11:05 AM EDT, 09/23/2024 (MT Newswires) -- Lifezone Metals ( LZM ) said Monday it has initiated the project financing process for the Kabanga Nickel Project in Tanzania, in collaboration with BHP Group ( BHP ) .

In addition, Lifezone has obtained a letter of interest from the US International Development Finance Corporation, which expressed interest in potentially providing loans as part of the project's financing package, Lifezone said.

The metals company said that Societe Generale has been named the lead financial adviser to its subsidiary Kabanga Nickel, in which BHP has a 17% stake.

Shares of Lifezone were up 2.3% in recent trading.

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