Lifezone Metals listing to expose Tanzanian nickel to global markets

TANZANIA’s mining industry took centre stage at the NewYork Stock Exchange (NYSE) on Tuesday, when Tembo Nickel Corporation Limited’s ultimate parent company, Lifezone Metals, announced its plan to list on the world’s largest stock exchange.

The listing will follow the completion of a series of transactions.

Tembo Nickel is the local subsidiary of Lifezone Metals, a company created to unlock the Kabanga nickel project using a cleaner processing technology called hydromet.

Lifezone Metal’s hydrometallurgical or “hydromet” green-processing technology has the potential to produce cleaner metals to support growing demand for batteries used in electric vehicles (EVs) and fuel cell vehicles (FCVs).

Lifezone believes that the transaction announced this week has the potential to position Tanzania at the forefront of the clean energy transition.

By accessing the largest pool of funding in the world via the NYSE, the transaction will help Tembo Nickel advance the development of the Kabanga nickel project and progress towards construction and production over the coming years.

The Kabanga mine and hydromet technology are expected to produce refined high-grade nickel,LME Grade A copper cathode and cobalt.

According to Lifezone the move will make an important contribution to the clean energy transition and to combating climate change.

Lifezone will work with Tanzania government and BHP Billiton DDS Limited (“BHP”), a leading global resources company, in the Tembo Nickel partnership.

Tembo Nickel is an operating company formed by a Framework Agreement between Kabanga Nickel Limited (“Kabanga Nickel”), a subsidiary of Lifezone,and the Government of Tanzania.

Under the Agreement, Tembo Nickel (owned 84 per cent by Kabanga Nickel and 16 per cent by the government ofTanzania) was established to mine, process and refine nickel with cobalt and copper co- products.

These stakeholders will equitably share the key benefits of the Kabanga project including revenue, infrastructure, skills creation and employment. The project has the potential to reshape the Tanzanian economy, both domestically and in the region.

Metals production from Tembo Nickel will take place entirely in Tanzania. Lifezone therefore expects the benefits from the project to be retained in the country.

Commenting, Minister for Minerals, Dr Doto Biteko said: “We are proud to stand together with our partners in Tembo Nickel on this momentous occasion.”

He said the advancement of Lifezone Metals towards a listed company means local subsidiary Tembo Nickel has the potential to set the stage for Tanzanian mining and confirms that the country is open for business.

“We welcome private sector investment that is centred on shared returns and mutual economic and social benefits. We believe Tembo Nickel will be a key vehicle in supporting Tanzania’s status as an emerging leader in the clean energy transition,” Lifezone Metals Founder and Chair, Keith Liddell said.

He said as the world shifts towards electric vehicles, Lifezone, with the Tembo Nickel partnership, aims to prove that greener, more affordable solutions for the energy transition are indeed possible.

Liddell added “as we continue to press forward with project development, we will maintain our commitment to employ and develop local talent, share the value we create with the people of Tanzania, and build an effective and lasting partnership with this great country.”

Tembo Nickel, Country Manager Benedict Busunzu said they believe that the Kabanga nickel project is of national importance for the country, and its success will be key to attracting further foreign direct investment.