Atlantic Lithium approved to list on Ghana Stock Exchange (GSE)

By bne IntelliNews May 2, 2024

Atlantic Lithium Ltd., an African-focused lithium exploration and development company targeting to deliver Ghana's first lithium mine, has been approved to list on the Ghana Stock Exchange (GSE), marking it as the country’s inaugural such company on the Main Market.

Atlantic’s Ewoyaa Project, poised to commence construction in the latter half of 2024, is expected to significantly contribute to the global lithium supply with an annual production of 365,000 tonnes of spodumene concentrate, situating it among the world’s largest spodumene mines, according to a June 2023 definitive feasibility study.

The AIM- and ASX-listed company said its admission to the GSE “reflects Ghana's pioneering approach to establishing a route to the long-term supply of lithium to support the electrification transition and to meet global climate change objectives”.

Atlantic announced in October 2023 that Ghana's Minister of Lands and Natural Resources had granted a mining lease in respect of the project, comprising the proposed Ewoyaa Lithium Mine and Processing Plant.

In January, the company welcomed Ghana’s mineral sovereign wealth fund (MIIF) as a new major, strategic shareholder following a $5mn investment in Atlantic by way of a share subscription. The investment, which formed the first stage of MIIF's proposed total $32.9mn investment in the company and its Ghanaian subsidiaries.

In line with the second stage of the strategic Investment, subject to Atlantic reaching a binding agreement with MIIF, the Ghanian fund has agreed to invest a further $27.9mn in the company's Ghanaian subsidiaries that hold its lithium interests in Ghana, to acquire a 6% contributing interest in the Ghana portfolio, inclusive of the project. 

“MIIF recommends and supports all mining companies in which it has equity investments to list on the GSE, which it sees as giving Ghanaians the opportunity to invest in such a strategically important sector for the country,” Atlantic said.

The company currently awaits parliamentary ratification of the Mining lease in respect of the project and, concurrently, is advancing the necessary permitting steps, with the intention of breaking ground at Ewoyaa in H2 2024.

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