Australian mining tycoon Colin Ikin, tied to Chagoury family, targets Nigerian lithium rights amid Jupiter dispute

Colin Ikin, an Australian mining executive who runs Atlantic Mining Techniques, is maneuvering for a major foothold in Nigeria’s fast-growing lithium industry. His company, backed by associates of the influential Chagoury family, is positioning itself to take over the Kaduna Main lithium deposit after British firm Jupiter Lithium lost its permits, a cancellation now tied up in a legal fight.

Jupiter Lithium contends that Nigerian authorities improperly revoked its rights in Kaduna state and has warned it could haul Abuja before an international arbitration panel. The standoff has opened the door to new bidders, and Ikin appears ready to move. Atlantic Mining Techniques has started steps to secure the deposit, with political muscle coming from allies linked to Gilbert and Ronald Chagoury.

Ikin’s record mixes bold ambition with controversy. He once headed Australia’s Preston Resources, whose spectacular collapse reportedly cost investors hundreds of millions of dollars. In Nigeria, he has pledged significant investments in Kaduna and Nasarawa states, touting lithium processing plants, expanded mineral development and thousands of jobs.

The Chagoury brothers—Lebanese-Nigerian billionaires with deep roots in business and politics—control a conglomerate with tentacles in construction, real estate, hospitality, manufacturing and telecommunications. Over decades they have cultivated close ties with successive Nigerian administrations. Under President Bola Ahmed Tinubu, those ties have grown even closer: Tinubu’s son Seyi has sat on one of their boards, and Chagoury-owned companies continue to secure prominent government contracts.

Some industry watchers argue that Nigeria’s mining sector has a history of favoring politically connected players instead of rewarding solid performance or transparency. They caution that swapping one overseas operator for another with powerful friends might do little to help local communities or protect the environment. Backers of Ikin push back, saying Jupiter Lithium failed to meet its commitments and that Ikin’s group could tap Kaduna’s lithium reserves more effectively.

Rising global demand for lithium, fueled by the EV and clean energy boom, has turned Kaduna’s reserves into a sought-after asset. Whether Ikin’s team can make good on its promises—or if legal fights and political maneuvering will ultimately dictate the result—remains unresolved.