Obaseki Looks to Lithium Mining, EV Battery Production as New FX Earner

The Edo State Governor, Mr. Godwin Obaseki, is intensifying efforts to diversify the state’s economy with the exploitation of its solid minerals deposit, especially lithium as a new Foreign Exchange (FX) earner.

This was disclosed when the state welcomed international investors representing Renera Rosatom Energy Corporation hosted by the Edo State Ministry of Mining and Energy (Oil, Gas and Power).

Lithium, which is also known as white gold, is a mineral found in large deposits in some states in Nigeria such as Nasarawa, Kogi, Kwara, Ekiti, Cross River and Edo.

In a presentation at the conference meeting, the Director of Mining, Edo State, Mr. Omoruyi Ihianle, disclosed efforts by the Obaseki-led administration towards exploiting its lithium deposit for the production of lithium batteries used in Electric Vehicles (EVs).

“The state government, after looking at the sector, thought it wise to come forward with what we call the SPV (Special Purpose Vehicle), and with this SPV, the state government aims to ensure that the mining sector gives value to the government and the investors,” Omoruyi said.

“We have the registration number of the SPV Associates Mining and Investment Company Limited. It was incorporated last year and it has already started running.

“Now the mandate as regards the ministry of mining & energy and also the SPV is to ensure that the state is positioned in a way to assist miners and also to be a major player in the mining industry,” he added.

While outlining the objectives of the Edo State Mining and Investment Company Ltd. (ESMIC), the director of mining, noted that the commission aims to provide support for mining companies operating in the state.

According to him, this will be done by providing services along the mineral market value chain in line with international best practice with environmentally friendly business methods and ensuring that their partners get the value for their investment.

He further guaranteed that the commission is geared towards ensuring a smooth synergy between investors, the companies, and the miners while creating jobs for indigenes of the communities in the State.

The Edo State Commissioner for Mining and Energy, Hon. Ojiefoh Enaholo expressed the readiness of the state government in positioning Edo as an enabler and a major player in the mining sector.

Speaking on behalf of the international investors, the Vice President of Uranium One, Mr. Andrey Mineev, expressed his gratitude for the warm reception, expressing the group’s readiness to partner with the Edo.