Works at Ewoyaa project in Ghana halted
Activities at the Ewoyaa project in Ghana have been halted. Atlantic Lithium temporarily halted operations to pave way for investigations to take place after a fatal accident occurred earlier this week.
The Ewoyaa Lithium Project in Ghana, led by Atlantic Lithium in partnership with Piedmont Lithium, is poised to become Ghana’s first lithium-producing mine. The project is strategically located with access to key infrastructure, making it viable for large-scale production.
The Definitive Feasibility Study (DFS) for Ewoyaa, announced in June 2023, confirms the project’s economic viability. It projects a 12-year life of mine (LOM) with an annual production of 3.6 million tonnes of spodumene concentrate, a primary lithium ore. The study indicates low capital and energy intensity, a modest capital cost, and a short payback period (Atlantic Lithium Ltd).
Ewoyaa project
In October 2023, Atlantic Lithium was granted a mining lease, a significant milestone that de-risks the project and advances it towards becoming one of the top ten largest spodumene concentrate producers globally.
Notably, half of the lithium produced at Ewoyaa is slated to be refined at a facility owned by US-based Piedmont Lithium (NASDAQ, ASX: PLL). Piedmont, which is Atlantic’s second-largest shareholder, has agreed to fund a significant portion of the mine’s construction costs.
Atlantic Lithium plans to produce a total of 3.6 million tonnes of spodumene concentrate, averaging 350,000 tonnes annually, over a 12-year period. This output would position Ewoyaa as the world’s 10th-largest lithium project, according to the company’s estimates. Following the news of the accident, shares of Atlantic Lithium fell by 5% by the close of trading at 5 p.m. BST. The company’s market capitalization currently stands at £123 million ($156 million).
