Atlantic Lithium has announced that the Parliament of Ghana has ratified the mining lease for its Ewoyaa Lithium Project.

This is the first lithium mining lease to be granted and ratified in Ghana, underscoring the government's backing of the company's lithium production goals.

Atlantic Lithium can now progress with discussions on project funding and advance towards a final investment decision (FID) for the Ewoyaa project.

The lease, originally granted by Ghana's Ministry of Lands and Natural Resources in October 2023, gives Atlantic Lithium exclusive rights to conduct mining and commercial production activities in the designated area for an initial period of 15 years.

This period is subject to renewal under Ghanaian law.

The mining lease includes revised fiscal terms developed through consultations with local stakeholders.

These terms align with current legislation in Ghana, specifically concerning royalty rates and the Growth and Sustainability Levy.

Following the ratification, a new legislative instrument named Minerals and Mining (Royalty) Regulations, 2025, has become enforceable, which sets a sliding scale for royalty rates applicable to lithium projects.

Atlantic Lithium has indicated that these terms aim to ensure returns for shareholders while maximising socio-economic benefits for Ghana, especially for communities in the Central Region near the project site.

Existing fiscal terms from the initial lease remain unchanged as per the company's previous announcement in October 2023.

Atlantic Lithium CEO Keith Muller said: “Parliamentary ratification of the mining lease for the Ewoyaa Lithium Project marks a watershed moment for both Ghana and Atlantic Lithium.

“We are delighted to have the full support of the government as we work towards achieving first production of spodumene. Having already built itself to become a leading gold producer, Ghana has now taken a major step towards a new lithium future.

“We are grateful to our stakeholders in Ghana, notably the relevant authorities that have supported the company throughout the project’s permitting process, and the residents of our local communities in the Central Region who have continued to voice their endorsement of the company.”

The Ewoyaa Lithium Project is moving towards production through a partnership with Piedmont Lithium.

The project benefits from proximity to strong infrastructure and has demonstrated the capability to produce spodumene concentrate suitable for conversion into electric vehicle (EV) batteries.

In October 2024, the company secured a mine operating permit for the project, the final regulatory step before construction can commence.