The corporate acquired environmental approval for the venture on Thursday, however says a delay in parliamentary ratification of the lease was hampering its means to satisfy the development timeline and safe increased costs.
Martin Ayisi, head of Ghana’s Minerals Fee, stated the Ewoyaa venture that envisaged annual lithium manufacturing of round 360,000 tons risked being halted.
“It should price Atlantic lithium round $650 to provide a ton of lithium focus and with the value simply above $700, it’s worrying for us,” he stated, including that if the downturn continues, the venture could get delayed additional like different lithium tasks globally.
The worth of lithium, utilized in batteries for electrical automobiles, has collapsed during the last two years as new provide coincided with weaker-than-expected demand for electrical automobiles.
As extra options to lithium within the EV and battery sectors emerge, Ayisi stated time was of essence for the venture to repay.
“It’s not only a race towards the value; it’s a race to mine at a time lithium is commercially wanted.”
Ahmed-Salim Adam, Atlantic Lithium’s basic supervisor, informed Reuters that the mine’s development, initially deliberate to begin in July has been delayed to first quarter of 2025 due to lack of parliamentary ratification.
The ratification was delayed as lawmakers sought broader session, aiming to keep away from repeating errors made throughout approvals of recent gold mining tasks.
Adam stated the corporate would additionally want an operation allow from the sector regulator earlier than it will possibly begin development, which may take about 22 months to finish.
“It’s crucial that we get ratification shortly else our buyers’ persistence is waning, particularly when there are extra endowed jurisdictions within the so-called lithium triangle and Mali subsequent door,” stated Adam.
(By Maxwell Akalaare Adombila and Christian Akorlie; Modifying by Bate Felix and Tomasz Janowski)