BUA Group, a Nigerian conglomerate active in cement production, sugar refining and real estate, is eyeing the mining of lithium, a highly valuable commodity used for making Electric Vehicle(EV) batteries
The Group Executive Director of BUA Group, Kabiru Rabiu, made this known in Abuja recently, noting that several states in Nigeria are sitting on abandoned lithium deposits, which can be converted into material gains.
He said: “We also want to go massively into mining. We acquired a company called PW Nigeria. PW Nigeria is a civil and mining company in which we are the majority owner and it does most of our mining. We will use that capacity to look at lithium. Lithium is something that is in huge demand because of electrical vehicle (EV) batteries.
“Some states in Nigeria are sitting on insanely abandoned deposits of lithium. We also plan to go into tin mining as well, in addition to phosphate. Nigeria’s fertilizer consumption is under 20 kilogramme per hectares, compared to China and India.”
Demand for lithium is expected to continue to grow, with electric vehicles and battery storage technologies already accounting for 30% of total current demand, according to the International Energy Agency.
Lithium, a light metal, is generally found either in underground deposits of clay, in mineral ore or underground pockets of water.
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