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Trusted independent financial
advisor to the mining sector
2021: Advisor to
2020: Advisor to
2021: Advisor to

Geopacific Resources
Cassini Resources
Diversified Minerals
Diversified Minerals

Advised on the A$20m sale
Advised on the US$100m
Joint defence advisor in

financing (Loan and Stream)
of the Henty gold mine in
of the Dargues gold mine in
relation to the A$76m

NSW to Aurelia.
takeover by OZ Minerals.
Tasmania to Catalyst Metals.
for the greenfield Woodlark

gold project.

2018: Advisor to
2017: Advisor to
2018: Advisor to

2016: Advisor to
Explaurum Limited
OZ Minerals

PanAust
Stanmore Coal
Defence advisor in relation to
Advised on the financing
Advised on the US$90m

the unsolicited A$89m
acquisition of the Wotonga
strategy for the greenfield

refinancing of the Ban
takeover by Ramelius
South Project from
development of the

Houayxai and Phu Kam
Resources.
Peabody Energy.
copper-gold mines in Laos.
Carrapateena copper-gold
mine in SA.
neWs Advised on the A$30m 2020: Joint Advisor to Advised on the A$200m sale
Nickel deals worth more than dimes
anoeuvres in the nickel space are inten- its attention to Tanzania with a $US40 mil- met, Kabanga Nickel said in a statement. T +61 2 9133 9000 | www.icapartners.com.au
Msifying with BHP Ltd – fresh from defeat lion investment in private UK group Ka- The agreement allows for BHP to invest a
at the hands of Andrew Forrest – turning its banga Nickel, which controls the massive further $50 million to increase its stake to
attention to Tanzania as IGO Ltd closes in undeveloped project of the same name. 17.8%, valuing the project at $US658 mil-
on its acquisition of Western Areas Ltd. BHP has rarely ventured to Africa since lion.
BHP and Forrest’s Wyloo Metals Ltd spinning out South32 Ltd in 2015 but with BHP also invested $10 million into hydro-
group had been competing over Canadian Tanzania’s stance towards foreign miners metallurgical technology firm Lifezone Ltd,
company Noront Resources Ltd and its softening and the company desperate to a company founded by Kabanga Nickel
Eagle’s Nest nickel-copper-cobalt play in increase its exposure to battery minerals, chairman Keith Liddell.
the Ring of Fire, Ontario, Canada. While Kabanga emerged as a likely candidate. Lifezone holds the rights to the Kell
Eagle’s Nest is projected to initially produce The project – which counts Falconbridge, process, a propriety hydrometallurgical
15,500 tpa nickel with copper and PGM BHP, Anglo American plc, Barrick Gold flowsheet developed for the platinum sec-
credits, there are a further 22 discoveries Corp and Glencore plc among its former tor which uses pressure oxidation to extract
and seven defined resources on the prop- owners – has taken on near-mythical sta- base metals.
erty. tus, given it holds 1.5mt of contained nickel The process is currently being used by
Noront had accepted a 55c/share bid as well as large cobalt and copper credits. Sedibelo Platinum Mines Ltd at its Pilanes-
from BHP back in July 2021 before Wyloo However, its location in the north-west berg plant in South Africa. Kabanga Nickel
entered the fray. The companies lodged corner of Tanzania, far from any suitable said it was a greener way to produce metal
competing bids over the second half of infrastructure has meant development has than energy-intensive smelting.
2021 before BHP announced it would raise been difficult. The use of the Kell process in a dedicat-
its final $C0.75/share bid. The project was last taken to feasibility ed refinery dovetails with Tanzania’s ambi-
That paved the way for Noront to accept study in 2014 by Barrick and Glencore with tion to get more value out of its minerals.
Wyloo’s bid of $C1.10 which values the a production profile of 40,000 tpa nickel, Mines Minister Doto Biteko said Tanzania
company at $C616.19 million. 6,000 tpa copper and 3,000 tpa cobalt aimed to become “an important hub for criti-
“We are under no misconceptions that identified. However, the subsequent nickel cal decarbonisation minerals”.
this will be an overnight success,” Forrest downturn and policy changes in Tanzania Downstream battery material ambitions
said in a statement from Wyloo. “The jour- left its future uncertain. The JV partners are also at the heart of IGO’s merger with
ney to realise the full potential of the Ring were eventually stripped of the licence by Western Areas.
of Fire will require patience, determination former President John Magufuli. After months of speculation, the two
and working hand-in-hand with First Na- With new President Samia Suluhu Has- companies announced on December 16 an
tions, federal and provincial governments, san more welcoming of foreign investment agreement was reached, with IGO to pay
and regional stakeholders.” in the country’s mining sector, BHP appears $3.36/share in cash to acquire Western Ar-
BHP’s chief development officer Johan willing to take on the jurisdictional risk. eas for a total value of $1.096 billion.
van Jaarsveld said the company wouldn’t “This investment secures access to a IGO managing director Peter Bradford
up its bid. world-class nickel sulphide resource and is said the acquisition was “a logical con-
“While the Eagle’s Nest deposit is a prom- aligned with BHP’s strategy to capture op- solidation within the West Australian nickel
ising resource, we do not see adequate portunities in future-facing commodities,” a landscape”.
long-term value for BHP shareholders to BHP spokesperson said. “[It] further positions us on our journey
support an increase in BHP’s offer,” he said. BHP’s investment in Kabanga Nickel will to become a globally relevant supplier of
Instead, the company immediately turned give it an 8.9% stake once conditions are metals critical for enabling a clean energy
Trusted independent financial
advisor to the mining sector
Page 8 FeBRUaRY 2022 aUSTRaLIa’S PaYDIRT

2021: Advisor to 2021: Advisor to 2020: Joint Advisor to 2020: Advisor to 2019: Advisor to
Geopacific Resources Diversified Minerals Cassini Resources Diversified Minerals Diversified Minerals
Advised on the US$100m Advised on the A$20m sale Joint defence advisor in Advised on the A$200m sale Advised on the A$100m
financing (Loan and Stream) of the Henty gold mine in relation to the A$76m of the Dargues gold mine in financing (Loan and
for the greenfield Woodlark Tasmania to Catalyst Metals. takeover by OZ Minerals. NSW to Aurelia. Royalty) for the greenfield
gold project. development of the Dargues
gold mine in NSW.

2018: Advisor to 2018: Advisor to 2017: Advisor to 2016: Advisor to 2014: Advisor to
Explaurum Limited Stanmore Coal OZ Minerals PanAust Discovery Metals
Defence advisor in relation to Advised on the A$30m Advised on the financing Advised on the US$90m Advised in relation to the
the unsolicited A$89m acquisition of the Wotonga strategy for the greenfield refinancing of the Ban recapitalisation options and
takeover by Ramelius South Project from development of the Houayxai and Phu Kam sale to Cupric Canyon.
Resources. Peabody Energy. Carrapateena copper-gold copper-gold mines in Laos.
mine in SA.

T +61 2 9133 9000 | www.icapartners.com.au