News

The British Kabanga Nickel Mining Company has signed a framework agreement with the Tanzanian government to develop the world's largest battery grade nickel sulfide deposit in the northwest of the country. As part of the cooperation, the two parties established a joint company called Tembo Nickel, which will mine, process and refine Type 1 nickel containing cobalt and copper by-products.

　　Kabanga Nickel owns 84% ​​of the shares and Tanzania owns the remaining 16%. The economic benefits of the Kabanga Nickel Project originally owned by Barrick Gold Corporation and Glencore will be evenly distributed between the two shareholders.

　　Tanzania is the fourth largest gold producer in Africa. In recent years, the government has obtained higher income from its rich mineral resources by comprehensively reforming the financial and regulatory systems of its mining industry. The Kabanga project has 58 million tons of raw ore resources with a nickel content of 2.62%, including 1.52 million tons (3.3 billion pounds) of nickel, which is a key ingredient for the manufacture of electric vehicles (EV).

　　Kabanga Company stated that the deposit also contains a large amount of cobalt and copper, and the mine’s service life is 30 years. Kabanga Nickel pointed out that it will obtain all project data and information from Barrick and Glencore, including the 2014 feasibility study report draft and subsequent updates. Kabanga will build a hydrometallurgical plant to reduce its carbon footprint and minimize its impact on the environment, as well as reduce capital and production costs.