Chinese mining firm Avatar New Energy Materials Company Limited has inaugurated a lithium processing facility in Nasarawa, Nigeria.
Poised to meet Nigeria’s ambitions of becoming a solar and batter energy storage hub in Africa, the facility will have a daily production capacity of 4,000 tons of lithium.
“While we appreciate this investment in the first phase, processing of lithium, our goal is for investors to establish factories for the complete value chain processing of lithium and all other minerals,” stated Nigerian President Bola Tinubu.
The project aligns with Nigeria’s Renewed Hope Agenda, which aims to diversify the economy by investing in mining for economic growth and socioeconomic development.
The lithium processing facility is expected to generate $500 million in revenue, with Avatar New Energy Materials Company Limited planning to mine lithium in the region for the next 15 to 20 years.