IronRidge Resources Limited, a mining giant that has set its eyes on Ghana’s lithium resource, is said to have one of the best mining projects in the country.
UK-based Proactive Investors reports that Liberum, a broker, has said IronRidge’s Ewoyaa project in Ghana is best in class in terms of operational expenditure and capital expenditure.
Output from the mine is expected to be among the greenest available (hydropower, no chemicals, existing infrastructure, near the port).
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Liberum believes an updated scoping later this year will extend the mine life beyond ten years while a full definitive feasibility study could see the life extend again to double the eight years indicated in the original scoping study.
Meanwhile, IronRidge has said it is likely to secure a permit to begin mining the Ewoyaa project near Saltpond by the close of this year.
Piedmont Lithium is investing $102 million to earn 50%, which would fully fund and fast-track Ewoyaa to production.
Tesla, the world's famous electric car manufacturer, has a supply agreement with Piedmont, which has agreed to purchase 50% of Ewoyaa’s output.
The most important use of lithium is in rechargeable batteries for mobile phones, laptops, digital cameras and electric vehicles.
Lithium is also used in some non-rechargeable batteries for things like heart pacemakers, toys and clocks.
As of September 9, 2021, a kilogram of lithium was pegged at $19.25.