Battery metal producer Lifezone Metals has unveiled plans to list in New York, US, through a merger with blank cheque company GoGreen Investments.
Lifezone signed an agreement to acquire GoGreen to create the first nickel resource and green technology company to be listed on the New York Stock Exchange (NYSE).
Go deeper with GlobalData
The combined business will operate under the name, ‘Lifezone Metals’, and is expected to have a pro forma equity value of nearly $1bn.
Lifezone owns the planned Kabanga Nickel mine and refinery project in Tanzania.
Located in North-West Tanzania, the project is claimed to host one of the world’s largest and highest-quality undeveloped nickel deposits.
It is estimated to hold mineral resources of 44 million tonnes at an average in-situ nickel grade of 2.61%, plus 0.35% copper and 0.19% cobalt.
To exploit the $43bn Kabanga nickel deposit in Tanzania, Lifezone intends to use its hydrometallurgical (hydromet) processing technology, which is designed to significantly reduce emissions, reported Bloomberg News.
Lifezone said its lower-impact hydrometallurgical processing technology can eliminate carbon-intensive smelting from nickel production, as well as removes harmful sulfur dioxide emissions from the overall process.
In January 2022, BHP announced an initial investment of $40m in the Kabanga nickel deposit for an 8.9% equity interest in the Kabanga project, and a $10m equity investment to advance Lifezone’s hydrometallurgical processing technology.
Recently, BHP agreed to a further investment of $50m in Kabanga Nickel to increase its direct equity stake to 17%.
