Giyani Metals advances with key financing for Botswana manganese project targeting the EV industry
London, UK
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May 01, 2024 10:37 AM Eastern Daylight Time
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.
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