In a significant boost to Nigeria’s mining sector, the Federal Government has announced its support for the construction of a rare earth and critical minerals plant in Nasarawa state. According to Minister of Solid Minerals Development, Dr Dele Alake, the project is expected to generate over 10,000 jobs nationwide and attract $400 million in Foreign Direct Investment (FDI).
The plant, which will be funded by private organisation Hasetins Commodities Limited, is touted as Africa’s largest rare earth and critical minerals project. Dr Alake praised the investors for their foresight, noting that the project aligns with the government’s value addition campaign, which aims to promote in-country processing and beneficiation of minerals. This move is seen as a strategy to create job opportunities and spur investor confidence in the mining sector.
Hasetins Commodities Limited plans to increase its installed capacity by 12,000 metric tonnes, bringing its total capacity to 18,000 metric tonnes. The company’s model focuses on early-stage beneficiation, which involves pre-separating metals locally to generate immediate income for artisanal miners. This approach also includes training, provision of protective equipment, and broader community engagement.
The Minister commended Hasetins for its patriotic investment, stating that the project would promote skills transfer and boost the contributions of the solid minerals sector to the economy. Hasetins Commodities Ltd specializes in producing critical metals essential for high-tech applications and defence systems, including rare earth metals and Platinum Group Metals (PGMs).
This significant development is expected to have a positive impact on Nigeria’s economy, creating new opportunities for growth and development. With the government’s support and private investment, the mining sector is poised for a major boost, which could lead to increased economic activity and job creation. As the project progresses, it will be interesting to see how it contributes to the country’s economic development and growth.
