October 04, 2024,New York, United States : 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.