The Ghana Stock Exchange’s (GSE) listing committee and Ghana’s Securities and Exchange Commission has approved Atlantic Lithium (AIM: ALL; ASX: A11) for listing on the country’s exchange. The company will be Ghana’s first near-term lithium producer to list on the GSE.
The miner is currently advancing its flagship project, the Ewoyaa Lithium project, a hard rock spodumene deposit in Ghana’s Central Region, towards production as the country’s first lithium mine.
Half of the lithium produced at Ewoyaa will be sent to a refinery of U.S.-based Piedmont Lithium (NASDAQ: PLL; ASX: PLL), which is the Australian firm’s second-largest shareholder and has agreed to provide most of the funds for building the mine.
On Oct. 20, 2023, the company announced that Ghana’s minister of lands and Natural resources had granted a mining lease for the project, comprising the proposed Ewoyaa mine and processing plant.
Atlantic currently awaits parliamentary ratification of the mining lease and has stated that it is advancing the necessary permitting steps, with the intention of breaking ground at Ewoyaa in the second half of the year.
Tailwinds advancing the project come despite lithium remaining in a price slump compared to last July, after prices for lithium carbonate dropped by more than half.
According to the June 2023 definitive feasibility Study for the project, Ewoyaa is expected to produce a steady state of 365,000 tonnes of spodumene concentrate per annum, making it one of the largest spodumene mines in the world. The project is set to achieve nameplate capacity in 2026.
Shares of Atlantic Lithium rose 3.4% to 21.2 pence, valuing the lithium developer at £138.7 million ($237.6 million).
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