The First Ghanaian lithium mine is anticipated to begin operations in the second quarter of 2025 and to reach 365,000 tonnes of annual lithium production capacity by 2026. Lithium is used to treat mania that is part of bipolar disorder (manic-depressive illness), is commonly used to help fix chemical imbalances in the brain. It is also used in the manufactory of batteries mostly rechargeable batteries and currently well
adopted by electric vehicle manufactures.
Ghana’s lithium mine’s project has a verified potential for economic sustainability and profitability, the partners released a final feasibility study (DFS) in June of 2023. According to the analysis, during the course of a twelve-year mine life, 3.6 million tonnes of spodumene concentrate might be produced.
The project spans roughly 560 square kilometers in terms of geography. It states the mine is well connected. Accra, the capital, is 100 kilometers away, and the port of Takoradi is about 110 kilometers away.
When permissions are granted, two mining firms, Piedmont Lithium and Atlantic Lithium, are combining and investing in the project. For $27.9 million, the Minerals Income Investment Fund of Ghana (MIIF) is also purchasing 6% of the Ewoyaa shares. Piedmont and Atlantic will thus each hold 47% in the future.
In the meantime, Piedmont claims that the cash flow from its joint venture, North American Lithium in Quebec, will be used to cover its portion of the investment expenses for Ewoyaa. The company intends to feed its 30,000 tonne per year lithium hydroxide conversion plant in the US state of Tennessee with lithium feedstock from Ghana.
The eMobility community took notice of Piedmont when it announced an off-take arrangement with Tesla for spodumene concentrate from a Piedmont mine in North Carolina in 2020. The commencement of deliveries to Tesla was also delayed due to the postponement of the start of mining operations there; at the beginning of this year, a new arrangement took its place. This deal states that Tesla will start receiving SC6 from Canada in the second half of 2023. The only lithium mine in North America that is now mining for a living is the North American Lithium Mine in Quebec, in which Piedmont owns a 25% interest. Because of the requirements for EV tax credits, the source of battery materials is becoming more and more significant.