Giyani Metals advances with key financing for Botswana manganese project targeting the EV industry
May 01, 2024 at 10:39 am EDT
Share
(via NewsDirect)
Giyani Metals Corp (TSX-V:EMM, OTC:CATPF) CEO Danny Keating joined Proactive's Stephen Gunnion with news that the company is pushing quickly ahead with its flagship high-purity K. Hill manganese project in Botswana and the construction of a demonstration plant in Johannesburg.
The company has drawn down the first $5.7 million of a $16 million convertible loan facility secured from South Africa's Industrial Development Corporation (IDC).
In total, Keating said the company has completed a $26 million funding round, minimising shareholder dilution by combining equity and debt financing strategies. This funding supports the construction of the demonstration plant, which will play a crucial role in establishing credibility with potential customers through the production and consistent delivery of high-quality manganese.
Keating said the company, focusing on the development of high-purity manganese for electric vehicle (EV) batteries, addresses a growing demand in a market predominantly dominated by Chinese production. He emphasized the strategic importance of diversifying the supply chain to include non-Chinese sources, highlighting Giyani Metals' efforts to establish Western production capabilities.
Keating also touched on the forthcoming stages of the project, including a definitive feasibility study slated for 2025, which will precede final investment decisions. The strategic developments at Giyani Metals are poised to position the company favourably within the evolving EV battery component market, capitalising on legislative shifts such as the US Inflation Reduction Act, which mandates increased use of non-Chinese materials in EV batteries.
Contact Details
Proactive North America
Proactive North America
+1 604-688-8158
NA-editorial@proactiveinvestors.com
Copyright (c) 2024 TheNewswire - All rights reserved.
Copyright (c) 2024 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.