Operations at the Ewoyaa Lithium Project in Ghana are scheduled to kick off by December 2024, the state-owned Minerals Income Investment Fund (MIIF) head has announced.

ASX-listed Atlantic Lithium, the discoverer of Ghana’s inaugural lithium-producing mine, affirmed the project's economic viability and profitability potential in July 2023.

MIIF has acquired a 3% stake in Atlantic Lithium and, as part of a broader commitment, MIIF has allocated a substantial $32.9mn to support the project's development. This strategic move also grants MIIF a 6% stake in Ewoyaa, a project expected to yield an annual average of 3.6mn tonnes of spodumene concentrate over its 12-year mine life, positioning it as the world's 10th-largest project, according to the Australian company.

Edward Nana Yaw Koranteng, CEO of the Mineral Income Investment Fund, disclosed to Oxford Business Economics Africa that Ghana's lithium discovery ranks among the global top 10. 

"The recently unearthed lithium reservoirs in the Central region, referred to as the Ewoyaa project by Atlantic Lithium, are set to be operational by December 2024, positioning Ghana prominently in the lithium market," Koranteng said.

Koranteng mentioned the plethora of opportunities emerging in Ghana's lithium sector, highlighting feldspar as a valuable by-product of lithium, crucial for ceramic production, an industry in which the West African country is a major exporter.

"This presents promising prospects for investors both domestically and internationally. Ghana is poised to facilitate lithium processing within its borders and support ventures establishing battery manufacturing facilities in the lithium domain," Oxford Business Economics Africa quoted Koranteng as saying.

The Ewoyaa lithium project is centred on harnessing the lithium spodumene pegmatite deposits located in Ewoyaa, Abonko, and Kaampakrom in western Ghana.

As of June 2023, the project was estimated to possess 25.6 million tonnes of probable ore, grading 1.22% lithium oxide (Li₂O).