Lifezone Takes Full Control of Kabanga Nickel with BHP Stake Acquisition

Deal News | Jul 22, 2025 | Travers Smith LLP

Lifezone Metals, a company dedicated to cleaner metals production, has acquired BHP's 17% equity interest in Kabanga Nickel Limited (KNL), making it the 100% owner of KNL. KNL is the majority shareholder of Tembo Nickel Corporation Limited, which oversees the Kabanga Nickel Project in Tanzania. This project is recognized as one of the largest undeveloped nickel sulfide deposits globally. The Tanzanian government retains a 16% interest in TNCL. The acquisition aligns with Lifezone's goals of advancing cleaner technology and empowering local beneficiation in Tanzania. Travers Smith LLP, led by Corporate Partner Tom Coulter, provided legal advice on this transaction, continuing its advisory role following Lifezone's previous SPAC merger to become a NYSE-listed entity.

Sectors

Mining and Metals
Legal Advisory
Sustainability and ESG

Geography

Tanzania – The key asset in question, the Kabanga Nickel Project, is located in northwestern Tanzania.
United Kingdom – Travers Smith LLP, the legal advisor, is based in the UK.

Industry

Mining and Metals – The article is focused on Lifezone Metals' acquisition involving a significant nickel project in Tanzania, which is within the mining and metals sector.
Legal Advisory – Travers Smith LLP provided legal advice on the transaction, indicating the involvement of legal advisory services.
Sustainability and ESG – The acquisition supports Lifezone Metals' commitment to cleaner and more responsible metals production, aligning with sustainability and environmental, social, and governance (ESG) trends.

Financials

17% – The equity interest in Kabanga Nickel Limited acquired by Lifezone Metals from BHP.
84% – The equity interest held by Kabanga Nickel Limited in Tembo Nickel Corporation Limited.
16% – The equity interest held by the Government of Tanzania in Tembo Nickel Corporation Limited.

Participants

Name	Role	Type	Description
Lifezone Metals Limited	Target/Bidding Company	Company	A company focused on delivering cleaner and more responsible metals production. Now fully owns Kabanga Nickel Limited.
BHP	Selling Company	Company	A leading global resources company that sold its 17% equity interest in Kabanga Nickel Limited to Lifezone Metals.
Kabanga Nickel Limited (KNL)	Target Company	Company	The company of which Lifezone Metals acquired 100% ownership. Holds a majority stake in the Kabanga Nickel Project.
Travers Smith LLP	Legal Advisor	Company	The law firm that advised Lifezone Metals on the acquisition.
Government of Tanzania	Other	Government	Holds a 16% interest in Tembo Nickel Corporation Limited, the operating company of the Kabanga Nickel Project.