Atlantic Lithium, an Australia-based miner seeking to unlock electric car battery resources in West Africa, said its proposed operation in Ghana will generate nearly US$5 billion in revenue over its 12.5-year lifespan.
Lithium is one of the key components in electric vehicle (EV) batteries when it comes to the manufacturing of EVs around the world. Popular EV car brands like Telsa depend on lithium to manufacture their Tesla Model Series.
“Ewoyaa benefits from simple mineralogy, low power, and water consumption, a DMS-only process flow-sheet design, skilled workforce and proximity to operational infrastructure, including grid power, sealed road and deep-sea port,” Atlantic Lithium interim chief executive officer Lennard Kolff said in a press release. “These fundamentals are arguably among the best in the world and enable a low carbon footprint project.”
The company, which also has two lithium applications pending in neighbouring Ivory Coast, is riding the rising demand for electric car batteries made with lithium. Auto manufacturers around the world are switching over from fossil fuels and countries are targeting zero-emissions goals to fight climate change.
The project is supported by a US$103 million investment from Belmont, North Carolina-based Piedmont Lithium, a miner with projects in Tennessee, Quebec, and its home state. “We are excited to continue advancing the Ewoyaa Lithium project through the next stages of studies and permitting towards production,” Kolff said.
“The resource infill and extensional drilling program underway is nearing completion.”
According to the Wolrd Economic Forum WEF, The world could face lithium shortages by 2025, the International Energy Agency (IEA) says, while Credit Suisse thinks demand could treble between 2020 and 2025, meaning “supply would be stretched”
