Atlantic Lithium is optimistic of employing about 900 workers when full production commences at its Ewoyaa project in the Central Region of Ghana.
Lithium is one of the main minerals used in the production of lithium-ion batteries, which is being promoted as a substitute for fossil fuels, as the world continues to battle with climate change.
The Australia-based Atlantic Lithium on Thursday (19 October) secured a 15- year mining lease from the government of Ghana after meeting all the necessary requirements.
Speaking in an exclusive interview with ghectractives.com, Country Manager of Atlantic Lithium, Abdul-Razak Shaibu Ballah was optimistic the employment will boost the local economy.
“The project will directly employ about 800 people and after the construction of the plant we are looking at 900 jobs.”
“Currently we have about 75 workers, aside that we do also engage casual workers, so at a point we can employ about 200 casual workers aside the direct employment,” he said.
Ewoyaa Lithium Project
The Company’s flagship project, the Ewoyaa Lithium Project, set to be Ghana’s first lithium-producing mine, is being advanced to production under an agreement with Piedmont Lithium.
The project is well located to excellent infrastructure and is proven to produce a spodumene concentrate product suitable for conversion to be used in EV batteries.
In June 2023, the Company announced its Definitive Feasibility Study (“DFS”) for the Ewoyaa Project, confirming the Project’s economic viability and profitability potential.
The Study indicates a 3.6Mt spodumene concentrate production over a 12-year Life of Mine (“LOM”), generating exceptional economics:
Post-tax NPV₈ of US$1.5bn
Free cash flow of US$2.4bn from LOM revenues of US$6.6bn
Average LOM EBITDA of US$316m per annum
IRR of 105%
Short payback of 19 months
The DFS incorporates the Project’s 35.3Mt @ 1.25 Li₂O Mineral Resource Estimate and Ore Reserves of 25.6Mt @ 1.22% Li₂O and considers conservative LOM concentrate pricing of US$1,587/t, FOB Ghana Port.
Source: ghextractives.com