Atlantic Lithium Welcomes Cabinet Authorisation of Revised Fiscal Terms for Ewoyaa Project
Atlantic Lithium Limited, the Australia-based Africa-focused lithium developer, says it remains confident of securing final parliamentary ratification for its Ewoyaa Lithium Project in Ghana, following confirmation from Ghana’s Minister for Lands and Natural Resources that revised terms of the project’s Mining Lease are being reviewed.
Speaking during a parliamentary session on Wednesday, July 16, 2025, Minister Emmanuel Armah-Kofi Buah disclosed that Cabinet had authorised a renegotiation of the lease terms, which will subsequently be presented to Cabinet and Parliament for approval.
The announcement marks a critical step toward the completion of the project’s permitting phase, which Atlantic Lithium says will unlock access to financing and construction of Ghana’s first lithium mine.
Revised Terms Reflect Current Market Realities
Granted in October 2023 during a period of elevated global lithium prices, the original Mining Lease is now being reassessed following a sharp decline in lithium prices over the past year.
Atlantic Lithium has since been in discussions with Ghanaian authorities to revise the fiscal terms of the lease to reflect prevailing market conditions. The company maintains that a balanced agreement is necessary to ensure the project delivers long-term value to both shareholders and the Ghanaian economy.
“We remain actively engaged in discussions with relevant stakeholders in Ghana to consider a revision of the fiscal terms of the Ewoyaa Mining Lease that were initially agreed in October 2023,” said Keith Muller, CEO of Atlantic Lithium.
“Having seen a significant shift in the lithium price environment since the Mining Lease was granted, we are seeking terms that reflect prevailing market conditions and that ensure the Project can deliver value for shareholders and the generational benefits that Ewoyaa promises for Ghana and Ghanaians.”
Local Support and Socioeconomic Benefits
Minister Buah highlighted Ewoyaa’s potential to contribute significantly to job creation and local economic growth, citing strong community support from residents of the project’s catchment area in the Central Region.
The project, which is centred on the production of spodumene concentrate, is expected to play a key role in Ghana’s efforts to diversify its mineral export base and attract investment into its emerging critical minerals sector.
Atlantic Lithium has stated that the project aligns with President John Mahama’s post-election vision of harnessing Ghana’s natural resources to drive industrialisation and job creation.
Final Step: Parliamentary Ratification
With all required regulatory approvals secured, parliamentary ratification of the revised Mining Lease is the final step needed before the company can proceed with project financing and mine development.
“The Company remains confident that ratification of the Mining Lease will be forthcoming in accordance with due parliamentary process and is supporting the process where possible,” Atlantic Lithium noted in its statement.
The company says it will provide shareholders with further updates as developments unfold.
