Atlantic Lithium Limited, an Africa-focused lithium exploration and development company aiming to build Ghana’s first lithium mine, has announced the completion of the first phase of the company’s competitive offtake partnership process to provide the remaining 50%. The available lithium mine raises part of the funding for the Raw Materials company’s Ewoyaa lithium project in Ghana.
The purpose of the process is to obtain financing quotes to fully cover the company’s project development costs, accelerate project development and reduce risks, provide attractive conditions for the acceptance of all contractual agreements, and attract recognized partners to support the company and Ghana globally Lithium supply target for the electric vehicle market.
Due to the substantial inbound interest prior to the commencement of the Phase 1 acceptance process and receipt of offers from interested parties, the Company has entered a more detailed Phase 2 due diligence phase.
The competitive underwriting process will be led by global investment bank Macquarie Capital.
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Atlantic Lithium Executive Chairman Neil Herbert commented on the process:
“As one of the few spodumene producers that has not yet committed available offtake volumes in the near future, our ongoing engagement process with Macquarie highlights the significant interest in Ewoyaa’s raw material, despite weak lithium prices.
“Prior to commencing the offtake partnership process, we received strong interest from multiple parties in the battery minerals space, including OEMs, battery gigafactories, distributors and chemical processors. During the first phase, non-binding An indicative offer from the force. Now we move into the second phase, with some preferred parties.
“We look forward to completing the offtake partnership process in the coming months. This is an important milestone in securing financing to cover the company’s project development spend allocation and move Ewoyaa towards construction and production.”
