A mining firm has introduced a lithium-for-technology exchange model aimed at promoting local value addition, industrialisation and renewable energy development in Nigeria.
The company, Steron International Resources Limited, showcased the initiative at the recently concluded fifth African Natural Resources and Energy Investment Summit (AFNIS) to highlight its benefits and encourage wider adoption.
Mr Muhammed Otokiti, Consultant Mining Engineer at the company described the move as a minerals for technology barter system to the News Agency of Nigeria (NAN) on Tuesday in Abuja.
Otokiti said the company exchanged partially processed lithium with partners in China for technology and equipment rather than exporting the mineral solely for cash.
“What we are doing is exchanging our raw materials for technology. We are not simply collecting money; we are using our mineral resources to acquire the technology we need.”
He said the value of the processed lithium exported was exchanged for solar energy accessories under the partnership.
“We process the lithium partly before sending it in containers. The value of what we send is exchanged for solar accessories.”
According to him, the initiative aims to domesticate Nigeria’s mineral resources and maximise the benefits derived from them.
He said exporting minerals without adequate processing allowed other countries to capture much of the value embedded in the resources.
“Every rock contains several elements. When you export it without proper processing, others extract the value from those elements,” he said.
Otokiti said the company also planned to establish a processing plant to recover more valuable minerals from materials once considered waste.
According to him, the company is exploring solar thermal technology that stores heat and converts it into electricity as an alternative to conventional battery systems.
“We are looking at concentrating the sun’s heat, storing it and converting it into electricity. That is the future we are exploring,” he said.
Speaking on AFNIS, he said the summit had created opportunities for African companies to build partnerships and attract investment.
He disclosed that the company was discussing collaboration with partners in Namibia on mineral exploration projects.
The company signed an MOU with Africa for Africa (AFA) Initiative at AFNIS to accelerate the development of critical minerals in Nigeria, particularly lithium and rare earth elements.The Managing Director of Steron, Mr Abubakar Sadiq, said the MoU would bolster Nigeria’s drive to develop its mining sector to international standard while delivering transformative economic outcomes for local communities.
