By Cooper Inveen
Australia-based Atlantic Lithium expects to start manufacturing at what can be Ghana’s first lithium mine by the second half of 2024, the corporate’s interim chief govt informed Reuters.
Lennard Kolff stated in an interview {that a} current scoping examine confirmed income may attain almost $5 billion over the mine’s lifetime. The Africa-focused exploration and improvement agency commenced buying and selling shares on the Australian Securities Exchange on Monday, 4 years after discovering Ghana’s first commercially-viable lithium deposit lower than a kilometre off its nationwide freeway.
“This is really an exceptional project, not only from an economics point of view, but a social one as well,” stated Kolff, Atlantic Lithium’s lead geologist, who took the reigns as interim CEO after the sudden passing of founder Vincent Mascolo final March.
“We have a chance here to make Ghana a forerunner in the global decarbonisation race by building what could be West Africa’s first hard rock lithium project,” he added.
Lithium costs have soared above $70,000 per tonne this 12 months, as automakers eager to shift to electrical fashions scramble to safe provide to make batteries.
Ghana, traditionally considered one of Africa’s prime gold and cocoa producers, has lengthy sought to diversify its exports, with massive swings in gross home product typically accompanying shifts in gold or oil income.
Kolff believes lithium may very well be a partial resolution.
A pre-feasibility examine of the challenge, launched final week, projected as much as $4.84 billion in income over the positioning’s 12.5 12 months lifespan, with an preliminary fee of return of 224% and payback in lower than 5 months. An up to date evaluation can be printed early subsequent 12 months.
Timing is all the pieces, nevertheless. With the value of lithium at an all-time excessive, the corporate considers itself properly positioned to fulfill demand over a comparatively quick interval. But that window may shut ahead of anticipated.
“Now is the time to capitalise on higher prices in the market, because it won’t last,” Kolff stated, noting that costs will inevitably decline as extra high-yield lithium mines come on-line.
Speed is a prime precedence for the junior agency which, after having secured greater than $100 million in funding from lithium main Piedmont, intends to submit its mining licence utility within the coming days.
Barring hiccups, Atlantic Lithium hopes to have obtained its licence by this time subsequent 12 months, and can break floor shortly afterwards.
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Source: auto.economictimes.indiatimes.com