Giyani Metals (“Giyani”) has released the results of a feasibility study (“FS”) on its flagship K.Hill high-purity manganese project in Botswana, delivering a solid NPV8% of US$481m and IRR of 28%. In our view Giyani is now firmly in the driving seat to be a first mover in the delivery of low-carbon-footprint, high-purity manganese sulphate monohydrate (“HPMSM”) into European and N American markets. K.Hill should benefit from the strengthening demand in electric vehicles, with battery chemistrie ....
