Investor Access — CBA Metals Africa
Infrastructure Investment Opportunity

Nigeria's First
Copper Cathode Refinery

A 40,000 TPA Grade-A copper refinery in the Lekki Free Trade Zone captures the full margin of Nigeria's copper value chain, replacing over $1B in annual imports with domestically refined output priced at the LME Cash Settlement rate.

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Nigeria Has the Demand.
No One Is Refining It.

Over 95% of Nigeria's copper arrives as imports. No large-scale domestic refinery exists. The industrial sector pays import parity on every kilogram. That gap is the asset CBA Metals is built to capture.

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95%+ of Nigeria's copper demand met by imports

No domestic refinery at commercial scale. The entire industrial supply chain is exposed to FX shocks and logistics volatility with zero alternatives.

$40B+ global copper deficit projected by 2030

Energy transition demand across EVs, grid infrastructure, and renewables is structural, not cyclical. This project sits at the intersection of both growth curves.

12-18 Mo window to establish first-mover position

LFTZ regulatory umbrella, mining policy reform, and Deep Sea Port adjacency create a closing window. The unchallenged position in Nigerian copper refining is available now.

Lekki Free Trade Zone, Lagos, Nigeria

The Lekki
Copper Refinery

West Africa's first large-scale copper cathode refinery. Engineered for institutional-grade returns. 18 to 24 months from financial close to first production.

40,000 TPA Grade-A 99.99%
Copper Cathode
98% Downstream
Refinery Recovery
0% Corporate Tax
LFTZ Umbrella
96.5% Payable Copper
Factor
18-24 Mo Financial Close
to First Production

Strategic Advantages

Feedstock Hub-and-Spoke Architecture

Four modular concentrators across decentralised brownfield sites feed the Lekki refinery. No single-site dependency. Output is continuous even if any spoke is disrupted.

Processing SX-EW Hydrometallurgy

Proven solvent extraction and electrowinning with digital control systems. Performance is contractually guaranteed, under a fixed-fee O&M contract at US$5M per annum.

Logistics Deep Sea Port Adjacency

Direct export access to the US and China built into the base case. Full export-parity fallback stress-tested at US$180/tonne FOB deduction. Debt coverage remains resilient.

Capital and Commercial Structure

CAPEX Strategy Hybrid Relocation Model

Second-hand static infrastructure — tankhouse steel, busbars, crushers, combined with new active components. Capital outlay and construction timeline compressed without compromising metallurgical performance. Greenfield competitors face 40 to 60% higher costs for equivalent output.

Lower cost. Same output. Faster to first production.
70% Domestic

Pre-committed with a leading institutional wire and cable manufacturer. LME Cash Settlement pricing.

30% Export

Committed to the US or China. Port-adjacent location enables seamless export pivot.

All contracts priced in USD at the LME Copper Cash Settlement rate. Revenue certainty precedes construction capital.

How This Asset
Generates Returns

Revenue is dollar-denominated. Costs are fixed-fee structured. Margin is captured across the full value chain from concentrate to cathode. Nothing in this structure is speculative.

Senior DebtUS$150MApproximately 80% gearing on hard costs. Sculpted against CFADS. Minimum DSCR 1.35x maintained through all ramp-up cycles.
Sponsor EquityUS$50MFully front-ended ahead of first debt drawdown. De-risks lender exposure from day one of construction.
Revolving Credit FacilityUS$15MBridges the 60-day cash conversion cycle between ore payables and cathode receivables during ramp-up.
Base Case DSCR~2.00xAt LME Copper Cash Settlement Price. Lender payback horizon approximately 2.5 years from first production.
Domestic Offtake70%Pre-committed with an institutional wire and cable manufacturer. LME-indexed pricing on all contracted volumes.
Export Commitment30%Committed to the US or China. Port-adjacent location stress-tested under full export-parity scenario at US$180/tonne FOB deduction.

These figures are indicative and based on management estimates. Detailed financial models, sensitivity analyses, and technical reports are available to qualified institutional investors upon request. This material does not constitute an offer to sell or solicitation of an offer to buy any security.

Every Risk Is
Contractually Owned

This project does not manage risk. It transfers it.

Feedstock Supply One mine failure stalls the refinery.
Mitigation

Four independent brownfield concentrators. No single-source dependency.

Construction Overrun Cost and timeline exceed budget.
Mitigation

Fixed-price modular CAPEX. Hybrid Relocation strategy compresses build time versus greenfield.

Operational Performance Metallurgical underperformance destroys margin.
Mitigation

Fixed-fee O&M at US$5M p.a. Performance is contractually guaranteed, not best-efforts.

FX and Revenue Risk Naira devaluation erodes returns.
Mitigation

100% dollar-denominated revenue. All contracts pegged to LME Cash Settlement Price in USD.

Offtake Demand Domestic buyer failure leaves inventory unsold.
Mitigation

30% committed export to the US or China. Full export pivot stress-tested and DSCR-compliant.

Debt Service Timing Cash flow gap during ramp-up strains coverage.
Mitigation

US$15M RCF bridges the 60-day conversion cycle. Sponsor equity front-ended before first debt drawdown.

Six risks. Six contractual mitigations. No residual exposure without a structure in place to contain it.

What Has Already
Been Achieved

Phase 3 is active. The project is not at concept stage. The milestones below are complete or in execution.

✓
Corporate structuring complete

RC: 8591060. Legal entity established. Governance framework aligned with DFI institutional requirements.

✓
Feasibility and regulatory engagement

Phase 1 complete. Feasibility studies executed. Preliminary regulatory engagements done.

→
Site identification and infrastructure planning

Phase 2 in progress. Brownfield node identification, infrastructure planning, and ore supply structuring underway.

→
DFI engagement and project finance structuring

Phase 3 active. Investor outreach in execution. Financial model and technical documentation available to qualified investors.

Phase 1Foundation

Corporate structuring, feasibility and regulatory engagement.

Complete
Phase 2Development

Site identification, infrastructure planning and ore supply structuring.

In Progress
Phase 3Capital Raise

Investor outreach, DFI engagement and project finance structuring.

Active
Phase 4Construction

Civil works, equipment procurement and facility commissioning.

Upcoming
Phase 5Operations

First production, offtake agreements and export channel activation.

Target

This Window Does Not Stay Open

Anchor positions in the capital structure are limited. DFI engagement is active. The project advances with or without any individual investor. Request access to the financial model now.

Development Finance Institutions Commercial Banks Private Equity Sovereign Wealth Funds Impact and ESG Funds
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40,000TPA Cathode Capacity
~2.00xBase Case DSCR
0%Corporate Tax (LFTZ)
18-24 MoTo First Production

Let's work...

We are at a pivotal stage of development and actively seeking strategic partners across four categories. Complete the form and our team will respond within 48 hours.

 
  • Investors & Equity Partners
  • Banks & Development Finance Institutions
  • EPC & Technical Partners
  • Ore Suppliers & Offtakers

+234 911 199 9000

hello@cbametals.africa

Lagos, Nigeria

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