Lands minister describes listing, trading of Atlantic Lithium shares on GSE as historic

Samuel Abu Jinapor, Minister of Lands and Natural Resources, has hailed the listing of Atlantic Lithium's shares on the Ghana Stock Exchange (GSE) as a landmark event, signalling a paradigm shift in the exploitation of Ghana's mineral wealth.

Atlantic Lithium, the entity overseeing the Ewoyaa Lithium Project in the Central Region, marked its official entry onto the Ghana Stock Exchange on Monday, May 13, 2024, by offering 649,669,053 shares on the bourse.

The company's prospectus sets the indicative price for the GSE listing at GH¢4.40 reflecting the valuation from the Primary Listing Market.

Speaking at the ceremony, Samuel Jinapor emphasized that Atlantic Lithium's presence on the GSE aligns with the government's strategic vision of indigenizing the mining sector and enhancing value addition.

He highlighted that the GSE listing satisfies a pivotal requirement outlined in the pact between the state and the firm, thereby ensuring the Ghanaian proprietorship of the Ewoyaa Lithium endeavour.

The minister further noted that the GSE listing exemplifies the government's dedication to positioning Ghanaians at the forefront of the mining industry, especially within the large-scale mining domain.

“This is to fulfil one of the very important commitments made by the brokers of the transaction reached between the government of Ghana and Atlantic Lithium and their subsidiary, Bavari DV. There have been a lot of talks about how the mineral resources of Africa and Ghana have not benefitted the owners of the resources. The reason why it has been so is because we’ve not been able to indigenize the sector and add value to the resources.

“This is the first building blocks indigenizing the mining sector of our country, exploitation of green mineral resources and indigenizing what Atlantic Lithium is coming to do in Ghana. This is to make sure that Ghanaians have a stake in what they are coming to do here. It will mean that Ghanaians can participate in the project. It will ensure that Ghanaians can own share and become stakeholders of this mining establishment,” he said.

Neil Herbert, the Executive Chairman of Atlantic Lithium, said that the decision by his company to trade on the Ghana Stock Exchange is indicative of its commitment to contributing to Ghana’s effort in the fight against climate change.

He said, “We believe that the company’s listing on the GSE is a true reflection of Ghana’s commitment to playing its part in the fight against climate change by sanctioning long-term lithium production”.

The Chief Executive Officer of the Minerals Commission, Martin Ayisi, said “I’m excited that the next three years will witness significant event in Ghana with launching galore, started by Atlantic Lithium. This is a new chapter for us and it is one of the cardinal policies of government.”

Madam Abena Amoah, the Managing Director of the GSE, acknowledged the contributions of key persons and organizations including the Minerals Commission and Ministry of Lands and Natural Resources, Chamber of Mines and the Minerals Income Investment Fund (MIIF) for the roles they played towards the coming into force of the deal.