Chariot Resources inks MOU with Shanghai GreatPower for Nigerian lithium projects

Chariot Resources (ASX:CC9) has signed a non-binding memorandum of understanding with Shanghai GreatPower Nickel & Cobalt Materials to explore collaboration across the lithium supply chain, focusing on Chariot's Nigerian projects.

The agreement envisions the potential offtake of up to 200,000 tonnes per year of spodumene concentrate, development of a local lithium processing facility in Nigeria, and the integration of sustainable mining and renewable energy solutions.

Under the MOU, Shanghai GreatPower may provide financing support, including credit lines or offtake prepayment arrangements, to accelerate exploration and project development.

Shanghai GreatPower, a China-based battery materials and technology group with annual revenue exceeding 4 billion Chinese yuan, supplies global clients such as LG Energy Solution, CATL, BMW, and Samsung, and is also recognised for its battery recycling and green energy initiatives.

Both companies will conduct due diligence, with any binding agreements contingent on project acquisition completion and mutually agreed terms.

Chariot’s Executive Chairman, Shanthar Pathmanathan, described the partnership as a "strong endorsement" of the company's strategy and early-mover advantage in Nigeria's emerging lithium sector.