BHP will buy a minority stake in a Tanzanian nickel project as the world’s biggest miner seeks to expand in commodities that will be central to the green-energy transition.
. The company sold its last mining asset in Africa — the rights to develop an iron ore deposit in Guinea — in 2019 as it focused on Australia, Canada and Chile. BHP will initially invest $40m in Kabanga Nickel and $10m in Lifezone, which owns the processing technology, the smaller company said in a statement. BHP will take an 8.9% equity stake in Kabanga Nickel from its initial investment and raise its stake to 17.8% after it makes an additional $50m investment. BHP’s purchase of a stake in Kabanga values the project at $658m.
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