The Growing Interest of South Korea in Nigeria’s Lithium Deposits
South Korea has expressed a strong interest in Nigeria’s lithium deposits, with plans to collaborate on the exploration and mining of critical minerals. The Nigerian government, represented by officials from the Ministry of Solid Minerals Development and Oando Mining Company, engaged with South Korean counterparts at the Seventh Korea-Africa Economic Co-operation conference in Busan, South Korea.
The primary focus of the engagement was to revisit a 2006 Memorandum of Understanding between Nigeria and South Korea on investments in the solid minerals sector. The Nigerian team, led by the Director-General of the Nigerian Geological Survey Agency, Dr Abdulrazaq Garba, discussed the proposed revision to the MoU. This includes plans for the training of Nigerian mining professionals in Geochemistry, Geophysics, Ore Modelling, Mineral Processing, and research and exploration of critical minerals such as lithium, nickel, cobalt, manganese, and graphite.
During the conference, the President of the Korean Institute of Geosciences and Mineral Resources (KIGAM), Dr. Pyeong Koo-lee, expressed the institute’s interest in collaborating with Nigeria to explore the vast deposits of lithium-bearing pegmatites. KIGAM boasts advanced technology in lithium ore processing and has offered to provide technical assistance in beneficiation processes to improve the grade of the ore. Additionally, the Vice President of the state-owned Korean Mines Rehabilitation and Mineral Resources Corporation (KOMIR), Dr. Alex Kwon, expressed their interest in overseas mining investment and their willingness to provide technical and financial assistance for the exploration and mining of solid minerals in Nigeria.
The Federal Government has been actively seeking to attract investors to explore the lithium deposits in the country. According to the Director-General of the Nigerian Geological Survey Agency, Dr Abdulrazaq Garba, the high-grade lithium discovered in Nigeria has been drawing the attention of foreign investors.
The potential collaboration between Nigeria and South Korea in the exploration and mining of lithium and other critical minerals is a significant development. It represents an opportunity for Nigeria to leverage South Korea’s expertise and technology in the mining sector, while also attracting foreign investment to harness its abundant mineral resources.
This partnership has the potential to not only boost Nigeria’s mining industry but also strengthen bilateral relations between the two countries. With the growing global demand for lithium, Nigeria stands to benefit greatly from leveraging its mineral deposits and establishing strategic partnerships with advanced mining nations like South Korea.
