The BUA group is considering the mining of “lithium”, an essential component for the manufacture of batteries for electric vehicles (EVs), laptops and telephones.
It says several states in Nigeria are sitting on abandoned lithium deposits, which can be turned into material gains.
Lithium demand is expected to continue to grow, with electric vehicle and battery storage technologies already accounting for 30% of total current demand.
BUA Group, a Nigerian conglomerate active in cement production, sugar refining and real estate, is eyeing the mining of lithium, a highly valuable raw material used to make rechargeable batteries for laptops, mobile phones and Electric vehicles (EV).
BUA Group Executive Director, Kabiru Rabiu, made the announcement in Abuja on Thursday, May 12, 2022, on the sidelines of the African Finance Corporation (AFC) Live Infrastructure Solutions Summit.
The BUA boss noted that several states in Nigeria are sitting on abandoned lithium deposits, which can be turned into material gains.
He said :
“We also want to get into mining massively. We acquired a company called PW Nigeria. PW Nigeria is a civil and mining company of which we are the majority owner and which carries out the majority of our mining. We will use this ability to examine lithium. Lithium is something that is in high demand due to electric vehicle (EV) batteries.
“Some states in Nigeria are sitting on incredibly abandoned lithium deposits. We also plan to get into tin mining, in addition to phosphate. Fertilizer consumption in Nigeria is less than 20 kilograms per hectare, 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 usually found either in underground clay deposits or in ores or underground water pockets.