British mining company raises 1.3 billion US dollars to mine nickel mine in Tanzania
According to a Mining report on November 18, 2021, the British mining company Kabanga Nickel Ltd. is seeking to raise US$1.3 billion for Tanzania’s world-class Kabanga Nickel project . The company said the project can help alleviate the insatiable demand for nickel from electric car manufacturers.
“We are accelerating such discussions as quickly as possible,” said Chris Showalter, a former investment banker and CEO of Kabanga Nickel Corporation, in an interview. “Due to the excellent quality of the project, we have produced strong interest of.”
Kabanga Nickel is trying to raise funds for a US$950 million mine and a US$350 million refinery. These two projects will be developed simultaneously in northwestern Tanzania. The project will eventually produce up to 50,000 tons of nickel cathodes per year, as well as small amounts of copper and cobalt. The company plans to put it into use before 2024, and extend it for another year to reach a stable state of production.
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Showalter said: “I want to emphasize that we are ready to start supplying Mr. Musk and all other strategic battery electric vehicles.” He added that when negotiating with investors, electric vehicle companies are trying to ensure future supply. The unfolding competition put the Kabanga Nickel Mine in a very fierce competitive environment.
Showalter said, “The world needs clean nickel. We will not be the only solution, but we are the next fast-growing project. Our company plans to use less electricity in the refining process and reduce carbon footprint, which may help. The company sells its products at a higher price.”
The Kabanga Nickel Mine Project has 58 million tons of ore resources, with a nickel ore grade of 2.62% and a nickel content of more than 1.52 million tons; at the same time, the deposit also contains a large amount of cobalt and copper.
Tembo Nickel Corporation Limited is a joint venture established by the British mining company Kabanga Nickel Corporation and the Tanzanian government in early 2021; Kabanga Nickel Corporation owns 84% of the shares in the joint venture, and the Tanzanian government owns the rest 16% of regular shares. The joint venture company will be responsible for the operation of the Kabanga nickel project.
