Africa is projected to see a rise in lithium development projects, since Ghana was found to have the fifth-highest lithium resources on the continent.
Fitch Solutions estimates that the Ewoyaa project mine will begin producing in 2025.
The London-based firm said:
“In the coming decade, we expect mining companies to broaden exploration activities in other markets in the region including Namibia, Mali, Ghana and the Democratic Republic of the Congo (DRC). However, we expect that resource nationalism, legal difficulties and political instability in the region will pose a threat to the development of new lithium projects”,
The Ewoyaa site can produce 3.6 million metric tons of spodumene concentrate over a 12-year mine life, according to the results of the definitive feasibility study (DFS), which the Australian company Atlantic Lithium revealed in June 2023.
DR Congo, which has an abundance of lithium deposits, was placed first in Africa. Mali, Zimbabwe, and Namibia came in second, third, and fourth, respectively, after it.
In the upcoming years, efforts to diversify lithium sources will draw foreign investment into Africa as major economies seek to acquire lithium for their battery supply chain. Lithium is a crucial raw material required for the shift to a green economy.
Fitch Solutions added:
“We expect mining firms to broaden exploration activities to Africa in markets such as Zimbabwe, Namibia, Mali, Ghana and the Democratic Republic of the Congo (DRC).
“This includes all African markets with known reserves, those that are current lithium producers, such as Zimbabwe, as well as those with ongoing lithium developments”,
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