Leidi.com Rakuten July 8
Lifezone Metals, a nickel miner in Tanzania, an African country, recently reached an agreement with the special purpose acquisition company (SPAC) GoGreen Investments Corporation, and started trading on the New York Stock Exchange in the United States under the stock codes "LZM" and "LZMW".
Lifezone Metals is also the first Tanzanian company to be listed on a major U.S. exchange. Lifezone Metals CEO Chris Showalter, Tanzanian Ambassador to the U.S. Elsie Kansa and his team attended the listing ceremony.
The deal is valued at $1 billion for Lifezone Metals.
Total proceeds to Lifezone Metals were approximately $86.6 million, which included approximately $70.2 million from PIPE investors and approximately $16.4 million in net redemption cash held in trust.
BHP Billiton (UK) DDS Limited (“BHP”) has earlier announced a US$90 million investment in Kabanga Nickel Limited (“KNL”), the owner of the Kabanga Project in North West Tanzania (“KNL”). Kabanga Project") invested US$10 million in Lifezone Limited, both of which are subsidiaries of the company.
Lifezone Metals owns the Kabanga nickel mine and refinery project. In 2021, Lifezone Metals acquired the Kabanga nickel project in northwestern Tanzania.
As of 15 February 2023, the Kabanga Mineral Resource is estimated at 258Mt (Proved and Indicated) at 2.63% Ni, 0.35% Cu and 0.2% Co, and 146Mt (Inferred Resource) (incl. 2.57% Ni, 0.34% Cu and 0.18% Co), the recoveries of Ni, Cu and Co were 87.2%, 85.1% and 88.1%, respectively.
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