Hasetins Commodities Ltd has announced plans to establish a $400 million plant, which will be Africa’s largest rare earth and critical minerals processing facility, in Nasarawa State, targeting 10,000 new jobs.
This was disclosed in a statement by the Minister of Solid Minerals Development, Dr. Dele Alake, and further corroborated in the firm’s earlier statement.
“We have pledged our support for a Foreign Direct Investment (FDI) initiative to establish Africa’s largest rare earth and critical minerals processing plant, driven by a $400 million investment from Hasetins Commodities Ltd in Nasarawa State,” the minister stated.
Prince Jidayi, Managing Director of Hasetins Commodities, stated that the company is thrilled to embark on this new journey, which, according to him, marks a significant milestone for Hasetins and underscores the company’s commitment to sustainable resource management.
“This facility will not only increase our processing capacity but will also accommodate the rising demand for feedstock from our mining sites and provide additional opportunities for artisanal miners in the area,” he added.
“Rare earth metals play a pivotal role in modern technology, powering a variety of applications including electronics, renewable energy systems, electric vehicles, and defense technologies,” the company’s statement partly reads.
“By empowering artisanal miners, Hasetins will enable these individuals to bring in additional feedstock, thereby fostering a more inclusive mining industry that benefits all stakeholders,” the official added.
On his part, Alake, on Sunday, highlighted that the project represents over 10,000 new jobs, genuine skills transfer, and a significant step toward processing Nigeria’s minerals domestically.
He appreciated Prince Jidayi and his team for their foresight and alignment with President Bola Tinubu’s vision for value addition and economic diversification.
Hasetins CEO, Prince Jidayi, was quoted as acknowledging the recent mining reforms, including the introduction of mining marshals and licensing simplification in Nigeria.
The firm is expected to set up regional processing hubs and offer training and equipment to artisanal miners.