South Korea Expresses Interest in Nigeria’s Rich Lithium Reserves

The exposition of high-grade lithium reserves in Nigeria has garnered the attention of South Korea. Alaba Balogun, the Deputy Director (Information) of Nigeria’s Ministry of Solid Minerals Development, revealed that the Nigerian government engaged in discussions with their South Korean counterparts at the Seventh Korea-Africa Economic Co-operation Conference in Busan, South Korea.

The focus of the talks revolved around the 2006 Memorandum of Understanding between both countries on investments in Nigeria’s solid minerals sector. The Nigerian delegation at the conference comprised officials of the Ministry of Solid Minerals Development and Oando Mining Company, while the Korean Institute of Geosciences and Mineral Resources and Korean Mines Rehabilitation and Mineral Resources Corporation represented the South Korean team. Dr Abdulrazaq Garba, Director-General of the Nigerian Geological Survey Agency, stood in for Dr Dele Alake, Minister of Solid Minerals.

The proposed amendment to the 2006 Memorandum of Understanding encompasses the training of Nigerian mining professionals in Geochemistry, Geophysics, Ore Modelling, Mineral Processing, research, and exploration of vital minerals such as lithium, nickel, cobalt, manganese, and graphite. “KIGAM president, Dr. Pyeong Koo-lee, offered to collaborate with Nigeria to explore the large deposits of lithium-bearing pegmatites,” the statement reads in part.

He stated that KIGAM possesses cutting-edge technology in lithium ore processing, and added that the beneficiation process can reduce the carbon to improve the grade of the ore. Vice President of the state-owned KOMIR, Dr Alex Kwon, expressed interest in overseas mining investment, and added that KOMIR provides technical and financial assistance and investment in the exploration and mining of solid minerals.

The Nigerian government has shown keen interest in fully exploring its lithium reserves, recognizing the potential of this valuable mineral to enhance the country’s overall revenue. Last year, the Director-General of the Nigerian Geological Survey Agency, Dr. Abdulrazaq Garba, revealed that high-grade lithium discovered in Nigeria has piqued the interest of foreign investors.