Lithium development projects are expected to grow in Africa, as Ghana was ranked 5th on the continent with the highest lithium deposits.

According to Fitch Solutions, the first production from the Ewoyaa project mine is expected in 2025.

“In the coming decade, we expect mining companies to broaden exploration activities in other markets in the region including Namibia, Mali, Ghana and the Democratic Republic of the Congo (DRC). However, we expect that resource nationalism, legal difficulties and political instability in the region will pose a threat to the development of new lithium projects”, the London-based firm said.

In June 2023, the Australian company Atlantic Lithium announced the results of the definitive feasibility study (DFS), which indicated that the Ewoyaa site is capable of producing 3.6 mnt of spodumene concentrate over a mine life of 12 years.

DR Congo was ranked 1st in Africa with abundant resources of lithium. It was followed by Mali, Zimbabwe and Namibia in 2nd, 3rd and 4th positions respectively.

Lithium is a critical raw material necessary for the transition to a green economy and efforts to diversify lithium sources will attract foreign investment into Africa in the coming years as major economies look to secure lithium for their battery supply chain.

“We expect mining firms to broaden exploration activities to Africa in markets such as Zimbabwe, Namibia, Mali, Ghana and the Democratic Republic of the Congo (DRC). This includes all African markets with known reserves, those that are current lithium producers, such as Zimbabwe, as well as those with ongoing lithium developments”, Fitch Solutions added.