• Chariot signs MoU with Chinese trader to develop Nigerian lithium assets

• Deal follows planned acquisition of Continental Lithium portfolio, closing Q1 2026

• Partnership may provide financing as interest grows in Nigeria’s lithium sector

Chariot Resources, an Australia-based mining company, said on Thursday, Jan. 8, that it had signed a memorandum of understanding with Chinese trader Jinjianqiao New Energy Technology Co. to explore a future partnership to develop and operate lithium assets in Nigeria, as interest grows in unlocking the country’s lithium resources.

In July 2025, Chariot agreed to acquire a 66.7% stake in the lithium project portfolio of Nigeria’s Continental Lithium Limited. The portfolio includes the Fonlo, Gbugbu, Iganna and Saki projects, all previously operated as artisanal open-pit sites. Although the transaction is expected to close in the first quarter of 2026, Chariot has already begun laying the groundwork for development, including through the proposed partnership with Jinjianqiao.

Under the memorandum, Jinjianqiao could provide financing through debt or off-take agreements to support exploration work and, ultimately, the development of one of the Nigerian projects. Financial terms were not disclosed. This is the second such agreement announced by Chariot this year, following a similar memorandum signed on Jan. 2 with Shanghai GreatPower Nickel & Cobalt Materials.

The initiatives place Chariot among a small group of companies considering commercial lithium development in Nigeria. Despite the country’s largely untapped lithium potential and the government’s push to develop mineral resources estimated at more than $700 billion, limited information is available on the current state of the lithium sector. Several projects have been announced in recent months, including two processing and refining plants with a combined estimated cost of $800 million, but details on their sponsors and timelines remain scarce.

Further talks with potential partners will be needed to define the terms of any future collaboration and reach a binding agreement. Those discussions are expected to begin after the completion of the acquisition from Continental Lithium.

The moves come as long-term demand for lithium is expected to remain strong. The International Energy Agency estimates that up to 55 additional mines will be required worldwide by 2035 to meet global demand.

Aurel Sèdjro Houenou