Atlantic Lithium Advances Ewoyaa Project with Key Permits and Funding Efforts
Atlantic Lithium has successfully navigated critical permitting steps for its Ewoyaa Lithium Project in Ghana, securing all necessary approvals to begin construction. The company is currently engaging with potential funding partners and has raised significant capital to enhance project optimization. Strong demand for lithium and additional by-products could contribute to a positive outlook for the project’s future.
Atlantic Lithium Ltd has made significant progress on its Ewoyaa Lithium Project in Ghana, successfully navigating critical milestones in the permitting process. The company has secured all necessary approvals, including a Mine Operating Permit issued by Ghana’s Minerals Commission, enabling them to commence construction. Furthermore, Ewoyaa is poised to become Ghana’s first lithium mine, pending the final ratification of its Mining Lease, which is a step necessary before the Final Investment Decision can be made.
The Environmental Permit, Land Use Certificate, and Water Use Permit have also been obtained, allowing Atlantic Lithium to utilize water from the Ochi-Amissah River for the project. As exploration efforts continue in both Ghana and Côte d’Ivoire, the company’s resource estimates have been upgraded to 36.8 million tonnes of lithium-bearing material, alongside the discovery of high feldspar content that can be marketed to the local ceramics industry as a by-product.
On the corporate front, Atlantic Lithium raised A$10 million through a share placement led by its largest shareholder, Assore International Holdings. These funds are earmarked for further optimization of the project and refining technical details in anticipation of the forthcoming investment decision. Despite current weak lithium prices, Executive Chairman Neil Herbert emphasized strong demand, with optimistic projections for an increase in prices as construction nears completion.
The company concluded the six-month period ending December 31 in a robust financial position, reporting A$11.8 million in assets.
In summary, Atlantic Lithium has achieved essential permitting milestones for its Ewoyaa Lithium Project, positioning it to commence construction as it seeks funding from various providers. The project not only aims to be Ghana’s first lithium mine but also addresses potential markets for by-products. With a strong financial foundation and positive market demand outlook, the company’s future appears promising as it prepares for further developments.
Original Source: www.proactiveinvestors.com.au
