Mining News
Atlantic Lithium reports ‘exceptional’ scoping study update for its lithium project in Ghana
(Kitco News) - On Tuesday, Atlantic Lithium announced an updated scoping study on the Ewoyaa lithium project in Ghana, which incorporates the increased JORC resource of 21.3Mt, resulting in a significant improvement in project economics and life of mine.
The company said that the study update delivers exceptional financial outcomes, with LOM revenues exceeding US$3.43bn, post-tax NPV8 of US$789m, IRR of 194% over 11.4 years, and an industry-leading payback period of < 1 year.
Importantly, the study update increases project's LOM operations to over 11 years, producing an average 300,000tpa of 6% Li2O spodumene concentrate.
In addition to spodumene production, the company noted that the study update incorporates two additional revenue streams, including a saleable direct shipping ore fines product and a saleable feldspar by-product.
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The study assumes a conventional open cut mining operation from surface with low to moderate stripping ratios and simple processing via conventional Dense Media Separation only, producing a premium 6% spodumene concentrate saleable product at a 6.3mm coarse crush.
CEO Vincent Mascolo stated, "Today's landmark update regarding the company's exceptional scoping study confirms that the Ewoyaa is an industry-leading asset and transformational for Atlantic Lithium. Few hard-rock lithium projects worldwide can boast the proximity to existing operational infrastructure, lithium grade and a simple DMS-only process route that separates Ewoyaa from its peers."
Importantly, the company pointed out that there is a significant exploration upside potential from the historic Egyasimanku Hill deposit (1.5Mt @ 1.66% Li2O, non-JORC) and surrounding 560km2 portfolio.
Atlantic Lithium (formerly "IronRidge Resources") is an AIM-listed lithium company advancing a portfolio of projects in Ghana and Côte d'Ivoire through to production.
The company's flagship project, the Ewoyaa project in Ghana, is a significant lithium pegmatite discovery on track to become West Africa's first lithium producing mine. The project is fully funded to production under an agreement with Piedmont Lithium for US$102m and set to produce a premium lithium product.
