Newly surfaced documents linked to Atlantic Lithium’s Ewoyaa Project suggest that local lithium refining in Ghana may not be economically viable, contradicting public assurances that downstream processing remains a viable option.
According to a scoping study conducted by Mincore, a Melbourne-based engineering firm, two processing options, lithium carbonate and lithium sulphate plants, were evaluated using long-term lithium price forecasts. Both options recorded negative post-tax net present values.
The study estimates initial capital expenditure of US$425.7 million for a lithium carbonate plant and US$283.8 million for a lithium sulphate facility. Despite projected annual revenues, the report concludes that “neither option is deemed economically viable under current economic conditions.”
Reacting to the findings, Bright Simons said, “They pretended to put a requirement in the lease agreement that Atlantic Lithium will do a scoping study to advance local refining.”
He argued that government officials were aware of the study’s conclusions but continued to project optimism publicly. “That Atlantic has already done the scoping study and concluded that refining is not viable, and told the government,” he claimed.
