of certain regulatory and other conditions.
BHP also has an option to further increase its direct equity interest in Kabanga Nickel to 60.7%, subject to the satisfaction of certain regulatory and other conditions and Kabanga Nickel achieving certain agreed milestones, including the completion of the feasibility study relating to the project.
The new tranche of funding follows BHP’s initial investment of US$40 million for an 8.9% equity interest in Kabanga Nickel, announced on 10 January 2022. With the initial tranche, BHP also provided a US$10 million equity investment to progress Lifezone Limited’s (“Lifezone”) patented hydrometallurgical (“hydromet”) processing technology.
Based on test studies, the technology has the potential to be a more cost-efficient alternative to conventional smelting with a significantly lower environmental impact.
Vice President ESG & Communications
Paul Betts and Christopher Kololian
RBC Capital Markets
+44(0)7545 514 354 and +44(0)7841 867 784
+44 (0)7814 964 287
+44 (0) 7821 571 308