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Australian-based Atlantic Lithium Ltd., currently developing Ghana’s first lithium mine, has made a significant move toward raising capital from local equity investors.
The company has listed all its outstanding shares on the Ghana Stock Exchange, in addition to its existing listings on the Australian Securities Exchange and the London Stock Exchange’s AIM board, according to Abena Amoah, the managing director of the Accra-based bourse.
The shares opened at 4,40 cedis (US$0,31) each at Monday’s launch in Accra, Bloomberg reported. Although Atlantic Lithium Ltd., which has yet to begin production, listed the shares to comply with licensing requirements in the West African nation, it is not currently raising new capital in Ghana.
The company’s Ewoyaa Mine is projected to become the continent’s third-largest hard-rock lithium project.
“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,” Amoah told the company’s representatives.
The next steps for Atlantic Lithium involve the ratification of its 15-year mining lease by Ghana’s parliament and a final investment decision, to break ground before the end of the year, according to chief executive officer Keith Muller.
Ghana, already Africa’s largest gold producer, seeks to boost local ownership of its mineral resources, according to Land and Natural Resources Minister Samuel Jinapor.
Last year, the country endorsed a green-minerals policy mandating miners of such resources, crucial for the global energy transition, to ensure a minimum 30 percent local stake in projects. — Business Insider Africa.
Online Reporter