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United Kingdom mining company Kabanga Nickel has taken advice from Clyde & Co on an agreement with the Government of Tanzania for the development of the world’s largest nickel deposit project.
Based in Northwest Tanzania, the multi-billion-dollar nickel deposit project comprises an on-site mineral resource of 58 million tonnes including over 1.52 million tonnes of nickel, a crucial material used in the manufacture of electric vehicles.
As part of the transaction, Kabanga Nickel also acquired various historic project assets.
In addition, under the agreement terms, the Kabanga and the Government of Tanzania have formed a privately-held joint venture company named Tembo Nickel Corporation. The new company will be owned 84% and 16% by Kabanga and the Government of Tanzania, respectively.
Tembo Nickel will undertake mining operations, and it will process and refine Class 1 nickel with copper and cobalt co-products.
In a press release in October last year, electronics company IDTechEx highlighted that 95% of new electric vehicles used a variant of either lithium nickel manganese cobalt oxide or lithium nickel cobalt aluminium oxide, adding that “demand for nickel is further amplified by the trend towards higher nickel content” in battery cells.
In a separate statement, Clyde & Co lead partner and head of corporate in East Africa Michael Strain described the transaction as “a landmark agreement and a significant development for Tanzania – heralding a much-needed new dawn for the Tanzanian mining industry and investor confidence”.
Kabanga Nickel’s chairman, Keith Liddell, also commented: “This mine will contribute significantly towards supplying critical and traceable battery metals for the transition to a low carbon world economy.”
Liddell also expressed excitement at developing Kabanga “into a unique, environmental, social and governance (ESG)-compliant, responsible mine of the future”.
Clyde & Co advised Kabanga on key transaction documents and provided corporate advice relating to due diligence matters.
Various Jobs Vacancy At Tembo Nickel Corporation
