(Alliance News) - Atlantic Lithium Ltd on Monday said that it remains confident of receiving a mining licence for the Ewoyaa project, despite recent reports of a new green minerals policy in Ghana.
Atlantic Lithium is a Sydney-based, Africa-focused lithium exploration and development company, with assets in Ghana and Ivory Coast. Its shares were down 13% at 19.69 pence each in London on Monday afternoon.
Its flagship project is the Ewoyaa site in western Ghana, funded under agreement with Piedmont Lithium Ltd for USD103.0 million.
Atlantic initially submitted a mining licence application to the Minerals Commission of Ghana for the extraction of minerals from Ewoyaa last October.
Yet on Monday, the firm acknowledged comments made by Ghana's Minister for Lands and Natural Resources, Samuel Jinapor, which related to potential implications for mining companies from the introduction of the new policy, including changes to the mining royalty rate and the state's carried interest in minerals projects.
As Atlantic continues to wait for its mining licence to be approved, the company assured investors it has been "in regular discussion" with Ghana's Minerals Commission.
However, it is not yet in a position to disclose the nature of these discussions. Atlantic nevertheless said it still believes it will be granted the mining lease required to advance Ewoyaa.
By Holly Beveridge, Alliance News reporter
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