Nigeria Approves Transfer of Six Lithium Licenses to C&C Minerals
The Mining Cadastre Office of Nigeria has approved the transfer of six lithium licenses from Continental to C&C Minerals, a joint venture between Chariot and Continental. The licenses cover the Fonlo and Gbugbu projects, along with two small-scale mining licenses for the Saki project. Additional approvals for four more licenses are expected soon, which will allow Chariot to complete a 66.67% stake in the Nigerian lithium portfolio. The market prices for lithium have increased significantly since the acquisition agreement was signed in July 2025.
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Nigeria's Mining Cadastre Office has approved the transfer of six lithium licenses to C&C Minerals from Continental, including four exploration licenses for the Fonlo and Gbugbu projects and two small-scale mining licenses for the Saki project. Approval for an additional four licenses is anticipated, enabling Chariot to secure a 66.67% stake in the portfolio.
Following the completion of the documentations, C&C Minerals will initiate priority exploration programs in Fonlo and Gbugbu. Lithium prices have surged from July 2025 to March 2026, with lithium carbonate increasing by 157% and spodumene concentrate by 232%.
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