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Australian firm developing Ghana’s first lithium mine debuts on Ghana stock exchange 

Atlantic Lithium Limited, an Australian firm at the forefront of developing Ghana’s first lithium mine has listed all its outstanding shares on the Ghana Stock Exchange.

The lithium-focused company also has listings in the Australian Securities Exchange and the London Stock Exchange Aim Board.

According to Business Insider Africa, the Australian company’s Ewoyaa Mine is proposed to become Africa’s third-largest hard rock lithium project.

The managing director of the Accra-based firm, Abena Amoah, confirmed that the company had listed all its outstanding shares on the Ghana Stock Exchange in addition to previous listings on the Australian Securities Exchange and the London Stock Exchange Aim Board.

On the Ghana Stock Exchange, the shares for the company opened at 4.40 cedis (0.31$) each at Monday’s launch in Accra.

However, Atlantic Lithium Limited listed its shares on the Ghana Stock Exchange as a prerequisite to gaining a license in the country. The firm is yet to resume production and it’s also not raising new capital in the West African country.

Mr. Abena Amoah explained the company’s goal and motive behind the listing on the Ghana Stock Exchange highlighting the company’s readiness to work with Ghanaian investors on the common project of building the mine.

“We look forward to working with you on a follow-on offering where the company raises capital by selling shares to Ghanaian investors as you build out your mine,” Mr Amoah said.

The next big move by the Australian mining company is the ratification of its 15-year mining lease by the Ghanaian parliament and a final investment decision to break ground and resume production before the year runs out.

The above information was revealed by the Australian Firm’s Chief Executive Officer Keith Muller.

According to Land and Natural Resources Minister Samuel Jinapor, Ghana is seeking to boost local ownership of its mineral resources.

In a move to foster local ownership, the Ghanaian government last year endorsed a green minerals policy mandating miners of resources much needed for the global energy transition to ensure a 30% local stake in the projects.

What to know 

  • As the world shifts from Fossil Fuels to renewable energy, the demand for Lithium which is a key component in the manufacture of Electric vehicle batteries is on a steady increase creating a desperate need to find and explore new sources of Lithium production.
  • Ghana’s sovereign mineral fund plans to invest over $32.9 million in the Ewoyaa mines project which in return could produce 65,000 metric tonnes of Lithium carbonate enough to power 1.4 million Tesla Model 3s.
  • Ghana is already Africa’s biggest producer of gold and it’s looking to add other globally important minerals to its growing list of mineral resources export.

NewsTimes.Africa.

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