Lifezone Metals secures $60M for Kabanga nickel project
Lifezone Metals (NYSE: LZM) has obtained a $60 million bridge facility from Taurus Mining Finance Fund to support early works and infrastructure for its Kabanga nickel project in northwest Tanzania.
Kabanga is regarded as one of the largest and highest-grade undeveloped nickel sulfide deposits globally, hosting more than 2 million tonnes of contained nickel, alongside notable copper and cobalt by-products. The funding follows Lifezone’s recent move to secure full ownership of Kabanga Nickel Limited (KNL) the project’s operator after purchasing the 17% stake previously held by BHP for $83 million. The Tanzanian government retains a 16% interest in the project.
Kabanga Nickel
The updated feasibility study, released in July, estimates reserves of 52.2 million tonnes averaging 1.98% nickel, 0.27% copper, and 0.15% cobalt. Over its projected 18-year mine life, Kabanga is expected to produce approximately 902,000 tonnes of nickel, 134,000 tonnes of copper, and 69,000 tonnes of cobalt in intermediate product. The project carries an after-tax net present value of $1.58 billion (at an 8% discount rate) and an internal rate of return of 23.3%.
Pre-production capital requirements are estimated at $942 million, with total life-of-mine costs of $2.49 billion. The loan will help bridge the gap between the feasibility study and the anticipated final investment decision in mid-2026, according to CEO Chris Showalter.
Lifezone is advancing parallel funding discussions with Standard Chartered to secure additional strategic partners, while Societe Generale is advising on a broader project financing package. Following the loan announcement, Lifezone’s shares climbed nearly 4% on Monday, valuing the company at about $355.2 million.
