Giyani Metals secures $26 million funding boost; CEO reveals exciting plans for 2024
November 30, 2023 at 10:55 am EST
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Giyani Metals CEO Danny Keating joined Steve Darling from Proactive to reveal an exciting development for the company with the acquisition of a $26 million financing package. This funding includes a substantial $16 million injection from South Africa's Industrial Development Corporation (IDC), which will serve as a catalyst for Giyani Metals' strategic plans in 2024.
Keating underscored the growing significance of high-purity manganese in the electric vehicle (EV) battery sector. The company has made substantial progress in expanding its resource base and establishing robust project economics.
With its resources tripling, a net present value (NPV) exceeding $1 billion, and an internal rate of return (IRR) of 29%, Giyani Metals Corp is well-positioned to play a pivotal role in the battery supply chain.
Keating also highlighted the importance of Giyani's demonstration plant in Johannesburg, which exemplifies their commitment to delivering a high-specification manganese product.
The new financing provides the company with the means to address technical challenges, secure offtake agreements, and advance its projects. As Giyani Metals Corp enters 2024, the company anticipates a dynamic year marked by significant progress. The financing package and partnership with the Industrial Development Corporation further validate the company's path towards project financing and its credibility as a key player in the high-purity manganese market.
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Copyright (c) 2023 TheNewswire - All rights reserved., source Press Releases
Giyani Metals Corp. is a battery metal development company. The Company is a low-carbon producer of high-purity manganese sulphate monohydrate (HPMSM), a precursor material used by lithium-ion battery manufacturers for the electric vehicle (EV) market. It is focused on advancing its manganese assets within the Kanye Basin in southeastern Botswana, Africa (the Kanye Basin Prospects) through its wholly owned Botswana subsidiary Menzi Battery Metals (Pty) Ltd. Its Kanye Basin Prospects consist of about eight prospecting licenses and include the past producing Kgwakgwe Hill mine and project (K.Hill Project), the Otse manganese prospect (Otse) and the Lobatse manganese prospect (Lobatse). It operates through three segments: Botswana Battery Metals Project for the exploration, evaluation and development of its manganese assets located in Botswana and assets under construction in South Africa; South Africa Mining for activities related to projects in South Africa; and Corporate.