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Ghana Critical Minerals Market

For several decades, Ghana has been one of the leading destinations in Africa for U.S. investment in mining, especially the gold sector.  Colorado-based Newmont Corporation has been one of the major players in the local gold industry in Ghana since 2006 and is seeking to further expand its operations there.  In addition to gold, other minerals like diamond, manganese, and bauxite are also productively mined in Ghana.

In 2017, Ghana announced the discovery of commercial quantities of lithium and several industry players have since advanced proposals to mine the resource.  After prospecting and feasibility studies, the Government of Ghana announced in September 2023 that it would grant a 15-year mining lease to Barari DV Ghana Limited, a subsidiary of Australian-based Atlantic Lithium, for the exploitation of lithium in the Ewoyaa area of the Central Region.  (North Carolina-based Piedmont Lithium has a stake in Atlantic).  The project is estimated to have an annual production of 300,000 tons of spodumene concentrate, the base element for lithium. It is subject to approval by Ghana’s Parliament, and could commence operations in 2025, establishing Ghana for the first time as a global lithium supplier.     

This landmark project saw an evolution of Ghana’s approach to mining licensing, with increased royalties of 13% from the previous 10% and carried interest of 10% from the previous 5%.  The Ghanaian Minerals Income Investment Fund (MIIF) concluded a $33 million equity investment into Atlantic Lithium.  There is also the requirement for Barari DV to carry out feasibility studies regarding local value addition. 

Several other local lithium concessionaires that hold licenses to explore nearby sites to Ewoyaa seek strategic partners to further develop their concessions.  

Opportunities for U.S. companies 

The Ewoyaa project and other deposits create commercial opportunities for: 

  • Mining equipment (backhoes, bins, hoppers, feeders, cranes, crushers, drilling rigs, haul trucks, specialized excavation tools); 
  • Lithium and lithium investor due diligence services; and 
  • Other services such as strategic mine planning, mining operations, drilling, and land reclamation and remediation.  

Further, Ghana seeks to develop a mineral processing and EV battery production industries, creating emerging opportunities to supply equipment for those industries, as well. 

U.S. companies have extensive experience supplying quality equipment to the diverse U.S. domestic mining sectors as well as international markets.  U.S. services companies also have experience implementing solutions to comply with strict U.S. environmental standards for land reclamation, mine remediation, managing mining tailings, and treating water used in the mining process.  

For more information about the development of Ghana’s lithium and critical minerals sector, contact PaaEkow Quansah at Office.Accra@trade.gov or Telephone +233(0)30-274-1870.  Please see our Country Commercial Guide and our wide range of market intelligence reports on our website at www.trade.gov/ghana. 

 

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