ATLANTIC Lithium Ltd has made significant progress towards launching Ghana’s first lithium mine, securing key permits as it moves closer to the final investment decision.
According to the company, it now holds all necessary approvals, including a Mine Operating Permit from Ghana’s Minerals Commission, allowing it to commence construction at the Ewoyaa Lithium Project. The company is now awaiting final ratification of its Mining Lease, expected following Ghana’s recent elections.
Ghana’s first lithium mine nears construction
The Ewoyaa Lithium Project is set to be a game-changer for Ghana’s mining sector, positioning the country as a key player in the global lithium supply chain. During the reporting period, Atlantic Lithium also secured:
- An environmental permit
- A land use certificate
- A water use permit to extract water from the Ochi-Amissah River
These approvals mark a significant milestone, allowing the company to proceed with construction planning.
Lithium resource expands as exploration continues
Exploration efforts across Ghana and Côte d’Ivoire have resulted in an upgraded resource estimate of 36.8 million tonnes of lithium-bearing material. Additionally, the company has identified high feldspar content in its deposits, which could be sold to Ghana’s ceramics industry as a valuable by-product.
Executive Chairman Neil Herbert expressed optimism about the project’s future, highlighting that demand for lithium remains strong despite current weak market prices. He anticipates higher prices by the time Ewoyaa enters production.
Funding discussions and financial position
With permitting milestones achieved, funding discussions are underway. Atlantic Lithium confirmed that it is actively engaging with various funding providers to secure financing for the project.
To support ongoing project development, the company successfully raised A$10 million (about $6.3 million) through a share placement, led by its largest shareholder, Assore International Holdings. The funds will be allocated to optimisation studies and technical refinements ahead of the final investment decision.
Despite current market conditions, the company remains financially stable, closing the six-month period ending December 31 with A$11.8 million in cash reserves.
Ghana’s lithium industry on the rise
Ewoyaa is expected to be a major contributor to Ghana’s economic diversification and global lithium supply chain. With demand for lithium projected to surge, Ghana has the potential to become a key supplier for battery manufacturers and electric vehicle producers worldwide.
As Atlantic Lithium awaits final approvals and secures funding, the company has reaffirmed its commitment to delivering a world-class lithium project that will drive sustainable growth in Ghana’s mining sector. (Africabriefing)
