Highlights

• Hasetins Commodities announced a $400M rare earth processing plant in Nasarawa State.
• The plant is claimed to be Africa's largest.
• The project lacks verified feedstock or JORC-compliant deposits to support operations.
• Nigeria possesses REE-bearing minerals like monazite across multiple states.
• The project suffers from geological data gaps, undefined reserves, and unclear processing specifications.
• REEx advises investors to view this as a high-aspiration, early-stage project until Nasarawa yields bankable deposits.
• Processing capacity means nothing without proven mineral resources.

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Rare Earth Exchanges (REEx) evaluates Nigeria’s announced $400M rare earth processing plant, integrating our prior analysis of Nigeria’s geological potential. It separates credible mineral opportunity from political optimism, highlights the absence of verified feedstock, and explains why investors should view this project as early-stage and unproven.

BusinessDay Nigeria reports (opens in a new tab) that Hasetins Commodities has broken ground on a US$400 million rare earth and critical metals processing plant in Nasarawa State—touted as the largest in Africa and expected to generate 10,000 jobs. It fits neatly into the Federal Government’s narrative of mineral-led diversification.

Nasarawa State

But as REEx warned in our August 2025 deep-dive, “Nigeria’s Rare Earth Mineral Potential: A Wealth of Untapped Opportunities,” Nigeria’s challenge is not ambition—it is verification. Nigeria possesses occurrences of monazite, xenotime, and placer-hosted REE sands, but suffers from geological data gaps, undefined reserves, and an informal-first mining ecosystem.

This new announcement does little to resolve those gaps.

The Golden Shine: What the Article Gets Right

Nigeria does sit on substantial REE-bearing minerals, especially monazite, across Plateau, Benue, Nasarawa, and Cross River. REEx previously highlighted USGS estimates pointing to millions of tonnes of monazite-rich sands across multiple states—an untapped opportunity if properly surveyed and developed.

The government is also correct that global demand for NdPr, Dy, and Tb is rising, and that developing in-country processing would move Nigeria up the value chain—a point REEx has supported repeatedly. On paper, adding 12,000 tpa of processing to Hasetins’ existing claimed 6,000 tpa capacity could position Nigeria as an African refining hub.

But capacity without feedstock is just stainless steel and ceremony.

The Hard Grit: Where the Story Exceeds the Facts

1. No Bankable Feedstock Exists

Despite references to “rising feedstock,” Nigeria has zero JORC or NI 43-101 compliant REE deposits in Nasarawa. Without a defined resource, Hasetins risks building a refinery in search of a mine—a pattern REEx previously flagged in Abuja’s “refinery-first, geology-later” approach.

2. 18,000 tpa… of What Exactly?

Is this ore throughput? Mixed REE concentrate? Carbonate? Actual separated oxides?

The article never specifies. As REEx has noted, early-stage Nigerian facilities often perform only basic beneficiation, not true solvent extraction.

3. “Largest in Africa” Looks Like PR, Not Peer Review

South Africa’s Steenkampskraal and Madagascar’s monazite projects are better characterized. Nigeria’s claim is aspirational until backed by flowsheets and production.

4. 10,000 Jobs Is Political Theatre

Rare earth separation is capital-intensive and automated. Such numbers are implausible.

Why Investors Should Care

Nigeria has real geological potential—REEx has documented it in detail—but processing ambitions must follow resource proof, not precede it. This project is noteworthy, but remains speculative until Nasarawa yields a bankable deposit.

For now, investors should classify Hasetins’ refinery as high on aspiration, low on geological grounding.

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