NYSE-listed Lifezone Metals has closed a $60-million bridge loan facility with Taurus Mining Finance Fund No. 2, enabling its wholly-owned subsidiary, Kabanga Nickel, to advance early works and infrastructure development at its project in Tanzania.

The first tranche of $20-million was received on August 29, with future tranches contingent on achieving project milestones. The facility is expected to support ongoing capital expenditure and operating expenses over three-month intervals, while also accelerating the broader project finance process following the release of a robust feasibility study in July.

CEO Chris Showalter said in a release on Wednesday that the bridge loan concluded the short-term financing phase, with Standard Chartered Bank advising on both the facility and the broader strategic investment process.

Lifezone also confirmed that it was in advanced discussions with several major counterparties and financial investors regarding potential long-term partnerships and equity investments. The company stated that it had received several non-binding offers related to possible transactions at the Kabanga project level.

The investment committee, supported by Standard Chartered, is evaluating strategic options, including potential change-of-control transactions, said Lifezone.

“While discussions are ongoing, no agreements have been reached, and there is no assurance that the process will result in a transaction,” the firm said.

The development of the Kabanga project, one of the world’s premier nickel sulphide assets, remains on track, with funds from the Taurus facility earmarked for critical early works and infrastructure.

Lifezone’s feasibility study for the Kabanga project outlines the initial development phase, including a 3.4-million-ton-a-year underground mine, processing infrastructure and tailings storage. The project will produce a high-grade nickel, copper and cobalt concentrate for downstream processing and has an expected 18-year mine life.

Steady-state output of 60 000 t/y of nickel in product will make it one of the larger nickel mines in the world, particularly underground nickel mines.