Lifezone Metals and Japan Organization for Metals and Energy Security Sign Memorandum of Understanding

03.10.2024 - 14:32:06

Lifezone Metals and Japan Organization for Metals and Energy Security Sign Memorandum of Understanding. Strategic Partnership to Secure Cleaner Nickel, Copper and Cobalt from the Kabanga Nickel Project for the Japanese Battery Industry

Business Wire India

Lifezone Metals Limited’s (NYSE: LZM) Chief Executive Officer, Chris Showalter, is pleased to announce the signing of a Memorandum of Understanding (MOU) with Japan Organization for Metals and Energy Security (JOGMEC). This strategic partnership aims to support JOGMEC’s efforts to secure cleaner metals from the Kabanga Nickel Project for the Japanese battery industry.

Kabanga is one of the world’s largest and highest-grade undeveloped nickel sulfide deposits with byproduct copper and cobalt. By utilizing Lifezone’s Hydromet technology, the Project is expected to significantly reduce emissions compared to traditional smelting methods.

Mr. Showalter stated: “Kabanga is a world-class, high-grade nickel deposit and we welcome the opportunity to bring on JOGMEC as a strategically aligned partner. With BHP as our project development partner, Societe Generale as our Lead Financial Advisor for the project financing process, the support of the U.S. International Development Finance Corporation and the Government of Tanzania, and now strategic cooperation with JOGMEC – a Japanese government independent administrative agency for energy and metals, we see a clear indication of intent to drive this globally significant project forward to the benefit of all partners and stakeholders.”

Under the terms of the MOU, Lifezone will collaborate with JOGMEC to facilitate the supply of metals from Kabanga, through Lifezone’s portion of marketing rights, for Japan’s growing battery market, ensuring a sustainable and traceable metals value chain. This initiative aligns with both Lifezone’s and JOGMEC’s commitment to advancing responsible mining practices and supporting the global transition to clean energy.

JOGMEC will consider providing financial support for Japanese companies upon its submittal of an application for the Japanese Governmental funding support program. This potential investment underscores the importance of the Kabanga Nickel Project in meeting the increasing demand of Japanese industry for cleaner metals.

The MOU is non-binding and imposes no obligations on either party.

JOGMEC is an independent administrative agency of the Japanese government whose mission is to secure a stable and affordable supply of energy and mineral resources to strengthen Japan’s industrial base.

Japan is a partner in the Minerals Security Partnership (MSP), which aims to accelerate the development of diverse and sustainable critical energy minerals supply chains through working with host governments and industry to facilitate targeted financial and diplomatic support for strategic projects along the value chain. MSP partners include Australia, Canada, Estonia, Finland, France, Germany, India, Italy, Japan, Norway, the Republic of Korea, Sweden, the United Kingdom, the United States, and the European Union (represented by the European Commission).

Both JOGMEC and the U.S. International Development Finance Corporation (DFC) are members of the recently announced MSP Finance Network, and the Kabanga Nickel Project has been recognized as a MSP Project.

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About Lifezone Metals

At Lifezone Metals (NYSE: LZM), our mission is to provide cleaner and more responsible metals production and recycling. Using a scalable platform underpinned by our Hydromet Technology, we offer the potential for lower energy consumption, lower emissions and lower cost metals production compared to traditional smelting.

Our Kabanga Nickel Project in Tanzania is believed to be one of the world's largest and highest-grade undeveloped nickel sulfide deposits. By pairing with our Hydromet Technology, we are working to unlock a new source of LME-grade nickel, copper and cobalt for the global battery metals markets, to empower Tanzania to achieve full in-country value creation and become the next premier source of Class 1 nickel.

Through our US-based, platinum, palladium and rhodium recycling partnership, we are working to demonstrate that our Hydromet Technology can process and recover platinum group metals from responsibly sourced spent automotive catalytic converters in a cleaner and more efficient way than conventional smelting and refining methods.

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