(Ecofin Agency) - Analysts are concerned about the future of the lithium market as prices remain down. However, in Ivory Coast, hopes remain high for tapping into the country's lithium-rich reserves, despite the challenging landscape.

Recently, the first reverse circulation (RC) drilling campaign on the Atex lithium project, spanning 3,000 meters, concluded in Ivory Coast. Firering Strategic Minerals, the company operating at the site, disclosed that samples of pegmatite extracted are currently undergoing analysis in Australia. 

Yuval Cohen, CEO of the firm, expressed satisfaction, stating, "I am pleased to announce the completion of our first RC drilling campaign at Atex. A total of 23 holes were drilled, covering a distance of 3,753 meters. All samples have been sent to Intertek [in Australia, Ed. note] for analysis, and we eagerly await the results in the coming weeks."

The results could be pivotal for the Atex lithium project's development, providing the company with valuable insights into the site's lithium potential. Firering's plans hinge on these results, expected by the end of March, to strategize upcoming drilling campaigns.

It's worth noting that the company had previously encountered high-grade mineralization during a diamond drilling campaign on the site in November 2022.

Simultaneously, the lithium market has seen a downturn, with lithium carbonate prices plummeting from a record $81,360 per ton in November 2022 to $20,782 per ton at the beginning of 2024.

While market prospects remain uncertain, exploration firms in Africa may need to reassess their development plans based on short- and medium-term price trends.

Although Ivory Coast's mining sector is dominated by gold, with production on an upward trajectory for over a decade, the country aims to diversify its extractive revenue sources. While lithium may not significantly contribute to the sector by 2025, the development of its resources could potentially diversify Ivory Coast's mining revenue, contingent upon favorable market conditions.

Louis-Nino Kansoun