Ghana's Lithium Discovery Could Bring Attention To Tesla And Other EV Companies
Can Ghana leverage it's lithium discovery to attract EV companies?
In 2018, one of the world's most priced mineral resources Lithium was discovered in commercial quantity estimated at around 14.5 million tons in the Volta region of Ghana, Ewoyaa to be precise.
Chief Executive of the Minerals Commission Mr. Kwaku Addai Antwi Boasiako announced that the discovery was made during a nationwide exploration by the Minerals Commission.
Lithium has various and vital uses of which one of its top pertinence is established on reproducing rechargeable batteries for mobile phones, laptops, digital cameras, and cars. It is measured in kilograms and tons and it costs about $17000/kg.
Lithium is suddenly making the news with its primary ingredient of the lithium-ion batteries set to power the next generation of electric vehicles and, as such, could become as precious as gold in this century.
In March 2022, Atlantic Lithium Limited, an Australia-based lithium exploration and development company submitted the mining license (ML)application to mine lithium in Ghana
"We are pleased to have lodged our application for an ML at the Ewoyaa Lithium project in Ghana, which has a compelling case for development at a time of unprecedented lithium demand”- Lennard Kolff(Interim CEO Atlantic lithium limited)
“As evidenced by our work to date and highlighted by the recent PFS, we can demonstrate a fundamentally robust development case at Ewoyaa, which delivers extensive social and economic benefits to our local communities and the Republic of Ghana,” he said.
The Company’s flagship project, the Ewoyaa Lithium Project, is set to be Ghana’s first lithium-producing mine and is funded under an agreement with Piedmont Lithium for $103m.
The demand for lithium is on a constant high rise. In 2019, lithium was 263,000 metric tons which spiraled up to 559,000 metric tons in 2022 and is expected to double up by one million metric tons in 2025 because it is one of the crucial minerals required for producing EV (Electric Vehicles)batteries.
The Ewoyaa lithium project is to commence in 2024. According to Atlantic Lithium’s latest mineral resource estimate for the project, the lithium deposit in the area is up to 30.1 million tons grading at 26% lithium oxide.
The project aims to mine 255 million of 6% lithium spodumene annually in 12.5 years.
While Ghana is expected to make almost $5 billion from lithium mining by Atlantic Lithium, more should be done to ensure the country is a part of the process that sees to the final product created from lithium.