Elektros Gains Lithium Mining Lease in Sierra Leone

Elektros a rising player in the electric mobility sector, has announced a significant advancement in its lithium mining operations. On August 15, 2024, Elektros finalized a 13-year lease agreement for a lithium mining project in Sierra Leone. The lease, situated in Gbu-Gbu village, Gawola Town, within the Tinkoko chiefdom of the Bo District in southern Sierra Leone, marks a strategic step for the Company. This agreement enables Elektros to initiate lithium mining activities and manage a multi-family residential complex for its workforce.

The Company has already begun preliminary work at the mining site. Initial preparations are underway, and the first shipments of lithium-bearing rock aggregate are expected to be ready for processing and milling within weeks. This move comes at a time when global demand for lithium is surging, largely driven by the expanding electric vehicle (EV) market and the increasing need for large-scale energy storage solutions.

According to recent industry projections, the global lithium-ion battery market is anticipated to reach $116.6 billion by 2030, growing at a compound annual growth rate (CAGR) of 18.0% from 2021 to 2030. Sierra Leone, with its favorable investment climate and rich natural resources, has become an attractive destination for lithium mining. The country is actively promoting its mining sector through competitive tax incentives and streamlined regulatory processes, aimed at drawing foreign investment.

The southern region of Sierra Leone, where Elektros' mining operation is based, is noted for its abundant lithium deposits. Lithium, a crucial component in various technologies, has applications extending beyond electric vehicles to include solar battery storage, data centers, and consumer electronics. As the global shift towards renewable energy and sustainable technologies accelerates, the demand for lithium is expected to rise significantly.

Elektros' new lease and mining project are poised to contribute to this growing demand, positioning the Company advantageously in the expanding lithium market. With the strategic location and supportive regulatory environment in Sierra Leone, Elektros is well-positioned to leverage its new asset to support the global transition towards cleaner energy solutions.

Elektros is a vertically integrated sustainable energy company specializing in lithium mining, electric vehicle charging, solar energy storage, and power supply for AI data centers. At the cutting edge of the clean energy transition, Elektros leads innovation in mobility and energy technologies, aiming to address the global climate crisis and enhance transformative user experiences. Elektros is an innovative renewable energy company dedicated to lithium mining, essential for advancing next-generation technologies in electric vehicles, battery charging, and AI data centers. The company's strategic operations are designed to address the growing demand for lithium, a vital element in the clean energy transition.