Giyani Secures $16m Financing From The Industrial Development Corporation Of South Africa
Giyani Secures $16m Financing From The Industrial Development Corporation Of South Africa. Giyani Metals Corp., developer of the K.Hill battery-grade manganese project in Botswana, is pleased to announce that it has signed definitive agreements for US$16 million of financing with the Industrial Development Corporation of South Africa Limited (“IDC”) in the form of convertible loan facilities.
Danny Keating, President and CEO of the Company, commented: “We are delighted to announce the IDC funding as a resounding vote of confidence in K.Hill. This brings on board a strategic partner with significant mining and industrial development experience. The investment provides the majority of the financing that Giyani requires to de-risk the Project through to FID and introduces a partner with a vision and ambition to be involved in the development and capital funding of the Project. The demand for HPMSM projects with robust economics has never been stronger as financial institutions begin to understand the enormous demand for this critical mineral as the world moves definitively towards electric vehicles. We look forward to commencing operations at the Demonstration Plant to enable the distribution of samples to potential customers as we finalize our sales and off-taker strategy for the commercial scale plant to be built in Botswana.”
Joanne Bate, Chief Operations Officer of IDC, commented: “The IDC has developed a value chain strategy which focuses not only on the new minerals critical for net zero, but also on their processing towards precursor materials, through conversion into cell manufacturing, battery development, assembly and recycling. We are excited by the potential of Giyani and see K.Hill as an important step in IDC’s strategy to help initiate the development of a battery minerals industry in Southern Africa.”
Giyani’s mission is to become a sustainable, low-carbon producer of battery materials for the electric vehicle (“EV”) industry. The company has developed a hydrometallurgical process to produce high-purity manganese sulphate monohydrate, a lithium-ion battery cathode precursor material critical for EVs, directly from ore from its manganese oxide deposits in Botswana, wholly owned by its Botswana subsidiary Menzi. The company’s assets include K.Hill and the Otse and Lobatse manganese prospects, each of which has seen historical mining activities.
