Atlantic Lithium upbeat on Ghanaian minister's comments

(Sharecast News) - Atlantic Lithium said in an update on Friday that it welcomed comments from Ghana's Minister of Lands and Natural Resources confirming that revised terms of the Mining Lease for the Ewoyaa Lithium Project were being prepared for Cabinet and parliamentary review, representing the final step in the project's permitting process. Speaking during a parliamentary session on 16 July, minister Emmanuel Armah-Kofi Buah emphasised the job creation potential and widespread community support for the project in Ghana's Central Region.

Atlantic Lithium said the project was expected to contribute significantly to regional socio-economic development through spodumene concentrate production, adding that it aligned with the government's economic development objectives.

The AIM-traded company had previously secured all necessary regulatory approvals, and said ratification of the Mining Lease is now the final requirement before it can progress project financing.

The lease was initially granted in October 2023, during a period of elevated lithium prices.

Since then, the firm said it had engaged with Ghanaian stakeholders to revise fiscal terms in light of the weaker pricing environment, aiming to ensure a balance between investor returns and long-term national benefits.

"We remain actively engaged in discussions with relevant stakeholders in Ghana to consider a revision of the fiscal terms of the Ewoyaa Mining Lease that were initially agreed in October 2023 and welcome the recent comments made by the Minister of Lands and Natural Resources regarding the project's latest progress," said chief executive officer Keith Muller.

"We are seeking terms that reflect prevailing market conditions and that ensure the project can deliver value for shareholders and the generational benefits that Ewoyaa promises for Ghana and Ghanaians, including significant job creation and socio-economic development."

Atlantic Lithium said it was confident in the parliamentary ratification process, adding that it would provide further updates as appropriate.

At 1600 BST, shares in Atlantic Lithium were up 6.2% at 7.43p.

Reporting by Josh White for Sharecast.com.