According to Business Daily, Nigeria will enter the global lithium ore market worth more than $37 billion. Thor Explorations said initial drilling results from its search for lithium showed it had found "significant" intersections of mineralised pegmatite.
"We are very encouraged by the first set of results from our initial drilling campaign to confirm the development of lithium bearing minerals in the pegmatite within the license area," said Segun Lawson, president and chief executive officer of Raytheon Exploration.
Raytheon Exploration is conducting an initial drilling program at an exploration area located in the West Oyo project area in Oyo State to identify and delineate lithium-bearing mineralization, such as spodumene and lepomica.
Raytheon Exploration is a Canadian mineral exploration company engaged in the acquisition, exploration and development of minerals located in Nigeria, Senegal and Burkina Faso. The company has a 100% interest in the Segilola Gold project in Osun State.
Raytheon Exploration has acquired more than 600 square kilometres (km2) of concessions in Nigeria, including lithium project areas in Oyo, Kwara and Ekiti states.
The Oyo State project area includes what Raytheon Exploration considers to be the most important lithium pegmatite deposit in Nigeria, where small-scale artisanal mining of the lithium bearing mineral is currently underway.
The Oyo State lithium project comprises exploration rights of about 38 square kilometres and is located on Nigeria's westernmost border, 200 kilometres from the commercial capital Lagos.
According to the study, the global lithium market is valued at $37.8 billion in 2022 and is expected to reach $22.2 billion by 2023. By 2030, the market is expected to reach $89.9 billion, with a CAGR of 22.1% over the forecast period.
This growth is expected to be driven by increasing advances in rechargeable batteries for electric vehicles, laptops, mobile phones, electric vehicles and digital cameras.
As the electric vehicle (EV) market grows, the demand for lithium-based electricity will rise rapidly. Tesla's projections suggest the company will need about 10 kilotons of lithium carbonate equivalent per year by 2030, 16 times its 2022 demand and 30 percent more than current global production.
Due to strong demand and tight supply, the lithium market gap is expected to continue to grow until 2040.
According to Raytheon Exploration, Nigeria has a favorable geological environment without advanced modern systematic exploration.
There are currently only small-scale spodumene and lithiumite mining operations, but Kaduna is expected to do so on a large scale after a Chinese company secured the rights.
