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Atlantic Lithium, an Africa-focused lithium exploration and development company listed in London, saw its shares surge by 8.7% on Friday, following the announcement of a mining lease grant for its Ewoyaa lithium project in Ghana. The lease grants the company exclusive mining rights for 15 years, with the possibility of renewal as per legislation.
The Ewoyaa project is expected to produce a total of 3.6 million tons of spodumene concentrate over a period of 12 years. Atlantic Lithium’s forecasts indicate potential life of mine revenues at $6.6 billion, with a post-tax net present value estimated at $1.3 billion and free cash flow projected at $2.1 billion.
The estimated development costs for the project are set at $185 million. Funding is to be provided by Piedmont Lithium and Ghana’s sovereign wealth fund, with additional funds being secured through partnerships. Following the announcement, Atlantic Lithium’s shares peaked at 30.36 pence on Friday.
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