By Stephen Nakrosis
Shares of Lifezone Metals, which debuted on the New York Stock Exchange Thursday, were trading in the red on Friday.
At 1:02 p.m. ET, the stock was down 23.7% to trade at $12.66 a share.
On its debut day, the stock finished with a 32.8% gain, closing at $16.60 per share.
Lifezone Metals is the result of a business combination between special purpose acquisition company GoGreen Investments and Lifezone Holdings.
Lifezone Metals said its proprietary Hydromet processing technology is a lower-cost, lower-energy-intensity alternative to smelting. It said its technology is also significantly less carbon intensive.
The company also said its flagship Kabanga Project in Tanzania is “estimated to be one of the largest and highest-quality undeveloped nickel sulphide deposits in the world.”
Write to Stephen Nakrosis at [email protected]
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