July 24, 2024: ReElement Technologies, a subsidiary of American Resources — provider of critical battery elements —  announced on July 12 a partnership with UK-based Jupiter Lithium to develop Nigeria’s first large-scale lithium deposit.

The Jupiter Critical Minerals Project will span 442 square kilometres of lithium-rich terrain 100km from Nigeria’s capital city, Abuja. It could position the country as a regional hub for lithium mining, as well as downstream battery and EV manufacturing.

The first concentrate production from the plant is scheduled for the first quarter of 2025, ramping up to 167,000 tonnes within two years.

Assuming a global price of lithium at about $37,000/tonne (2022 rate), the 167,000 tonnes being targeted for production within the first two years could yield a minimum of $6.2 billion in revenue, said the firms.

Under the memorandum of understanding, ReElement is tasked with designing a lithium and critical mineral refinery processing spodumene concentrate into high-purity, battery-grade lithium carbonate and other critical minerals.

By developing its lithium resources, Nigeria has the potential to play a larger role in the global battery metals market.

Jupiter Lithium owns Basin Mining and Range Mining and is focused on expanding its operations from the current contract mining to large-scale owner operations, including a spodumene concentrator facility to produce an initial 55,000 tonnes of 6% lithium spodumene concentrate annually.

Mark Jensen, CEO of ReElement, said: “The Jupiter Critical Minerals Project is being developed in phases with government support, ensuring economic feasibility and long-term risk minimization; beyond economic benefits, the project will also enhance local infrastructure, providing access to potable water, electrification, and education scholarships in host communities.”