Nigerian gov't backs 400-mln-USD rare earth plant
Dele Alake, minister of solid minerals development, said in a statement sent to Xinhua Monday that the project, funded by Hasetins Commodities Limited, aligns with the value addition campaign by the President Bola Tinubu-led government, emphasizing in-country processing and beneficiation of minerals.
Alake described the development as a "significant milestone in efforts to boost investor confidence in Nigeria's mining sector," saying the plant will promote crucial skills transfer and enhance the solid minerals sector's contribution to the national economy.
He said the local firm aimed to increase its current installed capacity of 6,000 metric tons by an additional 12,000 metric tons, with preparations for the groundbreaking of the expanded facility already underway.
"I applaud the company for its strategic foresight and patriotic investment in the 400-million-dollar rare earth metals plant," the minister said.
Hasetins Commodities Limited is a local private company specializing in the production of critical metals essential for high-tech applications and defense systems, including rare earth and platinum group metals.
In a separate statement, the firm said its operational model incorporates early-stage beneficiation by pre-separating metals locally.
It added that this approach is designed to generate immediate income for artisanal miners and is coupled with comprehensive training programs, provision of protective equipment, and broader community engagement.
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