Latest news with #DeleAlake
Yahoo
27-05-2025
- Business
- Yahoo
Nigeria to launch lithium processing plants with Chinese investment
Nigeria is poised to inaugurate two major lithium processing plants this year, signalling a strategic move away from the export of raw minerals towards enhancing domestic value, according to a Reuters report. The country's Mining Minister, Dele Alake, announced on Sunday that these facilities, backed by Chinese investors, are expected to catalyse job creation, technological advancements and manufacturing growth within Nigeria. A $600m (N949.66bn) lithium processing plant near the Kaduna-Niger border is scheduled for commissioning within this quarter, according to Alake. Additionally, a $200m lithium refinery on the outskirts of Abuja is approaching completion, the report said. These plants are part of Nigeria's commitment to leveraging its extensive mineral wealth for economic development. The minister revealed plans for two more processing plants in Nasarawa state, adjacent to the capital Abuja, due to be operational before the third quarter of 2025. Chinese companies including Jiuling Lithium Mining Company and Canmax Technologies have provided more than 80% of the financing for the four facilities, as disclosed by governors from the respective states hosting the plants. The remaining shares are held by a local company, Three Crown Mines. The Chinese partners have not yet commented on this development. 'We are now focused on turning our mineral wealth into domestic economic value – jobs, technology and manufacturing,' Alake was quoted as saying by the news agency. The focus on domestic processing follows a 2022 study by Nigeria's Geological Survey Agency, which identified substantial high-grade lithium deposits across several Nigerian states, sparking significant international interest. These discoveries are integral to Nigeria's broader reforms aimed at revitalising its underdeveloped mining sector, which presently contributes less than 1% to the national gross domestic product. Nigeria has introduced other measures including the restriction of unprocessed mineral exports, formalising artisanal mining and establishing a state mining company offering up to a 75% stake to investors. In April last year, the Nigerian Government announced that new mining licences would be granted exclusively to companies with plans for local mineral processing, marking a departure from the long-standing policy of exporting unprocessed raw materials. A government spokesperson highlighted the objective to maximise the value derived from Nigeria's solid mineral deposits. "Nigeria to launch lithium processing plants with Chinese investment" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
TimesLIVE
26-05-2025
- Business
- TimesLIVE
Nigeria to open two Chinese-backed lithium processing plants this year
Nigeria is set to commission two major lithium processing plants this year, the country's mining minister announced on Sunday, marking a shift from raw mineral exports towards adding value domestically. The facilities, largely funded by Chinese investors, could help transform Nigeria's vast mineral wealth into jobs, technology, and manufacturing growth within the country. Mining minister Dele Alake said a $600m (R10.72bn) lithium processing plant near the Kaduna-Niger border is slated for commissioning this quarter, while a $200m (R3.57bn) lithium refinery on the outskirts of Abuja is nearing completion. Two additional processing plants are expected in Nasarawa state, which borders the capital Abuja, before the third quarter of 2025, the minister said. "We are now focused on turning our mineral wealth into domestic economic value - jobs, technology, and manufacturing," Alake said. Over 80% of the funding for the four facilities has been provided by Chinese firms, including Jiuling Lithium Mining Company and Canmax Technologies, according to separate announcements by governors of the states where the plants are located.
Business Insider
26-05-2025
- Business
- Business Insider
Nigeria to open $800m Chinese-funded lithium processing factories this year
Nigeria is set to launch two major lithium processing factories this year marking a shift from raw mineral exports towards adding value domestically. Nigeria is planning to inaugurate two large lithium processing plants this year, advancing its mineral processing capabilities. The plants include a $600 million facility near Kaduna-Niger border and a $200 million refinery near Abuja. The government has enforced policies to enhance value-added processing domestically, aiming to capitalize on Nigeria's rich lithium deposits. Nigeria is set to launch two major lithium processing plants this year marking a shift from raw mineral exports towards adding value domestically. The announcement came from Nigeria's mining minister, Dele Alake, who revealed that a $600 million lithium processing plant near the Kaduna-Niger border is slated for commissioning this quarter, while a $200 million lithium refinery on the outskirts of Abuja is close to completion. He also added that two more lithium plants are expected to come to life in Nasarawa state before the third quarter of 2025. " We are now focused on turning our mineral wealth into domestic economic value - jobs, technology, and manufacturing," Alake said. More than 80% of the funding for the four plants is being provided by Chinese companies, including Jiuling Lithium Mining Company and Canmax Technologies according to separate announcements by governors of the host states. The remaining stakes are owned by local investor Three Crown Mines. Building value beyond extraction Lithium is one of the most sought-after minerals globally, especially because of its critical role in producing electric vehicles, solar panels, and other green energy technologies. A 2022 study by Nigeria's Geological Survey Agency discovered significant deposits of high-grade lithium across half a dozen Nigerian states, drawing strong interest from global players. In the wake of these findings, China's Ming Xin Mineral Separation Nig Ltd. was selected by Kaduna State in 2023 to build Nigeria's first lithium-processing plant, with ambitions to manufacture batteries for electric vehicles (EVs). The Nigerian government made it clear that its focus is on building value at home. In 2022, the government claimed it had rejected a proposal from Tesla to purchase raw lithium from the country. Ayodeji Adeyemi, special assistant to the minister of mines and steel development, told Rest of World that the proposal was turned down because it did not align with Nigeria's new broader mining policies.
Zawya
26-05-2025
- Business
- Zawya
Nigeria to open two Chinese-backed lithium processing plants this year
LAGOS - Nigeria is set to commission two major lithium processing plants this year, the country's mining minister announced on Sunday, marking a shift from raw mineral exports towards adding value domestically. The facilities, largely funded by Chinese investors, could help transform Nigeria's vast mineral wealth into jobs, technology, and manufacturing growth within the country. Mining Minister Dele Alake said a $600 million lithium processing plant near the Kaduna-Niger border is slated for commissioning this quarter, while a $200 million lithium refinery on the outskirts of Abuja is nearing completion. Two additional processing plants are expected in Nasarawa state, which borders the capital Abuja, before the third quarter of 2025, the minister said. "We are now focused on turning our mineral wealth into domestic economic value - jobs, technology, and manufacturing," Alake said. Over 80% of the funding for the four facilities has been provided by Chinese firms, including Jiuling Lithium Mining Company and Canmax Technologies, according to separate announcements by governors of the states where the plants are located. The remaining stakes are owned by local investor Three Crown Mines. The Chinese firms did not immediately provide comment. The push for domestic processing follows a 2022 study by Nigeria's Geological Survey Agency, which discovered significant deposits of high-grade lithium across half a dozen Nigerian states, attracting considerable international interest. These developments are part of Nigeria's broader reforms to its underdeveloped mining sector, which currently contributes less than 1% to the nation's gross domestic product. Other reforms undertaken include restricting the export of unprocessed minerals, formalising artisanal mining operations, which account for much of the current extraction, and establishing a state mining firm where investors can own up to a 75% stake.
Reuters
26-05-2025
- Business
- Reuters
Nigeria to open two Chinese-backed lithium processing plants this year
LAGOS, May 26 (Reuters) - Nigeria is set to commission two major lithium processing plants this year, the country's mining minister announced on Sunday, marking a shift from raw mineral exports towards adding value domestically. The facilities, largely funded by Chinese investors, could help transform Nigeria's vast mineral wealth into jobs, technology, and manufacturing growth within the country. Mining Minister Dele Alake said a $600 million lithium processing plant near the Kaduna-Niger border is slated for commissioning this quarter, while a $200 million lithium refinery on the outskirts of Abuja is nearing completion. Two additional processing plants are expected in Nasarawa state, which borders the capital Abuja, before the third quarter of 2025, the minister said. "We are now focused on turning our mineral wealth into domestic economic value - jobs, technology, and manufacturing," Alake said. Over 80% of the funding for the four facilities has been provided by Chinese firms, including Jiuling Lithium Mining Company and Canmax Technologies ( opens new tab, according to separate announcements by governors of the states where the plants are located. The remaining stakes are owned by local investor Three Crown Mines. The Chinese firms did not immediately provide comment. The push for domestic processing follows a 2022 study by Nigeria's Geological Survey Agency, which discovered significant deposits of high-grade lithium across half a dozen Nigerian states, attracting considerable international interest. These developments are part of Nigeria's broader reforms to its underdeveloped mining sector, which currently contributes less than 1% to the nation's gross domestic product. Other reforms undertaken include restricting the export of unprocessed minerals, formalising artisanal mining operations, which account for much of the current extraction, and establishing a state mining firm where investors can own up to a 75% stake.
