Lifezone Metals secured a 14‑month exclusivity agreement with the Government of Burundi to evaluate the Musongati nickel project, a deal signed on March 10 2026 at a ceremony in Washington, D.C. The agreement grants Lifezone the right to conduct a 30‑day scoping study and, if desired, extend the exclusivity period.
The Musongati deposit is one of Burundi’s largest known nickel resources, with a 2011 study estimating more than 140 million tonnes of nickel. Located roughly 125 miles (about 200 km) southwest of Lifezone’s Kabanga Nickel Project in Tanzania, the site offers a strategic geographic advantage that could enable integrated regional operations and shared infrastructure.
The exclusivity aligns with the U.S.‑led FORGE Initiative, launched in February 2026 to strengthen critical‑minerals supply chains outside of China. By adding Musongati to its portfolio, Lifezone expands its footprint in East Africa and positions itself to leverage synergies with the Kabanga project, one of the world’s largest undeveloped nickel sulfide deposits.
Lifezone’s recent financials show basic earnings per ordinary share of $0.03 and a diluted loss per share of $0.08 for the first half of 2025, compared with a basic and diluted loss of $0.14 in the same period of 2024. The company held $12.5 million in cash and cash equivalents as of June 30 2025. The Musongati exclusivity is a key step toward achieving financial close and a final investment decision for Kabanga, which Lifezone expects to reach in 2026.
Burundi’s Minister of Mines Hassan Kibeya welcomed the partnership, stating, “We welcome Lifezone as a partner in Burundi. The agreement we have signed today is built on a foundation of transparency and mutual respect.” A U.S. Deputy Assistant Secretary added, “The project represents a cornerstone investment in the U.S.‑Burundi relationship and underscores our commitment to increasing U.S. investment throughout Burundi.”
In addition to the exclusivity, KoBold Metals signed a separate memorandum of understanding with Burundi to digitize geological data, and Lifezone highlighted its proprietary Hydromet technology, which promises lower energy consumption, emissions, and costs compared to traditional smelting. Burundi’s mining sector, historically rudimentary, has 6 % of the world’s nickel reserves, and the Musongati project has a long exploration history dating back to 1972, with a joint venture license revoked in March 2022.
The content on EveryTicker is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.