Nigeria is on the way towards earning multi-billion-dollar revenue from Lithium as UK-based Jupiter Lithium Ltd and US-based ReElement Technologies Corporation commence a project for lithium exploitation across 442 square kilometres of lithium-rich terrain in northern Nigeria.
President Bola Tinubu and Solid Minerals Development Minister, Dele Alake, have consistently emphasised the development of Nigeria’s solid minerals sector towards accelerating national growth and economic development.
With the global price of Lithium at about $37, 000 (2022 rate), the 167, 000 tons being targeted for production within the first two years are expected to yield a minimum of $6.2 billion.
Under the project, known as the Jupiter Critical Minerals Project, the two international companies and their Nigerian partners are to commercialize major lithium deposits in Kaduna State.
According to the Chairman of Jupiter Lithium Ltd, Mr. Stephen Davis, Jupiter Critical Minerals Project which is being undertaken with the support of the Federal Government is set to become Nigeria’s first large-scale lithium mine.
He noted that their lithium deposit discovery could transition Nigeria from an oil and gas-dependent economy to one focused on clean energy.
“The project is expected to contribute significantly to Nigeria’s economic diversification, foreign exchange generation, and local non-oil export sector,” he told reporters in Abuja on Friday.
The Jupiter Critical Minerals Project is being developed in phases with government support, ensuring economic feasibility and long-term risk minimization.
Beyond economic benefits, the project will also enhance local infrastructure, providing access to potable water, electrification, and education scholarships in host communities.
By developing its lithium resources, Nigeria has the potential to become a key player in the global battery metals market.
The collaboration between Jupiter Lithium and ReElement Technologies represents a major step forward for both companies and the future of electric vehicles and high-powered battery development to supply the global market.
A statement jointly issued by the two companies explains further: “The partnership aims to transform Nigeria into a regional hub for lithium mining and downstream battery and electric vehicle (EV) manufacturing; Jupiter Lithium plans to expand its operations, currently at contract mining, to include a spodumene concentrator facility that will produce 55,000 tons of 6% lithium spodumene concentrate annually by the first quarter of 2025.
“Production is expected to ramp up to 167,000 tons within two years and ReElement Technologies will build a lithium and critical mineral refinery to convert spodumene concentrate into high-purity, battery-grade lithium carbonate.
“Mark Jensen, the CEO of ReElement has outlined the environmental and cost benefits of their technology and emphasized the project’s potential to advance local industrialization and job creation.
“The Jupiter Critical Minerals Project is being developed in phases with government support, ensuring economic feasibility and long-term risk minimization; beyond economic benefits, the project will also enhance local infrastructure, providing access to potable water, electrification, and education scholarships in host communities,” they stated.
By developing its lithium resources, Nigeria has the potential to become a key player in the global battery metals market.
