Atlantic Lithium achieves milestone with award of Mining Lease for Ewoyaa in Ghana

October 23, 2023 at 12:58 PM EDT

--News Direct--

Atlantic Lithium Ltd (AIM:ALL, OTCQX:ALLIF, ASX:A11) CEO Keith Muller joined Proactive's Stephen Gunnion with the news that the company has been granted a mining lease for the Ewoyaa lithium project by Ghana's Ministry of Lands and Natural Resources.

Muller said the lease is the first to be granted for lithium in Ghana and also covers its processing plant, enabling construction and movement of the project towards commercial production.

The company expects Ewoyaa will be one of the world’s lowest capital and operating cost hard rock lithium projects, with the potential for a 2.7Mtpa steady state operation producing a total of 3.6Mt of spodumene concentrate (approximately 350,000tpa) over a 12-year mine life.

Muller said estimated development costs of US$185 million will be substantially funded by partner Piedmont Lithium and a planned investment by MIIF, Ghana's sovereign wealth fund.

Atlantic has also agreed to list on the Ghana Stock Exchange and will undertake more studies to assess the potential for feldspar as a by-product at Ewoyaa with downstream conversion in Ghana.