Our 100%-owned flagship manganese project, K.Hill is central to our strategy to become a leading producer of battery-grade manganese for Western markets.
- Vertically integrated battery metal development: processing manganese ore from 100%-owned K.Hill Mine through bespoke processing technology
- Proven concept through 1:10 scale Demo Plant in Johannesburg, with successful production of HPMO and HPMSM
- Environmental Authorization, Mining, and SEZ Licences all granted reflecting fast-tracked development opportunities
- DFS shows strong economic returns
- Low carbon, fully-beneficiated project in Botswana, ranked the best mining jurisdiction in Africa
ROUTE TO MARKET
Access to 5 seaportsvia existing rail and road infrastructure with cost-effective shipping routes to Asia, Europe and North America
INFRASTRUCTURE
The K.Hill Project is located near Kanye, a 45,000-inhabitant town with established rail and road links, , a 167-bed hospital, reliable water supply and stable power connectivity
JURISDICTION
Botswana is consistently rated as one of the most attractive African mining jurisdictions, supported by investment-friendly policies including favourable tax regulations and efficient government processes
Definitive Feasibility Study (May 2026)
| Metrics | Units | Results | |
| Project summary | |||
| Type of mine | ‑ | Conventional open pit mine | |
| Type of production facility | ‑ | Hydrometallurgical facility | |
| Life of the Project | years | 25 | |
| Net realized price assumption | |||
| Average realized HPMSM price | US$/t | 3,220 | |
| Average realized HPMO price | US$/t | 4,004 | |
| Production | LOP | ||
| Total ore mined | dry kt | 6,228 | |
| Run-of-mine manganese grade | % Mn | 11.21 | |
| Steady-state metallurgical recovery | % | 87 | |
| Total HPMSM produced | kt | 1,504 | |
| Total HPMO produced | kt | 99 | |
| Project cash flow | LOP | ||
| Revenue from HPMSM | US$M | 4,856 | |
| Revenue from HPMO | US$M | 395 | |
| Total operating costs | US$M | 2,781 | |
| Total operating profit | US$M | 2,424 | |
| Initial capital expenditure excl. contingency | US$M | 480 | |
| Contingency on initial capital | US$M | 55 | |
| Total initial capital expenditure | US$M | 535 | |
| Sustaining capital expenditure | US$M | 139 | |
| Closure cost provisions | US$M | 5 | |
| Total LOP capital expenditure | US$M | 679 | |
| Project economics | Pre-tax | Post-tax | |
| NPV (8% real discount rate) | US$M | 531 | 481 |
| IRR | % | 21.1 | 20.3 |
| Payback from start of processing, undiscounted | years | 4.7 | 4.8 |
| Cumulative cash flow, undiscounted | US$M | 1,745 | 1,599 |
Notes: Net realized prices for HPMSM at port in South Africa, assuming 70% of sales to North America and 30% sales to Europe. Net realized prices for HPMO at port in South Africa, assuming 70% of sales to Europe and 30% sales to North America.
Preliminary Economic Assessment (July 2023)
Net Present Value | Post-tax NPV(8%) US$984 M (C$1.3B) |
Internal Rate of Return | 29.4% after tax |
Capex | US$284M |
Project Life | 57 years |
Total Project Production | 3,561 Kt of High Purity Manganese Sulphate Monohydrate |
Mining Method | Open pit, free-digging mining |