Botswana: ARCH Sustainable Resources Fund invests in manganese project
Botswana: ARCH Sustainable Resources Fund invests in manganese project
Giyani Metals has secured $10m from the ARCH Sustainable Resources Fund.
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Giyani Metals Corp., developer of the K.Hill battery-grade manganese project in Botswana, has finalised a $26 million funding package to progress K.Hill to final investment decision.
Giyani has secured $10 million of funding from the ARCH Sustainable Resources Fund, a private equity fund focused on strategic, long-term investments in natural resources and renewable energy.
The $10 million ARCH investment fulfils a key condition to drawdown of the $16 million convertible loan facility secured by Giyani from the Industrial Development Corporation of South Africa Limited’s (IDC).
The total $26 million funding package will progress K.Hill to final investment decision, including an optimised feasibility study for the project and completing the construction, commissioning, and operation of the company's demonstration plant.
The demo plant will produce battery-grade manganese, enabling Giyani to progress customer offtake discussions.
Following completion of the ARCH offering, ARCH will hold approximately 19.99% of Giyani’s issued shares.
Amanda van Dyke, managing director at ARCH commented: “ARCH is very happy to announce its strategic investment in Giyani Metals, recognising the unique opportunity it presents in the rapidly growing global battery market due to the crucial role HPMSM will play in the future of lithium-ion batteries. Once operational, Giyani’s plant will showcase the commercial viability of the team's proprietary low-carbon technology, positioning the company among the select few with high quality projects capable of contributing to a diversified global supply chain and provide manufacturers with responsibly sourced, low carbon battery materials.”
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