Deputy lands minister lauds Atlantic Lithium's resilience in face of market crash

The Deputy Minister for Lands and Natural Resources, George Mireku Duker, has lauded Atlantic Lithium for its steadfast investment in the sector despite a drastic global drop in lithium prices.

He underscored the company’s confidence in the sector’s future, suggesting that their unwavering commitment will shape the trajectory of their investments.

Describing the market price fall from US$8,000 to US$900 as “ridiculous”, he commended Atlantic Lithium for continuing to invest amid such global challenges.

The minister’s commendation came to the fore during his ministry’s visit to Atlantic Lithium at Ewoyaa in the Central region.

“They have done well in investing so much so far irrespective of the consequences globally, and it is commendable for still having the confidence to invest – making sure that the future will determine the trajectory.

“As I sit here, they don’t even know whether the price will drop further – because a price dropping from US$8,000 to US$900 is ridiculous yet they are still investing, and that is commendable,” he stated.

During his visit, the Deputy Minister emphasised that the tax regime between government and the company is the best globally, noting: “Currently, there is no company globally that is carrying government or giving free interest of 13 percent. It is not done anywhere in the world.”

He urged the public to refrain from spreading false information about the lease and called on stakeholders to ensure the company’s sustainability, which holds significant potential for job creation in the community and surrounding areas.

Additionally, he praised the company for establishing a localised managerial structure. “I would say I am highly elated to have such a company here. The future of this area will be bright and the youth are going to have something doing, and therefore all hands must be on deck in ensuring the sustainability of Atlantic Lithium,” he added.

The General Manager-Operations, Atlantic Lithium, Ahmed-Salim Adam updated the delegation on the company’s status.

He indicated that the project is projected to yield 2.7 million tonnes per annum, with an anticipated production of about 365,000 tonnes of concentrate per annum.

Furthermore, he said that the estimated US$185million needed to establish the mine is dependent on securing an Environmental Protection Agency (EPA) permit, mining operation permit applications and parliamentary ratification.

Mr. Adam also highlighted the community’s decision to use one percent of the revenue dedicated for the development fund to establish more industries beyond mining.

In ensuring a fair allocation of the funds, Mr. Duker encouraged them to learn from Gold Fields saying, “I commend that you learn from Gold Fields as far as the dispensation of the 1 percent development fund is concerned.”

Addressing the reasons for delay in parliamentary ratification of the lease, Mr. Duker said it might be due to a lack of understanding among members of parliament – adding that government will further discuss the matter in parliament to secure the licence ratification.

The ministry delegation led by Mr. Duker also visited the bereaved family of a recent mine accident victim, offered their condolences, donated items and assured them of government’s and the company’s support.