An agreement signed between IronRidge Resources and Piedmont Lithium, will see to the commencement of lithium production in the country.
The agreement signed between the two firms aims at fully funding and accelerating the Ewoyaa Lithium Project to production.
A study of the Ewoyaa lithium mine in the Central Region in January this year, supports a business case for 2.0 Mtpa lithium production operation with revenues exceeding $1.55 billion.
Lithium production in the country will make Ghana the first West African country to produce the soft, silvery-white alkali metal used in manufacturing batteries of mobile phones, laptops and electric vehicles.
“With Piedmont’s established relationships with US based automakers, this is an outstanding opportunity for IronRidge to fully fund its industry-leading Ewoyaa Lithium Project through to production,” stated Vincent Mascolo, CEO of IronRidge.
“With the support and investment of Piedmont, along with the African mining expertise of IronRidge’s major shareholder Assore Limited, we look forward with great excitement to developing this industry leading asset.”
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“Piedmont is developing a world-class integrated lithium business in the U.S. and will bring vast experience and expertise to the partnership as we prepare to fast-track Ewoyaa to production. This pathway to production transaction removes funding risks for IronRidge and its shareholders at a time where surety of supply to the enormous and rapidly growing North American EV and stored energy industry sectors is paramount.”
“I would like to thank our team on the ground in Ghana and all of our supportive stakeholders for their efforts and ongoing support in commercialising the Project. We will continue to update the market on this exciting new phase in due course,” Mr Mascolo further pointed out.
Also speaking on the partnership of the two firms was President and CEO of Piedmont, Keith Phillips who asserted that, “Piedmont is delighted to be partnering with IronRidge to develop its outstanding Ewoya Lithium Project in Ghana.”
“We consider Ewoyaa to be among one of the world’s most promising spodumene projects, leveraging existing world class infrastructure including directly adjacent HV power, a major highway within 1 km of the site, and the major port of Takoradi less than 2 hours’ drive away.”
“Few hard-rock lithium projects worldwide can boast the proximity to existing operational infrastructure, lithium grade and a simple Dense Media Separation-only process route that will require very low upfront capital expenditure. As a Company seeking to support the production of lithium and accelerate the transition to a sustainable future, we look forward to providing a pathway to production at this industry-leading project,” he noted.
