Nigeria’s Thor Explorations Ltd, a Canadian mineral exploration company, is poised to tap into the lucrative global lithium market, valued at over $37 billion, as initial drilling results have returned “significant” intersections of mineralised pegmatites.
The company’s President and CEO, Segun Lawson, expressed enthusiasm over the initial drilling campaign’s results, which were aimed at confirming the presence of lithium-bearing minerals within pegmatite bodies in its permit areas.
Lawson stated, “We are extremely encouraged by the first set of results from our initial drilling campaign, which was designed to confirm the development of lithium-bearing minerals within pegmatite bodies that occur within our permit areas.”
The initial drilling program took place in the West Oyo Project Area, with a focus on confirming and delineating lithium-bearing mineralisation at depth. The company has secured exploration tenure encompassing approximately 38km² in Oyo State, Nigeria, where it believes significant lithium-bearing pegmatites are present.
The growth of the global lithium market has been driven by the increasing demand for rechargeable batteries used in various applications such as electric vehicles, laptops, mobile phones, and digital cameras. Analysts predict that the lithium market will continue to grow, with an expected valuation of $89.9 billion by 2030, fueled by the adoption of environmentally sustainable solutions and advancements in battery technology.
Nigeria, with its untapped lithium potential, has an opportunity to become a player in the growing lithium market. As the global demand for lithium-based power rises, driven by the electric vehicle market, countries with lithium deposits like Nigeria can capitalize on this trend.
While Nigeria has seen small-scale spodumene and lepidolite mining activities, there is potential for larger-scale mining. The country’s government aims to reduce its dependence on petroleum production by fostering value-adding industries associated with the lithium supply chain.
However, challenges such as illegal mining and poor government policies need to be addressed to fully exploit Nigeria’s lithium potential. Experts emphasize the importance of formalizing the mining sector and promoting legal and responsible mining practices to ensure sustainability.
As Thor Explorations continues its exploration efforts and drill results emerge, Nigeria has the opportunity to seize a significant share of the global lithium market and diversify its economic activities while contributing to the shift towards sustainable energy solutions.
