The project is transitioning from the exploration stage to the developmental financing and site preparation phases.
Next steps The project has an after-tax net present value of $1.58 billion using an 8.0% discount rate and after-tax internal rate of return of 23.3%, based long-term consensus metal prices “The next steps include securing project financing, final permitting and site preparation, building the underground mine and concentrator, and advancing plans for the proposed Kahama Hydromet Refinery,” states Showalter. He further explains that the recent Feasibility Study outlined a mine plan for 52.2 million tonnes of ore (100% basis) to be processed over an 18-year life-of-mine (LoM), with average feed grades near 2% nickel. The Kabanga Nickel Project hosts 67.1 million tonnes of measured and indicated resources, grading 2.09% Ni, 0.29% Cu, and 0.16% Co, plus a further 16.2 million tonnes of inferred resources at similar grades (100% basis). “Nickel recoveries are expected to exceed 87%, producing around 350 000 tonnes of concentrate per year. Kabanga’s grade and scale make it a potential first quarter cost producer among global nickel operations. Looking ahead, we see strong growth potential - with exploration to target new, high-grade zones - and there is significant opportunity to convert additional resources into mineable reserves.” Based on analysis provided by CRU International (CRU Group), Kabanga’s low all-in sustaining costs averaging $3.36 per pound of nickel contained in concentrate, net of copper and cobalt by-product credits, will fall within the first quartile of the global nickel cost curve. Rising demand With its high grades, long life, low-carbon processing
Lifezone’s ultimate intention is to create a mine-to-metal operation.
DECEMBER 2025 - JANUARY 2026 | www.modernminingmagazine.co.za MODERN MINING 33
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