Nickel exploration, development and technology company Lifezone Metals marked its entry into the NYSE on Thursday, after successfully completing a business combination with special purpose acquisition company GoGreen.

The merger facilitated financial gains for Lifezone Metals, with total gross proceeds of $86.6-million, including $70.2-million in aggregate from a private investment in public equity and the receipt of $16.4-million in cash from GoGreen’s trust account.

These funds are in addition to the previously announced investment by BHP Billiton of $90-million into the Kabanga nickel project, in north-west Tanzania, and an additional $10-million invested into Lifezone Limited.

The debut on the NYSE serves as a significant milestone for Lifezone Metals.

“With the electrification of transportation inflecting and the demands to decarbonise our economies broadly intensifying, we believe Lifezone Metals stands to be a critical enabler of ensuring that in the process of attempting to create a greener tomorrow through the replacement of internal combustion engine vehicles with electric vehicles (EVs), the automotive industry isn’t offsetting these gains through a significant ramp-up in the toxic emissions derived from smelting in the EV battery supply chain,” said Lifezone Metals CEO Chris Showalter.

Lifezone’s flagship Kabanga project is estimated to be one of the biggest and highest quality undeveloped nickel sulphide deposits in the world, with a mineral resource that has an attributable tonnage portion of 44-million tons at an average in-situ nickel grade of 2.61%, plus 0.35% copper and 0.19% cobalt. 

The company will use its proprietary Hydromet technology – a lower-energy intensity, significantly less carbon intensive, and lower-cost alternative to smelting – for processing. Smelting, the traditional method of metals extraction, is estimated to contribute up to 7% of global greenhouse gas emissions. For the Kabanga project, the Hydromet technology is estimated to reduce carbon dioxide emissions by up to 73%, compared with traditional smelting and is free of sulphur dioxide.

More broadly, the Hydromet technology can potentially reduce capital and operating costs by up to 79% and 41%, respectively, Lifezone reports.

With the support of global leading resources company, BHP, including its aggregate investments of $100-million, Lifezone believes it is well on its way to unlocking the Kabanga asset. The company is at present making good progress on early site works, environmental planning, further special mining licence exploration and feasibility studies towards its goal of achieving first ore in 2026.