UK-listed mineral exploration and development firm, IronRidge Resources, said its Ewoyaa Lithium Project in Ghana could support a 295,000 tons a year lithium mine with life of mine revenues exceeding $1.55bn.
This follows completion of a scoping study which IronRidge CEO, Vincent Mascolo, said confirmed Ewoyaa as “an industry-leading asset”. Lithium is used in the manufacture of batteries essential the electric car manufacture.
“Additional drilling is now underway to increase the resource scale and improve the project’s economics and we are in the process of evaluating available options in order to fast track the project to production,” said Mascolo.
“Having been accepted as part of the European Battery Alliance during the period, IronRidge is well-positioned to take advantage of the increasing demand for lithium and its role in the stored energy transition,” he added.
Created in 2017, The European Battery Alliance is Europe’s plan to create its own competitive and sustainable battery cell manufacturing value chain
Mascolo was commenting in the firm’s interim results announcement in which some A$42m was spent on exploration in the six months ended December 31.
The company is also searching for gold in the Zaranou gold license in Côte d’Ivoire as well as in Chad where it is exploring multiple targets.
“This is a truly exciting and significant period for the company as we further de-risk and add value to our portfolio of assets in Ghana, Côte d’Ivoire and Chad, and we retain the utmost confidence in our strategy for developing and sustaining value for the company and its shareholders,” said Mascolo in his comments.