Atlantic Lithium granted mine operating permit — Awaits crucial parliamentary ratification
ATLANTIC Lithium Limited, an Africa-focused lithium exploration and development company has been granted a Mine Operating Permit by the Minerals Commission of Ghana.
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The permit is in respect of the company’s flagship Ewoyaa Lithium Project and serves as the final regulatory approval required by the company ahead of commencing construction of the project.
It comprises the Ewoyaa Lithium Mine and Processing Plant, and represents an important milestone towards reaching a final investment decision.
A release from the Ghana Stock Exchange (GSE) in Accra yesterday said the company which is targeting the delivery of Ghana's first lithium mine, currently awaits the ratification of the Ewoyaa Mining Lease by Ghana’s parliament.
“The company understands that parliament will resume sitting on October 15, 2024 and will provide further updates to shareholders as appropriate,” the release added.
Executive Chairman of Atlantic Lithium, Neil Herbert, said: “Representing the final regulatory approval required by the company before we can commence construction, the issuance of the Mine Operating Permit marks a critical milestone in the permitting process for the Ewoyaa Lithium project.
With our sights set on achieving first production of lithium in Ghana, we now eagerly await parliamentary ratification of the Ewoyaa Mining Lease. We hope that ratification can occur in the coming sitting, expected to resume on the 15th of this month, which would set us on the path towards construction and operation of this globally significant lithium project.”
Journey to Ghana
Atlantic Lithium marked its official entry onto the Ghana Stock Exchange on Monday, May 13, 2024, by offering shares valued at GH¢649,669,053.
The company’s prospectus sets the indicative price for the GSE listing at GH¢4.40 reflecting the valuation from the Primary Listing Market.
Atlantic Lithium’s presence on the GSE aligns with government’s strategic vision of indigenising the mining sector and enhancing value addition.
The GSE listing also satisfies a pivotal requirement outlined in the pact between the state and the firm, thereby ensuring Ghanaian proprietorship of the Ewoyaa Lithium endeavour.
The listing exemplifies the government’s dedication to positioning Ghanaians at the forefront of the mining industry, especially within the large-scale mining domain.
This is to fulfil one of the very important commitment made by the brokers of the transaction reached between the government of Ghana and Atlantic Lithium and their subsidiary, Bavari DV.
About Atlantic Lithium
Atlantic Lithium is an AIM, ASX, GSE and OTCQX -listed lithium company advancing its flagship project, the Ewoyaa Lithium Project, a significant lithium spodumene pegmatite discovery in Ghana, through to production to become the country’s first lithium-producing mine.
The Definitive Feasibility Study for the Project indicates the production of 3.6Mt of spodumene concentrate over a 12-year mine life, making it one of the largest spodumene concentrate mines in the world.
The project, which was awarded a Mining Lease in October 2023, is being developed under an earn-in agreement with Piedmont Lithium Inc.
Atlantic Lithium holds a portfolio of lithium projects within 509km2 and 771km2 of granted and under-application tenure across Ghana and Côte d'Ivoire respectively, which, in addition to the Project, comprises significantly under-explored, highly prospective licences.