Chariot MOU eyes 200ktpa Nigeria lithium offtake to China
Chariot Resources has inked a MOU with China-based battery materials producer Shanghai GreatPower Nickel & Cobalt Materials to explore collaboration across its Nigerian lithium portfolio.
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By Doug Bright
January 2, 2026 — 2.20pm
Chariot Resources Limited has executed a non-binding memorandum of understanding (MOU) with Shanghai GreatPower Nickel & Cobalt Materials Co. Ltd., a prominent China-based battery materials producer, to explore collaboration across its prospective Nigerian lithium portfolio.
The MOU outlines potential offtake for up to 200,000 tonnes per annum of spodumene concentrate – the principal ore of lithium - from one of Chariot’s four Nigerian projects and included options for development financing, credit lines, and offtake prepayments to accelerate exploration and production.
Earth moving equipment being used for artisanal mining activities at the Fonlo project in Nigeria.
The parties will also evaluate the possibility of building a lithium processing facility in Nigeria to upgrade run-of-mine ore into concentrate onsite, potentially incorporating sustainable practices such as electric mining equipment and solar-plus-storage microgrids for site power.
Shanghai GreatPower operates multiple facilities in China producing battery-grade materials including lithium carbonate, bringing significant technical and supply chain expertise to the partnership. The company’s major customers include LG Energy Solution, a battery company headquartered in Seoul, South Korea which holds a 4.02 per cent stake in GreatPower.
‘The involvement of Shanghai GreatPower provides a strong endorsement of our strategy.’
Chariot Resources executive chairman and managing director Shanthar Pathmanathan
Other Shanghai GreatPower customers include Contemporary Amperex Technology Co. (CATL), the world’s leading Chinese manufacturer of lithium-ion batteries for electric vehicles (EVs) and energy storage systems (ESS), alongside BMW and Samsung.
Key offtake terms contained in the MOU contemplate initial direct shipping ore (DSO) deliveries to a collection point at Sagamu, Nigeria, transitioning to long-term priority supply of spodumene concentrate, priced against international benchmarks for 5.5–6.0 per cent lithium oxide.
Chariot Resources executive chairman and managing director Shanthar Pathmanathan said: