BHP to Invest Up to $90 Million in Kabanga Nickel
2022年1月10日 - 6:14PM
Dow Jones News
By Rhiannon Hoyle
BHP Group Ltd. will invest up to $90 million in Kabanga Nickel
Ltd., which owns a nickel project in Tanzania, as the world's
largest mining company by market value seeks to boost its exposure
to metals needed for a low-carbon economy.
BHP has agreed to initially invest $40 million to accelerate the
Kabanga Nickel project, for an 8.9% equity stake, and may commit a
further $50 million if definitive documentation can be agreed and
certain conditions are met, Kabanga Nickel said. BHP will also put
$10 million into Lifezone Ltd., the owner of hydrometallurgical
technology that will be used to build and operate a refinery in
Tanzania.
Kabanga Nickel wants to produce battery-grade nickel as well as
cobalt and copper at the project in northwest Tanzania that was
formerly owned by Barrick Gold Corp. and Glencore PLC. BHP has the
right to make further investments subject to achieving certain
agreed milestones, it said.
"This investment secures access to a world class nickel sulphide
resource and is aligned with BHP's strategy to capture
opportunities in future-facing commodities," BHP said in an emailed
statement.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
January 10, 2022 03:59 ET (08:59 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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