Atlantic Lithium touts progress at Ghana’s project

The Ewoyaa lithium project in Ghana. (Image courtesy of Atlantic Lithium.)

Atlantic Lithium (ASX: A11) said on Wednesday it has focused all efforts and resources this year moving forward with its flagship Ewoyaa project, which will be Ghana’s first lithium operation.

The Africa-focused lithium explorer and developer, which secured in October a 15-year permit for the project, said the goal is to break ground later this year.

“Key to achieving this milestone is the success of the ongoing permitting process, which is advancing as anticipated,” executive chairman Neil Herbert said in the quarterly update.

He noted the current license has yet to be approved by Ghana’s parliament. The company also needs to obtain final permits.

Atlantic Lithium highlighted its achievements in the past three months, including receiving strong local community support, completing crucial studies, and engaging with engineering firms for a construction and engineering contract. 

One of the most important in the period was securing a $5 million investment from Ghana’s state-owned investment fund, the Australian miner said.

Half of the lithium produced at Ewoyaa will be sent to a refinery of US-based Piedmont Lithium (NASDAQ, ASX: PLL), which is the Australian firm’s second-largest shareholder and has agreed to provide most of the funds for building the mine. 

Atlantic Lithium aims to produce a total of 3.6 million tonnes of spodumene concentrate, or 350,000 tonnes annually, over 12 years from the site. That would make it the world’s 10th-biggest lithium project, according to the company.