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.
Rare Earth Project
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.
- This new plant is expected to increase Hasetins’ production capacity to 18,000 tpa, enabling the company to meet the growing demand for critical metals in various industries, the statement partly reads.
“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.
- Hasetins stressed that the new processing plant will create numerous job opportunities in the region, supporting local communities and promoting social and economic growth.
“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.
More Insight
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.
- He assured that the Federal Government is fully committed to this project and that all necessary institutional support will be provided.
- He added that initiatives like this plant bring the nation closer to its long-term national objectives.
- He emphasized that the initiative will enhance skills transfer, increase investor confidence, and deliver immediate benefits to local communities.
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.
