Atlantic Lithium sails closer to delivering first lithium mine in West Africa

Atlantic Lithium (ASX:A11) has confirmed the economic viability and low capital intensity of its Ewoyaa Lithium Project in Ghana, West Africa, through a fresh Definitive Feasibility Study (DFS). 

Over the 12-year life of mine (LOM) predicted, Ewoyaa is estimated to produce 3.58 million tonnes (Mt) of spodumene concentration.

Atlantic reports the project has ‘exceptional’ economics, with a post-tax net present value (NPV) of US$1.5 billion and free cash flow of US$2.4 billion from life-of-mine (LOM) revenues of US$6.6 billion, alongside average LOM earnings before interest, taxes, depreciation, and amortisation (EBITDA) of $316 million per annum. 

The project will be funded under a co-development agreement with Piedmont Lithium (ASX:PLL), which will contribute US$17 million towards studies and exploration and US$70 million towards development. 

Piedmont will have the right to earn up to 50% of the project level and 50% of the total spodumene offtake at market rates. 

Commenting on the DFS, Atlantic Lithium Chief Executive Officer (CEO) Keith Muller says: “The Definitive Feasibility Study has reaffirmed the Ewoyaa Lithium Project’s impressive economic outcomes and profitability potential, providing improved confidence in Ewoyaa’s ability to become a significant near-term producer of spodumene concentrate. 

The Definitive Feasibility Study has reaffirmed the Ewoyaa Lithium Project’s impressive economic outcomes and profitability potential…”

Ewoyaa’s favourable mineralogy enables a simple flowsheet comprising a 3-stage crushing facility and Dense Media Separation processing from conventional, open-pit mining to produce a spodumene concentrate proven suitable for carbonate, sulphide or hydroxide conversion. 

Due to its grade, the project’s coastal location, and against the backdrop of the global decarbonisation movement, demand from off-takers for product from Ewoyaa has been strong. 

The project benefits from a low water and energy-intensive plant, close proximity to exceptional infrastructure, including adjacent grid power, as well as a skilled Ghanaian workforce within Ewoyaa’s supportive surrounding communities. These favourable characteristics underlie the viability of the project.”

Atlantic says the development of Ewoyaa involves open-cut mining of several lithium-bearing deposits, conventional Dense Media Separation (DMS) processing, and supporting infrastructure to target the production of spodumene concentrate and secondary product by Q2 2025. 

Atlantic Lithium is a lithium-focused exploration and development company advancing its flagship Ewoyaa Project, located immediately north of Saltpond in the central region of Ghana. The site is about 100km southwest of Ghana’s capital, Accra. 

The company had just under $16 million cash at hand at the end of 31 March 2023, according to its latest quarterly report released on 28 April 2023.

Write to Aaliyah Rogan at

Images: Atlantic Lithium Ltd
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Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.