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Chariot Resources (ASX:CC9) has this week signed a memorandum of understanding with Chinese trader Fujian Jinjianqiao New Energy Technology, which will soon see the now-partnered pair bring lithium out of Nigeria.
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Disclaimer: This content has been prepared as part of a partnership with Chariot Resources Ltd and is intended for informational purposes only.
Under this (for now, non-binding) deal, Jinjianqiao will have the option to buy and transport any direct shipping ore (DSO) from Chariot’s four Nigerian projects to an established collection point it’s selected in Sagamu.
Both will also get the chance to negotiate long-term exclusive offtake of spodumene concentrate and other lithium-bearing products, once due diligence wraps. The Market Link understands pricing on that future offtake – expected to be 5.5-6.2% lithium oxide – would be taken on global indexes.
Jinjiaqiao’s ‘one-stop’ capability across import logistics, processing support, inspection and testing, warehousing, and strategic cooperation links to downstream processing all attracted Chariot to the partnership.
The Chinese lithium dealer marketed roughly 90,000 tonnes of lithium concentrate and ore through CY25, and has been expecting to double that through this year by extending its Africa-to-China supply chains.
“[This deal] aligns with Chariot’s objective to rapidly progress its Nigerian projects towards commercialisation,” the company wrote in Jan. 8’s update.
Then there’s the financing side that Chariot liked, too – the MOU comes bundled with potential funding support. Jinjiaqiao and Chariot have, at this stage, only agreed to discuss credit lines and offtake payments, but Chariot is hoping that this will progress into exploration and development backing.
The two companies will also be looking into building a processing facility on location in Nigeria that would let them convert ore into concentrate on-site. Jinjianqiao’s primary investor already operates a similar lithium concentrate plant as well as a lithium salt concentrate line in the country.
At 10am open today, CC9 was selling at 16.5cps.
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