Atlantic Lithium’s Ewoyaa Project Could Make Ghana a Key Player in Global Energy Transition
Atlantic Lithium has sent a revised mining lease for its main Ewoyaa Lithium Project to Ghana’s Parliament, restarting the approval process that could allow the country to open its first lithium mine, a move that excited investors. The updated lease has been sent to Parliament’s Select Committee, which will review it when lawmakers return in the new year. The changes follow discussions led by the Minister of Lands and Natural Resources and adjust the project’s royalty rates and Growth and Sustainability Levy to match Ghana’s current mining rules. The new proposal sets a sliding royalty scale based on lithium prices, from 5% when spodumene is under US$1,500 per tonne to 12% if prices go over US$3,000 per tonne, while other financial terms from the original October 2023 lease stay the same.Parliament must approve the lease before mining starts at Ewoyaa in the Central Region, which is set to be Ghana’s first lithium-producing site. Atlantic Lithium remains hopeful the lease will pass, but warned that final terms and Parliament’s decision aren’t guaranteed. Investor confidence was reflected in a roughly 30% jump in the company’s share price to 10.26 pence. Atlantic Lithium, listed in London, Australia, and Ghana, said the revised lease shows Ghana’s efforts to manage new strategic minerals like lithium under clear rules, providing certainty for both the government and investors as the country aims to join the global energy transition. Ewoyaa has already received important approvals, including an Environmental Protection Agency permit and a Mine Operating Permit. The company promised to give updates as the process moves forward, noting that the timing of approval will be important for both shareholders and Ghana’s plans for its first lithium mine.
