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Lifezone Metals (NYSE: LZM) announced on Monday it has secured a $60 million bridge loan from Taurus Mining Finance Fund to support early infrastructure development at its Kabanga nickel project in northwest Tanzania.
Kabanga is one of the world’s largest undeveloped nickel sulfide projects, with over 2 million tonnes of nickel resources, alongside significant copper and cobalt. Lifezone has consolidated its ownership of Kabanga Nickel Limited (KNL) to 100% after acquiring a 17% stake from BHP for $83 million, allowing full control over the project and its offtake rights.
The feasibility study indicates a pre-production cost of $942 million, predicting total mine costs of $2.49 billion. Over an 18-year mining period, the project is expected to produce 902,000 tonnes of nickel, 134,000 tonnes of copper, and 69,000 tonnes of cobalt. Lifezone’s market capitalization increased to $355.2 million following the loan announcement.
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