07:44 AM EDT, 07/18/2025 (MT Newswires) -- Lifezone Metals ( LZM ) said Friday it has completed a deal with BHP Group's ( BHP ) BHP Billiton DDS to buy the latter's 17% ownership in Kabanga Nickel, the majority owner of the Kabanga nickel project in Tanzania.

Lifezone said it now owns 100% of Kabanga Nickel, which has an 84% interest in Tembo Nickel, the Tanzanian operating company for the Kabanga Nickel project.

The Tanzanian government owns the remaining 16% interest in Tembo, the company said, adding that all current agreements with BHP have been terminated.

Under the terms, Lifezone will pay a $10 million fixed cash, payable within a month following the earlier of 12 months after the final investment decision at Kabanga, or once the company has raised $250 million in total financing, it said. LifeZone will pay a maximum of $83 million to BHP, or reduced to $75 million if the resettlement action plan trigger event occurs.

Additionally, BHP has decided not to sell its Lifezone stock for 12 months after completion, and it must first offer any shares to Lifezone before selling them to third parties.

Lifezone Metals' ( LZM ) stock was down 1.6% in recent Friday premarket activity, while BHP's stock edged 0.2% lower.