U.S. International Development Finance
Corporation Provides Letter of Interest for Loan
Application
Societe Generale Appointed as Lead Financial
Advisor
Lifezone Metals Limited’s (NYSE: LZM) Chief Executive
Officer, Chris Showalter, is pleased to announce that Lifezone, in
partnership with 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 (DFC) that expressed
DFC’s interest in considering the Project for loans as part of the
Project’s financing package.
Tanzanian Minister of Minerals, Hon. Anthony Mavunde, welcomed
the news, saying: “The Kabanga Nickel Project is a model example of
the Government of Tanzania’s commitment to fostering sustainable
development and economic growth for the benefit of Tanzania and
Tanzanians. We are delighted with the announcement that DFC has
signed a Letter of Interest for project finance of Kabanga.
Building on the 2023 visit to Tanzania by Vice President Harris,
DFC's action shows that Tanzania and the United States continue to
develop a strong economic partnership founded on a shared vision
for sustainable development and we are looking forward to further
developing our relationship to pursue our common goals. This
project will not only boost our economy regionally and nationally,
but also position Tanzania as a leading international player in the
global nickel market, contributing significantly to the global
energy transition.”
Mr. Showalter also commented: “The initiation of the project
financing process with Societe Generale is a crucial next step in
securing the funding required for Kabanga, and is yet another
indicator of the strategic importance of the Project to our global
partners. With DFC’s interest in supporting Kabanga, the U.S.
government clearly recognizes the critical role that sustainable
mineral development in Africa plays in the global energy
transition. Today’s announcement reinforces this vision and again
highlights the strong relationship between the United States and
Tanzania.”
Scott Nathan, Chief Executive Officer of DFC added: “DFC is
helping to advance the global energy transition through projects
that drive sustainable development and economic growth. The Kabanga
Nickel Project represents a significant opportunity to advance
responsible mineral development in Tanzania, diversifying critical
supply chains and fostering economic resilience in the region.”
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 (PGI), 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.
DFC is America’s development finance institution. It partners
with the private sector to finance solutions to the most critical
challenges facing the developing world today across sectors
including energy, infrastructure, healthcare, agriculture, and
financial services. DFC investments adhere to high standards and
respect the environment, human rights, and worker rights.
Societe Generale appointed as lead financial advisor to
Kabanga Nickel Limited
Societe Generale 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.
Lenaig Trenaux, Global Head of Batteries, Mining and Industries,
Societe Generale, commented: “Societe Generale supports its clients
in the energy transition, through dedicated solutions, and a
commitment to contribute to sustainable finance. We are very
pleased to be working jointly with Lifezone Metals and BHP to
deliver the Kabanga Nickel Project, aiming to foster development in
Tanzania and feed the energy transition with a large volume of low
carbon critical mineral."
Societe Generale brings world-leading expertise in large-scale
debt financing for mining projects globally. In cooperation with
BHP, Lifezone and Societe Generale will look to optimize Kabanga’s
capital structure through a combination of multi-source
project-level debt and equity.
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About Lifezone Metals
At Lifezone Metals (NYSE: LZM), our mission is to provide
cleaner and more responsible metals production and recycling. Using
a scalable platform underpinned by our Hydromet Technology, we
offer the potential for lower energy consumption, lower emissions
and lower cost metals production compared to traditional
smelting.
Our Kabanga Nickel Project in Tanzania is believed to be one of
the world's largest and highest-grade undeveloped nickel sulfide
deposits. By pairing with our Hydromet Technology, we are working
to unlock a new source of LME-grade nickel, copper and cobalt for
the global battery metals markets, to empower Tanzania to achieve
full in-country value creation and become the next premier source
of Class 1 nickel. A Definitive Feasibility Study for the
mine-to-metals project is due for completion in Q3 2024.
Through our US-based, platinum, palladium and rhodium recycling
partnership, we are working to demonstrate that our Hydromet
Technology can process and recover platinum group metals from
responsibly sourced spent automotive catalytic converters in a
cleaner and more efficient way than conventional smelting and
refining methods.
https://lifezonemetals.com
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Investor Relations – North America Evan Young SVP:
Investor Relations & Capital Markets
evan.young@lifezonemetals.com
Media Enquiries David Petrie Manager: Corporate
Communications david.petrie@lifezonemetals.com
Investor Relations – Europe Ingo Hofmaier Chief Financial
Officer ingo.hofmaier@lifezonemetals.com
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