Atlantic Lithium has presented to parliament a revised mining lease for its Ewoyaa Lithium Project.

This is to restart a ratification process that could pave the way for Ghana's first lithium mine, as investors responded positively to the development.

Atlantic Lithium, in a statement, said the updated lease has been formally referred to Parliament’s Select Committee, which is expected to review the terms once lawmakers reconvene in the new year.

It said the revision follows consultations led by the Minister of Lands and Natural Resources, Emmanuel Armah-Kofi Buah and aligns the project’s royalty rate and Growth and Sustainability Levy with Ghana’s current mining code.

Under the revised framework, a new legislative instrument has been submitted proposing a sliding scale for lithium royalties based on spodumene prices.

The scale ranges from 5 percent at prices up to US$1,500 per tonne to 12 percent when prices exceed US$3,000 per tonne.

Atlantic Lithium said all other fiscal terms contained in the mining lease granted in October 2023 remain unchanged.

Lands Ministry engages Ewoyaa traditional leaders over lithium deal

The company noted that Parliament’s approval is required before production can begin at Ewoyaa, which is located in Ghana’s Central Region and is expected to become the country’s first lithium-producing mine.

While expressing confidence that the lease will be ratified through the due parliamentary process, Atlantic Lithium cautioned that neither the final legislative terms nor the outcome of Parliament’s decision can be guaranteed.

Investor sentiment reflected that optimism, with shares in Atlantic Lithium Limited jumping about 30 per cent to 10.26 pence following the update.

SP/EB

All you need to know about Ghana's new vehicle number plates |BizTech: