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    Atlantic Appeals for Fiscal Re-evaluation for Ewoyaa Lithium Project

    Gabrielle De La Cruz
    Apr. 30, 2025 09:15AM PST

    The company's request to the Ghanian government comes on the back of a low lithium price environment.

    Lithium metal chunks and a label on a gray surface.
    Mirador / Adobe Stock

    Atlantic Lithium (ASX:A11,LSE:AAL,OTCQX:ALLIF) is appealing to the Ghanaian government to re-evaluate fiscal terms regarding its flagship Ewoyaa lithium project, which is located in the country.

    The company’s board of directors acknowledged media reports on the situation in a press release late last week, saying it wants to ensure the successful development of the asset.

    Atlantic notes that lithium prices have significantly declined since the mining lease for Ewoyaa was granted in October 2023, and is urging officials to adjust fiscal terms based on current price levels. Lithium prices remained low in 2024, and the downtrend has continued in 2025, with some price segments falling to four year lows.

    Adam Webb, head of battery raw materials at Benchmark Mineral Intelligence, said at the Benchmark Summit in March that lithium carbonate prices are expected to remain about where they are, at US$10,400 per metric ton.

    “But if we look further ahead, from 2026 onwards, that market is switching into the deficit, albeit quite small to start with, and that will end up being supportive of prices,” he explained at the Toronto-based event.

    Australian spot spodumene concentrate prices have also declined.

    Starting the year at the US$990 per metric ton level, values contracted through the first quarter of 2025 and are now sitting at the US$765 level, a 23.5 percent drop from January 2024's price of US$1,000.


    Atlantic said that despite this price environment, it is dedicated to “working in a spirit of partnership” with the Ghanaian government and its host communities to ensure that Ewoyaa becomes a reality.

    The project is set to be Ghana’s first lithium-producing mine, and could become one of the top 10 largest spodumene concentrate producers globally. A resource estimate updated in July 2024 outlines 36.8 million metric tons at 1.24 percent lithium oxide, while a June 2023 definitive feasibility study shows Ewoyaa has the capacity to produce 3.6 million metric tons of spodumene concentrate over a 12 year mine life.

    “While current lithium prices present headwinds, we believe that through collaboration and prudent fiscal measures, we can advance Ewoyaa to production and deliver lasting value for all stakeholders,” said Executive Chair Neil Herbert.

    Atlantic said it is working closely with the Ghanaian government and local communities to progress the project to production and ensure long-term benefits for Ghana, such as critical revenue, local employment and skills development.

    In August 2023, Piedmont Lithium (ASX:PLL,NASDAQ: PLL) committed to funding Ewoyaa, acquiring a 22.5 percent stake in the project. The company continues to assist Atlantic in advancing the project.

    Speaking with the media earlier this week, Atlantic Lithium CEO Keith Muller said that there is “no doubt” in his mind that Ewoyaa will be built.

    Don’t forget to follow us @INN_Australia for real-time news updates!

    Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.

    Editorial Disclosure: Atlantic Lithium is a client of the Investing News Network. This article is not paid-for content.

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    Gabrielle De La Cruz

    Gabrielle De La Cruz

    Writer

    Gabbie graduated with a journalism degree from Colegio de San Juan de Letran - Manila and has produced articles on a variety of topics, such as infrastructure, business and technology. Her creative portfolio includes written work on architecture, art and design. Gabbie covers the Australian market for the Investing News Network, focusing on the mining sector.

    When not in front of her desk, she is out scanning through vinyl records, exploring the international coffee culture and fighting for queer rights.

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    Gabrielle De La Cruz

    Gabrielle De La Cruz

    Writer

    Gabbie graduated with a journalism degree from Colegio de San Juan de Letran - Manila and has produced articles on a variety of topics, such as infrastructure, business and technology. Her creative portfolio includes written work on architecture, art and design. Gabbie covers the Australian market for the Investing News Network, focusing on the mining sector.

    When not in front of her desk, she is out scanning through vinyl records, exploring the international coffee culture and fighting for queer rights.

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