Mining News

BHP invests in Tanzanian nickel project

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Diversified major BHP will make a $90-million investment into private firm Kabanga Nickel to accelerate the development of the Kabanga nickel project, in Tanzania.

Kabanga Nickel on Monday announced an initial $40-million investment by the miner, will convert into an 8.9% equity stake in Kabanga Nickel once approvals and conditions are met. Once invested and on conversion the second tranche of $50-million will increase BHP’s equity stake in Kabanga Nickel to 17.8%, thereby valuing the project at $658-million.

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