(3 Minutes Read)
Minister for Minerals, Anthony Mavunde met with BHP top officials to discuss various issues related to the investment project. The minister assured the investors that the government is committed to ensuring a good investment climate and expressed gratitude for the company’s decision to reopen investment in Africa through Tanzania
One of the three biggest mining companies in the world, BHP is looking forward to reopening its mining activities in Africa by teaming up with Lifezone Metal Company to invest in Kabanga Nickel in Ngara, Kagera region. The company suspended its mining activities in Africa 15 years ago and is on its way to doing business on the continent through Tanzania. Glencore, Jiangxi Copper, and Rio Tinto are the world’s biggest mining companies.
Minister for Minerals, Anthony Mavunde met with BHP top officials to discuss various issues related to the investment project. The minister assured the investors that the government is committed to ensuring a good investment climate and expressed gratitude for the company’s decision to reopen investment in Africa through Tanzania.
He said the government will continue its efforts to attract more investors in the country under the directives of President Samia Suluhu Hassan. During the meeting, Mavunde reported on the progress of the Kabanga Nickel project, which is under Tembo Nickel.
Tembo Nickel Corporation Limited is a mine-to-metal company formed through the Framework Agreement between Kabanga Nickel Limited (84 per cent) and the Government of Tanzania (16 percent) for the development of the Kabanga nickel deposits in Tanzania.
The project is set to cost USD 2.2 billion (about 5.9tri/-) of which USD 1.6 billion (about 4.3tri/-) will be used for developing a mining site and construction of a mining processing plant in Ngara District. Moreover, USD 600 million (about 1.6tri/-) will be used for the construction of the multi-metal refinery facility in the special economic zone at Buzwagi, Kahama District in Shinyanga region. BHP’s turnover is USD 60 billion (about 160tri/-) annually in its mining businesses worldwide.
The Minister who was accompanied by the Ambassador of Tanzania to Japan, who also oversees Australia, Mr. Baraka Luvanda visited the multi-metal refinery facility, which is set to use modern Hydrometallurgy technology through Tembo Nickel, which owns Kabanga Nickel.
Kabanga is the largest development-ready nickel sulphide deposit in the world, it contains in-situ nickel equivalent resources estimated at 1.86 million tonnes and an in-situ nickel equivalent grade of 3.44 percent.
Read Also:
The project timeline anticipates first production in 2025, targeting minimum annual nickel equivalent production of 65,000 tonnes, with 30+ years life of mine and exploration upside potential.
