Earlier, Atlantic Lithium along with Piedmont Lithium secured a mining lease from Ghana’s Ministry of Lands and Natural Resources for the Ewoyaa Lithium Project, which is considered pivotal to the U.S. electric vehicle supply chain. The 15-year lease for lithium mining and production is currently awaiting parliamentary approval. The Minerals Income Investment Fund of Ghana (MIIF) plans to invest $32.9 million in Ewoyaa and Atlantic Lithium, subject to Environmental Protection Agency approval, with permits expected to be finalized by H2
Patrick Brindle, Piedmont’s COO, emphasized the importance of the project for Ghana and local communities. Piedmont, which currently holds a 9% stake in Atlantic Lithium, plans to acquire a 22.5% interest in Ewoyaa, pending government approval. This additional investment could potentially lead to equal ownership between Piedmont and Atlantic Lithium, excluding MIIF’s investment and the Ghanaian government’s carried interest.
Piedmont intends to use material from Ewoyaa for its Tennessee-based lithium hydroxide conversion facility and has an agreement in place to purchase 50% of Ewoyaa’s lithium output. The company, in partnership with Sayona Mining on Quebec projects and involved in the Carolina Lithium and Tennessee Lithium projects, is working towards developing an integrated lithium business aimed at supporting energy independence and the electrification of transportation and energy storage, with the goal of facilitating a transition to a net-zero world.
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Source: Cryptocurrency - investing.com
