Hydromet Technology to Recover Precious
Metals from Recycled Automotive Catalytic Converters
Lifezone Metals’ Hydromet Lab Conducting
Confirmatory Pilot Program Testing and Commence Feasibility
Study
Lifezone Metals Limited (NYSE: LZM) is a modern metals
company that creates value across the battery metals supply chain
from resource to metals production and recycling. Lifezone Metals’
Chief Executive Officer Chris Showalter is pleased to announce the
signing of a term sheet with a subsidiary of Glencore plc (LSE:
GLEN) for a platinum, palladium and rhodium (collectively
platinum group metals or “PGMs”) recycling project utilizing
Lifezone Metals’ hydrometallurgical technology (“Hydromet”) to be
based in the USA.
Phase 1 confirmatory piloting work has commenced in Perth,
Australia using Hydromet to process and recover PGMs from
responsibly sourced spent automotive catalytic converters.
Mr. Showalter stated: “By applying our Hydromet technology, we
aim to responsibly recover platinum, palladium and rhodium from
recycled sources in a cleaner and more efficient manner than
otherwise possible through traditional smelting and refining.
Following our acquisition of Simulus Labs in July, where we
acquired the preeminent hydrometallurgical testing and engineering
design group, we gained the capability to simultaneously advance
our Kabanga Nickel Project through the continuing Definitive
Feasibility Study while also investigating other important
applications of our core Hydromet technology.”
Mr. Showalter continued: “In Glencore, we have a world class
partner with exceptional market reach to help position our USA
recycling joint venture favorably with respect to financing and
marketing of finished PGMs. We expect our confirmatory pilot
program to further validate our Hydromet capabilities and
demonstrate that we can also generate favorable economic returns
from PGM recycling. Further, the facility we intend to build is
highly replicable and scalable, which is important given the very
large and rapidly growing addressable market we expect in the years
ahead.”
Highlights of the PGM Recycling Joint Venture with
Glencore
- Term sheet signed by Lifezone Metals and Glencore for the
two-phased implementation of a recycling joint venture to recover
PGMs from spent automotive catalytic converters. The joint venture
will be domiciled in the USA.
- The goal of the joint venture is to profitably deliver high
purity, refined PGMs from 100% recycled sources.
- Lifezone is providing its Hydromet technology for Phase 1
confirmatory piloting and design of the recycling facility. Test
work is underway at Lifezone Metals’ laboratories in Perth,
Australia and is expected to be complete in the first half of
2024.
- The Phase 1 confirmatory pilot project costs are expected to be
$3 million. Initial capital costs for the Phase 2 commercial-scale
recycling facility in the USA are expected to be ~$15-20 million
for a ~115,000 oz per year PGM recycling facility.
- Glencore will provide a working capital facility for the Phase
2 commercial-scale recycling facility and will be the sole offtaker
and marketer of the refined PGMs.
Phased Implementation Plan for the Joint Venture
Phase 1
Lifezone Metals has commenced a confirmatory program of pilot
test work at Lifezone Metals’ laboratories in Perth, Australia. The
confirmatory program will be jointly funded by Lifezone Metals and
Glencore. Based on pilot test results, a feasibility study will be
completed to outline the expected PGM recoveries, capital and
operating expenditures and expected project economics. A decision
to proceed to Phase 2 will depend on the results of Phase 1
confirmatory pilot test work and the outcomes of the feasibility
study.
Figure 1: Primary filtration test completed at Lifezone
Metals’ laboratories in Perth, Australia (November 2023).
Please refer to Figure 1 in the Press Release on our website
here.
Phase 2
Following successful completion of Phase 1, Lifezone Metals and
Glencore will jointly fund the initial capital expenditures
required to construct a commercial-scale PGM recycling
facility.
Through the use of Lifezone Metals’ Hydromet technology, the
recycling facility will be one of the first non-smelted PGM
recycling operations globally and will demonstrate at
commercial-scale a faster, more efficient and less
emissions-intensive method of recycling PGMs.
Glencore will provide a working capital facility for the
recycling facility and will apply its marketing expertise in
respect of 100% of the recycled PGMs.
About Lifezone Metals
Lifezone Metals (NYSE: LZM) is a modern metals company creating
value across the metals supply chain from resource to production
and recycling. Our mission is to provide cleaner metals production
through a scalable platform underpinned by our Hydromet technology.
This technology has the potential to be a lower emissions and lower
cost alternative to traditional smelting, allowing us to
responsibly provide cleaner metals.
Our Kabanga Nickel Project in Tanzania is believed to be one of
the world's largest and highest-grade undeveloped nickel sulfide
deposits, with Definitive Feasibility Study currently underway. By
pairing with our Hydromet Technology, we will work to unlock a new
source of LME-grade nickel, copper and cobalt for the global
battery metals markets. At Kabanga, we are working to empower
Tanzania to achieve full value creation in-country and become the
next premier source of Class 1 nickel.
www.lifezonemetals.com
Forward-Looking Statements
Certain statements made herein are not historical facts but may
be considered “forward-looking statements” within the meaning of
the Securities Act of 1933, as amended, the Securities Exchange Act
of 1934, as amended and the “safe harbor” provisions under the
Private Securities Litigation Reform Act of 1995 regarding, amongst
other things, the plans, strategies, and prospects, both business
and financial, of Lifezone Metals Limited and its subsidiaries
and/or affiliates.
Forward-looking statements generally are accompanied by words
such as “believe,” “may,” “will,” “estimate,” “continue,”
“anticipate,” “intend,” “expect,” “should,” “would,” “plan,”
“predict,” “potential,” “seem,” “seek,” “future,” “outlook” or the
negatives of these terms or variations of them or similar
terminology or expressions that predict or indicate future events
or trends or that are not statements of historical matters;
provided that the absence of these does not mean that a statement
is not forward-looking. These forward-looking statements include,
but are not limited to, statements regarding future events, the
estimated or anticipated future results of Lifezone Metals, future
opportunities for Lifezone Metals, including the efficacy of
Lifezone Metals’ hydrometallurgical technology (Hydromet
Technology) and the development of, and processing of mineral
resources at, the Kabanga Project, and other statements that are
not historical facts.
These statements are based on the current expectations of
Lifezone Metals’ management and are not predictions of actual
performance. These forward-looking statements are provided for
illustrative purposes only and are not intended to serve as, and
must not be relied on, by any investor as a guarantee, an
assurance, a prediction or a definitive statement of fact or
probability. Actual events and circumstances are difficult or
impossible to predict and will differ from assumptions. Many actual
events and circumstances are beyond the control of Lifezone Metals
and its subsidiaries. These statements are subject to a number of
risks and uncertainties regarding Lifezone Metals’ business, and
actual results may differ materially. These risks and uncertainties
include, but are not limited to: general economic, political and
business conditions, including but not limited to the economic and
operational disruptions, global inflation and cost increases for
materials and services; reliability of sampling, success of any
test-work, capital and operating costs varying significantly from
estimates, delays in obtaining or failures to obtain required
governmental, environmental or other project approvals, changes in
government regulations, legislation and rates of taxation,
inflation, changes in exchange rates and the availability of
foreign exchange, fluctuations in commodity prices, delays in the
development of projects and other factors, the outcome of any legal
proceedings that may be instituted against the Lifezone Metals in
connection with the business combination or otherwise; the risks
related to the rollout of Lifezone Metals’ business, the efficacy
of the Hydromet Technology, and the timing of expected business
milestones; the effects of competition on Lifezone Metals’
business; the ability of Lifezone Metals to execute its growth
strategy, manage growth profitably and retain its key employees;
the ability of Lifezone Metals to reach and maintain profitability;
enhancing future operating and financial results; complying with
laws and regulations applicable to Lifezone’s business; Lifezone’s
ability to continue to comply with applicable listing standards of
the NYSE; the ability of Lifezone to maintain the listing of its
securities on a U.S. national securities exchange; costs related to
the business combination; and other risks that will be detailed
from time to time in filings with the U.S. Securities and Exchange
Commission (SEC).
The foregoing list of risk factors is not exhaustive. There may
be additional risks that Lifezone Metals presently does not know or
that Lifezone Metals currently believes are immaterial that could
also cause actual results to differ from those contained in
forward-looking statements. In addition, forward-looking statements
provide Lifezone Metals’ expectations, plans or forecasts of future
events and views as of the date of this communication. Lifezone
Metals anticipates that subsequent events and developments will
cause Lifezone Metals’ assessments to change. However, while
Lifezone Metals may elect to update these forward-looking
statements in the future, Lifezone Metals specifically disclaims
any obligation to do so.
These forward-looking statements should not be relied upon as
representing Lifezone Metals’ assessments as of any date subsequent
to the date of this communication. Accordingly, undue reliance
should not be placed upon the forward-looking statements. Nothing
herein should be regarded as a representation by any person that
the forward-looking statements set forth herein will be achieved or
that any of the contemplated results in such forward-looking
statements will be achieved. You should not place undue reliance on
forward-looking statements in this communication, which are based
upon information available to us as of the date they are made and
are qualified in their entirety by reference to the cautionary
statements herein.
Except as otherwise required by applicable law, we disclaim any
obligation to publicly update or revise any forward-looking
statement to reflect changes in underlying assumptions or factors,
new information, data, or methods, future events, or other changes
after the date of this communication, except as required by
applicable law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231212177402/en/
Investor Relations – North America Evan Young SVP:
Investor Relations & Capital Markets
evan.young@lifezonemetals.com Investor Relations – Europe
Ingo Hofmaier Chief Financial Officer
ingo.hofmaier@lifezonemetals.com Media Enquiries David
Petrie Corporate Communications Manager
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