Lifezone Metals (NYSE: LZM), which is 17% owned by BHP (NYSE: BHP; LSE: BHP; ASX: BHP), announced on Thursday a mineral resource update for the Kabanga nickel project in northwest Tanzania.
The company reported attributable measured and indicated resources totalling 43.6 million tonnes grading 2.02% nickel, 0.28% copper and 0.16% cobalt (2.57% nickel-equivalent). That represents a 69% increase relative to the February 2023 mineral resource estimate.
Attributable inferred resources totalled 17.5 million tonnes grading 2.23% nickel, 0.31% copper and 0.16% cobalt (2.79% nickel-equivalent).
According to Lifezone, around 71% of Kabanga’s resource tonnage is now classified in the higher-confidence measured and indicated categories relative to inferred.
The Kabanga project is believed to be one of the world’s largest and highest-grade undeveloped nickel sulphide deposits.
Lifezone shares were up 0.2% to $9.61 on Thursday morning in New York, valuing the company at $768 million.
Read More: Lifezone reports strong results at Kabanga nickel project ahead of feasibility