TRADE - Nigerian Mining News https://nigeriamining.today Thu, 13 Feb 2025 07:46:42 +0000 en-US hourly 1 https://wordpress.org/?v=6.3.5 https://nigeriamining.today/wp-content/uploads/2023/10/Screenshot-2023-10-31-at-19.14.10-150x150.png TRADE - Nigerian Mining News https://nigeriamining.today 32 32 Chinese Firms Expand Investment in Nigeria’s Lithium Refining Sector https://nigeriamining.today/2025/02/13/chinese-firms-expand-investment-in-nigerias-lithium-refining-sector/ Thu, 13 Feb 2025 07:46:41 +0000 https://nigeriamining.today/2025/02/13/chinese-firms-expand-investment-in-nigerias-lithium-refining-sector/ Chinese firms Canmax and Jiuling have acquired a Nigerian lithium refinery project, initially questioned for […]

The post Chinese Firms Expand Investment in Nigeria’s Lithium Refining Sector first appeared on Nigerian Mining News.

]]>
Chinese firms Canmax and Jiuling have acquired a Nigerian lithium refinery project, initially questioned for its name similarity to Ganfeng Lithium Group. The investment aims to develop a $250 million facility, supporting Nigeria’s lithium industry, which largely exports raw materials to China. Canmax also plans additional investments in local mining sites, reflecting a strategic focus on securing lithium resources amid growing global demand.

Two Chinese companies, Canmax Technologies and Jiangxi Jiuling Lithium, have taken control of a Nigerian lithium refinery project, originally established in 2022 by Chinese entrepreneurs. The refinery, located in northern Nigeria, was controversial due to its name similarity to Ganfeng Lithium Group, a major global lithium supplier. The joint venture aims to enhance Nigeria’s lithium sector, which traditionally exports raw materials to China.

Ganfeng Nigeria initially confused the market when it began construction in 2023 and later clarified its lack of formal ties to Ganfeng Lithium Group. The project, with an estimated cost of $250 million, is set to boost local lithium production, coinciding with increasing Chinese investments in Africa’s lithium resources despite significant price drops.

Canmax Technologies plans to invest over $200 million in additional lithium mining sites in northern Nigeria, partnering with local company Three Crown Mines. The founder of Canmax, Pei Zhenhua, is notable for his investment ties to major electric vehicle battery manufacturers.

Nigeria is rich in untapped minerals, including lithium, but much of the extraction remains informal, conducted by small-scale miners. The Nigerian Ganfeng has secured a 10-year mining agreement under state government permits, with the refinery’s first phase expected to finish mid-year and the second phase in four months. Local officials express optimism about the investment’s potential.

The takeover of the Nigerian lithium project by Canmax and Jiuling represents a significant investment in Nigeria’s emerging lithium industry, aimed at satisfying increasing global demand. The collaboration highlights the trend of Chinese companies consolidating resources in Africa to secure essential materials for electric vehicle production. The project is poised to enhance Nigeria’s industrial capabilities while drawing attention to the challenges of informal mining in the country. Overall, these developments indicate a strategic shift in lithium sourcing closely aligned with rising electric vehicle demands.

Original Source: www.mining.com

The post Chinese Firms Expand Investment in Nigeria’s Lithium Refining Sector first appeared on Nigerian Mining News.

]]>
Nigeria and UAE Strengthen Mining Trade Relations https://nigeriamining.today/2025/02/01/nigeria-and-uae-strengthen-mining-trade-relations/ Sat, 01 Feb 2025 03:58:25 +0000 https://nigeriamining.today/2025/02/01/nigeria-and-uae-strengthen-mining-trade-relations/ Nigeria’s Minister of Solid Minerals Development, Dele Alake, seeks to enhance trade relations with the […]

The post Nigeria and UAE Strengthen Mining Trade Relations first appeared on Nigerian Mining News.

]]>
Nigeria’s Minister of Solid Minerals Development, Dele Alake, seeks to enhance trade relations with the UAE by addressing illegal gold trade and promoting legitimate mining practices. The UAE Ambassador expressed commitment to recent agreements that streamline bilateral cooperation and investments, with an upcoming economic forum planned to strengthen ties further.

Dele Alake, Nigeria’s Minister of Solid Minerals Development, advocates for stronger trade relations with the United Arab Emirates (UAE) particularly in the mining sector. During a meeting with UAE Ambassador Salem Shaeed Al Shams, Alake stressed the importance of a collaborative approach to tackling illegal gold trade, which currently sees much Nigerian gold entering the UAE unlawfully.

He pointed out Nigeria’s wealth in valuable minerals and the potential benefits of the UAE’s role as a mineral trade hub. Alake proposed working together to create strategies and a regulatory framework to ensure that both nations can profit legally from this trade, enhancing mutual benefits.

Al Shamsi confirmed the UAE’s commitment to deepening ties with Nigeria, highlighting the removal of visa restrictions and a recent MOU between Emirati companies and Nigeria through the Solid Minerals Development Fund (SMDF). He also announced an economic forum set to be held in Nigeria with participation from 30 to 35 major Middle Eastern and Emirati companies, aimed at attracting Foreign Direct Investments (FDI).

To further combat illegal trading and enhance legitimate commerce, both countries agreed to form a technical committee to explore collaboration strategies. A statement from Segun Tomori, aide to the Minister, emphasised this commitment to cooperative efforts in the mining sector.

The article focuses on the relationship between Nigeria and the UAE, particularly looking at trade in the solid minerals sector, which is crucial for economic development. With significant illegal gold trading concerns, the ministers aim to establish a legal framework to enhance trade practices and benefit both countries. The initiative is part of a broader effort to strengthen bilateral relations and increase foreign investments in Nigeria.

The meeting between Alake and Al Shamsi signifies strong bilateral interest in solid mineral trade. By addressing illegal activities and fostering legitimate commerce, Nigeria and the UAE can enhance their economic relationship. Upcoming forums and agreements indicate a robust commitment to advancing trade ties and investments in Nigeria.

Original Source: businessday.ng

The post Nigeria and UAE Strengthen Mining Trade Relations first appeared on Nigerian Mining News.

]]>
Nigeria Signs Historic MoU With Russian Consortium to Revive Steel Industry https://nigeriamining.today/2024/12/21/nigeria-signs-historic-mou-with-russian-consortium-to-revive-steel-industry/ Sat, 21 Dec 2024 18:13:44 +0000 https://nigeriamining.today/2024/12/21/nigeria-signs-historic-mou-with-russian-consortium-to-revive-steel-industry/ The Nigerian government has signed a MoU with a Russian consortium to rehabilitate and operate […]

The post Nigeria Signs Historic MoU With Russian Consortium to Revive Steel Industry first appeared on Nigerian Mining News.

]]>
The Nigerian government has signed a MoU with a Russian consortium to rehabilitate and operate Ajaokuta Steel Company and National Iron Ore Mining Company. Led by Minister Prince Shuaibu Audu, the visit to Moscow aimed at revitalising Nigeria’s steel sector, reducing import reliance, and creating jobs, with the potential for significant economic impact.

The Federal Government of Nigeria has officially signed a Memorandum of Understanding (MoU) with a Russian consortium, led by Tyazhpromexport (TPE), for the rehabilitation and operation of the Ajaokuta Steel Company and National Iron Ore Mining Company. This historic agreement was finalised during a Nigerian delegation’s working visit to Moscow from September 14-21, 2024. It marks a significant step towards revitalising Nigeria’s steel sector, with a projected impact on the economy and job creation.

Prince Shuaibu Abubakar Audu, Nigeria’s Minister of Steel Development, described the arrangement as crucial for fostering industrialisation in Nigeria and reducing reliance on steel imports. The delegation’s discussions with Russian officials included assurances from TPE and its partners, Novostal M and Proforce Manufacturing Limited, regarding their commitment to the project’s success and their readiness to meet government expectations.

During their visit, the Nigerian team inspected the facilities of Novostal M, including their operational electric arc furnace capable of producing 1.2 million tonnes of steel annually, underscoring the potential for local production and job creation. The MoU aims not only to rejuvenate both steel projects but also to contribute significantly to Nigeria’s economic growth, potentially creating over 500,000 jobs and helping achieve President Tinubu’s ambitious economic targets by 2030.

The Ajaokuta Steel Company and National Iron Ore Mining Company are pivotal assets in Nigeria’s industrial landscape. Historically, Ajaokuta has faced many challenges that hindered its proper operation, primarily the need for significant rehabilitation and completion. The recent MoU with the Russian consortium represents a renewed effort by the Nigerian government to unlock the economic potential of these companies, aiming for self-sufficiency in steel production and a reduction of the $4 billion annual steel import bill.

The signing of the MoU between the Federal Government of Nigeria and the Russian consortium signifies a pivotal moment for the country’s steel industry. It offers a comprehensive plan for revitalisation, promising to generate hundreds of thousands of jobs while simultaneously bolstering the national economy. This strategic partnership is anticipated to lay a sustainable foundation for Nigeria’s industrial growth.

Original Source: fmino.gov.ng

The post Nigeria Signs Historic MoU With Russian Consortium to Revive Steel Industry first appeared on Nigerian Mining News.

]]>
Nigeria and UAE Look to Strengthen Trade in Mining Sector https://nigeriamining.today/2024/11/03/nigeria-and-uae-look-to-strengthen-trade-in-mining-sector/ Sun, 03 Nov 2024 10:02:37 +0000 https://nigeriamining.today/2024/11/03/nigeria-and-uae-look-to-strengthen-trade-in-mining-sector/ Dr. Dele Alake has urged for improved Nigeria-UAE trade relations in the mining sector, focusing […]

The post Nigeria and UAE Look to Strengthen Trade in Mining Sector first appeared on Nigerian Mining News.

]]>
Dr. Dele Alake has urged for improved Nigeria-UAE trade relations in the mining sector, focusing on legalising gold trade and reducing illegal activities. A new economic forum is planned to strengthen ties further, with broad participation from UAE companies to enhance investment in Nigeria.

Dr. Dele Alake, Nigeria’s Minister of Solid Minerals Development, has advocated for stronger trade relations between Nigeria and the UAE, particularly in the mining sector. During a meeting with UAE Ambassador Salem Shaeed Al Shamsi, Alake highlighted the historical relationship spanning over 50 years and the potential for expanding trade in solid minerals. Alake pointed out that while gold trade exists between the two countries, much of it is illicit. He proposed collaborating to combat illegal gold trading and to devise a regulatory framework that would legitimise this trade to benefit both nations. He also noted Nigeria’s vast mineral wealth and the UAE’s role as a central hub in mineral commerce, emphasising the mutual advantages of a closer partnership. Ambassador Al Shamsi reaffirmed the UAE’s commitment to enhancing its longstanding relations with Nigeria, referring to recent developments such as lifting visa restrictions and signing a Memorandum of Understanding (MOU). He announced an upcoming Nigeria-UAE economic forum in Nigeria with participation from numerous major UAE companies to boost Foreign Direct Investments (FDI). Both nations agreed to form a technical committee aimed at tackling illegal mineral trade and promoting legitimate business practices.

The mining sector is crucial for both Nigeria and the UAE, with Nigeria possessing various valuable minerals and the UAE serving as a key trading hub. Over the last fifty years, the two countries have developed a significant bilateral relationship that can be further enhanced through strategic collaboration in legitimate mineral trade. Alake’s focus on combating illegal activities in the gold market and fostering legitimate trade underlines the importance of a structured regulatory approach.

The meeting between Dr. Alake and Ambassador Al Shamsi marks a pivotal step in solidifying Nigeria-UAE relations, especially in the mining sector. The proposed collaboration aims to legalise gold trading and promote investment opportunities, indicating a bright future for trade between the two nations.

Original Source: freedomonline.com.ng

The post Nigeria and UAE Look to Strengthen Trade in Mining Sector first appeared on Nigerian Mining News.

]]>