AXMIN Inc (TSXV: AXM)
AXMIN Inc. (TSXV:AXM) is a Canadian-based exploration and development company with a strong focus on central and West Africa.
Nigeria’s mining minister announced on Sunday (May 25) that the country will officially launch two large lithium processing plants this year, marking a shift from raw material exports to domestic value-added industries.
These facilities, primarily funded by Chinese investors, are expected to help Nigeria transform its abundant mineral resources into domestic job opportunities, technological advancement, and manufacturing growth. Mining Minister Dele Alake stated that a $600 million lithium processing plant near the Kaduna-Niger border will begin operations this quarter, while a $200 million lithium refinery on the outskirts of Abuja is nearing completion. Two additional processing plants will also commence operations in Nasarawa State, adjacent to the capital Abuja, by the third quarter of 2025. The focus now is converting mineral resources into domestic economic value—including jobs, technology, and manufacturing.
According to separate statements from the governors of the states where the plants are located, over 80% of the funding for these four facilities comes from Chinese companies, including Jiuling Lithium and Canmax Technologies, with the remaining stake held by local investor Three Crown Mines. Earlier in February, media reports revealed that Canmax Technologies and Jiuling Lithium acquired a controlling stake in a Nigerian lithium refinery project through a joint venture. This acquisition signifies further expansion of Chinese lithium firms in Africa, aiming to secure lithium supplies to meet growing demand for electric vehicle batteries. Chinese companies are actively investing in lithium mining projects across multiple African countries, including Mali and Zimbabwe.
Nigeria possesses vast untapped metal deposits, including gold, tin, and lithium, but most mining activities are conducted informally by artisanal miners. The push for domestic processing stems from a 2022 study by the Nigerian Geological Survey Agency, which identified significant high-grade lithium deposits across six states, drawing substantial international interest.
These developments are part of Nigeria’s broader reforms to modernize its underperforming mining sector, which currently contributes less than 1% to the country’s GDP. Other measures include restricting unprocessed mineral exports, regulating artisanal mining (which currently dominates production), and establishing a national mining company (allowing investors to hold up to a 75% stake).
