Elektros announced it has begun discussions regarding potential stake or development agreement for virgin Lithium mining project located in Sierra Leon, Africa.
The Company has begun a mining feasibility study on the project and will explore prospects of developing the mine as a lithium supplier to select processing partners, or battery manufacturer, with a portion of lithium supply potentially being reserved for any future battery production under Elektros umbrella.
Upon completion of feasibility study, the company anticipates executing a letter of intent agreement towards next phase of development negotiations.
Annual lithium demand is projected to reach roughly 1.5 million metric tons of lithium carbonate equivalent by 2025 and over 3 million tons by 2030. This 2025 forecast calls for triple the demand seen in 2021.
Electric Vehicles (EVs) could account for about 84% of total lithium demand in 2030, up from about 55% in 2021. Consumer electronics, energy storage, and other industrial applications are likely to account for the balance of demand.