IronRidge Resources Limited (AIM: IRR), the African focussed minerals exploration and development company, is pleased to announce it has been accepted as a member of the European Battery Alliance (“EBA250”); an organization committed to driving a competitive and sustainable battery industry in Europe by 2025.
Commenting, Mr Thore Sekkenes, EBA250 Programme Director, said: “In welcoming IronRidge to the EBA250 club, we recognise the potential and emerging importance of the west African region as a stable supply of raw materials for the European battery industry.”
Commenting, Vincent Mascolo, Chief Executive Officer of IronRidge, said: “We are delighted to be accepted as a member of EBA250; a battery industry focussed network which will broaden our market exposure at a time when Europe is emerging as the next epicentre for the EV and stored energy sectors.
“With compelling benefits such as access to regulatory insights, business development opportunities and market intelligence, EBA250 membership will be highly valuable to the Company as we continue to progress our Cape Coast Lithium Portfolio.
“We are confident in our project fundamentals, and the project’s proximity to Europe is highly advantageous and may deliver multiple pathways through the value-adding vertical integration ambitions of the EU.
“We therefore look forward to a long and mutually beneficial relationship with the EBA250, and the contribution that IronRidge can make to the industry.”
About EBA250
The EBA was launched in October 2017 by European Commission Vice President Maroš Šefčovič. Its purpose is to ensure that all Europeans benefit from safer traffic, cleaner vehicles, and more sustainable technological solutions. This will be achieved by creating a competitive and sustainable battery cell manufacturing value chain in Europe.
The economic upside is clear: the market will have an estimated annual value of up to €250 billion by 2025. By combining European cutting-edge competences, financial strength and a cross-industrial approach, a competitive and sustainable production capacity is clearly within reach.
About Cape Coast Lithium Portfolio
The Cape Coast Lithium Portfolio covers some 684km2 in Ghana, West Africa and includes the newly discovered spodumene rich Ewoyaa Lithium Project with a maiden Mineral Resource estimate of 14.5Mt at 1.31% Li2O in the inferred and indicated category including 4.5Mt @ 1.39% Li2O in the indicated category (reported in accordance with the JORC Code).
The Company entered into earn-in arrangements with Obotan Minerals Limited, Merlink Resources Limited, Barari Developments Limited and Joy Transporters Limited of Ghana, West Africa and secured first access rights to acquire the historical Egyasimanku Hill spodumene rich lithium deposit, estimated to be in the order of 1.48Mt at 1.67% Li2O and surrounding tenements. The tenure package is also prospective for tin, tantalum, niobium, caesium and gold, which occur as accessory minerals within the pegmatites and host formations.
The Project is exceptionally well located being within 110km of an operating deep sea port, adjacent to the national highway and grid power, all within the pro-mining jurisdiction of Ghana.
