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IronRidge says scoping study at Ewoyaa lithium project demonstrates earnings of over US$100mln per year

Published: 07:47 19 Jan 2021 GMT

IronRidge Resources Ltd -

IronRidge Resources Ltd (LON:IRR) has released the results of a scoping study for the Ewoyaa lithium project in Ghana.

The group said the study supports the case for a two million tonnes per annum production operation with life of mine revenues exceeding US$1.55bn, and significant potential to extend mine life.

During the eight year mine life the project will produce an average of 295,000 tonnes per year of 6% Li2O spodumene concentrate. The internal rate or return stands at 125%., while the capital cost estimate is USS$68mln.

Average underlying earnings (EBITDA) will ring in at US$105mln per annum, the company added.

"Today's landmark update regarding the company's exceptional scoping study confirms that the Ewoyaa lithium project is an industry-leading asset and transformational for IronRidge,” said chief executive Vincent Mascolo in a statement.

"The project leverages existing infrastructure, including directly adjacent HV power, a major highway within 1km of the site, and the major port of Takoradi less than two hours' drive away.”

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