Canmax Technologies to invest $200 million in Nigeria's Lithium processing plant
A Chinese firm, Canmax Technologies Corporation LTD, announced its new intended investment of $200 million in Nigeria’s Lithium processing plant, Nasarawa State.
This was confirmed by president Tinubu during a meeting with the Governor of Nasarawa State, Abdullahi Sule, Mr Zhenhua Pei, the chairman of Canmax Technologies responsible for the new investment of $200 million in Nigeria’s Lithium processing plant.
Also on the occasion was the inauguration of the Nigeria’s largest lithium processing plant in Lafia, which was officiated by the president, the Minister of Solid minerals, Henry Dele Alake, and the state governor.
Hailing the company’s announcement of a new investment plan in the sector, President Tinubu advisey the Chinese firms to take precedence over environmental protection and ensures that qualified members of the community are absorbed by the firms.
”There are other aspects of lithium that you are exploring in the country, especially in battery production. Nigeria is a huge market for solar panels.
“Africa is a major consumer of solar technologies. I do not see why these panels and batteries cannot be produced here. The labour is cheaper.
“Our youths are vibrant and skilled. Our people are brilliant and adapt to new technology. The economy is increasingly more vibrant, and Nigeria is dependable. We have the consumption capacity and a surplus of steady-handed citizens with gifted minds and an innate drive to work and produce.
”You must not leave the community in ruins as you explore for our high-grade minerals. You must be concerned with cooperation and always care for the community.
”We are caring partners. We want your investments to succeed so that you can expand further. Whenever you call on us, we will help you. You can, in mutually-beneficial collaboration with us, dominate the solar panel market as part of a revolution in Africa and the West African sub-region.
”You can always promote the interest of China and Nigeria as the best place in Africa to do business. We are preparing to produce in this country the solar technologies that the entire continent will use,” the President said.
Beaconing to more foreign investors in the Nigeria’s energy sector, the president also hailed Hi Yongwei, Chairman of Avatar New Energy Materials Company Limited, and Mr. Zhenhua Pei, Chairman of Canmax Technologies Corporation Limited, for their confidence in Africa.
”It is a great joy to have you (the Chinese executives) in Nigeria. It is part of our campaign that Nigeria is open for business. We congratulate your courage in believing in us and the inauguration of the new factory, ” the president said.
”I can assure you that we will continue to give you the necessary support and encouragement. This is an opportunity for you to help tell the rest of the investment world that Nigeria is solid and open for business.”
Honouring the president, the Minister of Solid minerals , Henry Dele Alake said “with all the policy initiatives” made by president Nigeria would be sure to continue going forward.
”Your Excellency, in a nutshell, permit me to revel in the belief with conviction that under your leadership, with all the policy initiatives you have put in place, there is nowhere else for Nigeria to go but forward. Forward ever and backward never,” he said.
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The Two Chinese Firms
Avatar’s lithium processing factory produces over 4,000 metric tonnes in one day, and has maintained growth in exploring this mineral resources in Nigeria and across other African nations.
Canmax Technologies Corporation Limited is run by a Chinese firm, and owns about 30% of global battery material production.
