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U.S. Department of Energy Offers Conditional Commitment for a Loan of Up to US$700 Million for the Rhyolite Ridge Project
ioneer Ltd ("Ioneer" or the "Company") (ASX: INR, Nasdaq: IONR) is pleased to announce finalisation of a term sheet and offer of a Conditional Commitment1 for a proposed loan of up to US$700 million2 from the U.S. Department of Energy (DOE) Loan Programs Office for financing the construction of the Rhyolite Ridge Lithium-Boron Project in Nevada, USA.
Highlights:
- The Conditional Commitment1 from the U.S. Department of Energy follows finalisation of a term sheet with the DOE for a proposed loan of up to US$700 million to develop the Rhyolite Ridge Lithium-Boron Project
- The proposed loan is to be made under the DOE Loan Programs Office's Advanced Technology Vehicles Manufacturing program for a term of approximately 10 years with an interest rate fixed from the date of each advance for the term of the loan at applicable U.S. Treasury rates
- The Conditional Commitment follows nearly two years of extensive and detailed technical, legal, and market due diligence by the DOE
- The proposed DOE loan coupled with Sibanye-Stillwater's expected equity contribution to secure a 50% interest in the Project, is anticipated to fund a substantial part of the preliminary capital expenditure estimate, representing a significant step towards a complete funding package for Rhyolite Ridge
- The DOE's conditional commitment reflects continued strong and dedicated support under the Biden Administration to develop a U.S. domestic EV supply chain
- Financial close of the loan is conditional on several achievements including a positive Record of Decision and Final Investment Decision
- Rhyolite Ridge is the most advanced undeveloped U.S. lithium project, and it is on track to provide an environmentally sustainable, long-life source of both lithium and boron for delivery into the U.S. domestic EV supply chain
Under the term sheet, the proposed loan is for an amount up to US$700 million with a term of approximately 10 years. The loan will be at an interest rate fixed from the date of each advance for the term of the loan at applicable U.S. Treasury rates.
The proposed loan is to be made under the DOE's Advanced Technology Vehicles Manufacturing (ATVM) loan program in support of the Biden Administration's critical minerals strategy. DOE has over US$50.0 billion in remaining loan authority under the ATVM program to support the manufacture of eligible advanced technology vehicles including electric vehicles (EVs), and qualifying components and materials, in the United States. Domestic processing of critical minerals, such as lithium, for use in EV batteries qualifies for the ATVM loan program3.
After commencing pre-application discussions in February 2021 regarding the DOE's ATVM loan program, Ioneer submitted an application in October 2021. The application was deemed substantially complete in December 2021 which initiated a third-party due diligence process that has been ongoing since March 2022. The Loan Programs Office has undertaken extensive and detailed market, technical and legal due diligence on both Ioneer and the Rhyolite Ridge Project. The Conditional Commitment is based on a revised Plan of Operations submitted by Ioneer to the U.S. Bureau of Land Management (BLM), now in the National Environmental Policy Act (NEPA) process, which completely avoids all direct impact and minimises indirect impact on Tiehm's buckwheat.
Rhyolite Ridge is the most advanced undeveloped U.S. lithium project, and it is on track to provide an environmentally sustainable, long-life source of both lithium and boron for delivery into the U.S. domestic EV supply chain.
The term sheet and Conditional Commitment from DOE demonstrates its strong support for the Rhyolite Ridge Project and, if finalised, the loan would be the first-ever by the DOE to provide financing for the processing component of a project where lithium is extracted and refined at site.
The proceeds from the DOE loan, along with Sibanye Stillwater Limited's ("Sibanye-Stillwater") expected equity contribution to secure a 50% stake in the Rhyolite Ridge Project once all conditions precedent for the joint venture have been fulfilled or waived, as applicable, are anticipated to fund a substantial part of the preliminary capital expenditure estimate from the revised plan of operations included in the application submitted to the DOE. Finalising the term sheet and receiving the Conditional Commitment from the DOE represent a significant step towards completing the funding for the Rhyolite Ridge Project.
The proposed loan amount is necessarily based on preliminary and partially complete information that the DOE required from Ioneer pertaining to: 1) capital expenditure for a conceptual mine plan; 2) macroeconomic cost escalation assumptions; and 3) capital expenses to meet DOE stipulated requirements for participation in the ATVM program. As a result, the proposed loan amount remains subject to negotiation and documentation of long-form agreements and various conditions and may be subsequently revised to appropriately match updated project economics leading up to financial close and upon satisfaction of several conditions, including:
- Positive Record of Decision (ROD) issued by the BLM;
- Updated cost estimate including a P85 cost contingency4;
- Updated Resource and Reserve statements and mine plan incorporating the southern extension to the deposit;
- Updated economic model based on the updated information above;
- All necessary permits; and
- Final Investment Decision (FID) by both Ioneer and Sibanye-Stillwater.
Ioneer and Sibanye-Stillwater will continue to progress work on the engineering, complete additional drilling post ROD to delineate the southern limits of the deposit where mining is expected to commence and optimize the mine plan. Based on these outcomes, an updated capital and operating cost estimate will be provided to stakeholders before making an FID.
The final loan is subject to approval of the Ioneer and Sibanye-Stillwater Boards, receipt of all material governmental consents necessary for the loan and the negotiation and execution of binding loan documents. When binding loan documents are signed, certain closing conditions must be satisfied before the loan commitment from DOE becomes effective and funds can be advanced.
Jigar Shah, Director of DOE's Loans Programs Office commented:
"Rhyolite Ridge is a major step towards bolstering domestic lithium production for clean energy technologies, and LPO is excited to further develop an environmentally responsible U.S. supply chain for critical materials."
James Calaway, Executive Chairman of Ioneer commented:
"The Conditional Commitment highlights Rhyolite Ridge's strategic role in strengthening America's critical mineral supply chain in providing a secure, sustainable, and reliable domestic source of lithium for the growing electric vehicle ecosystem."
Bernard Rowe, Managing Director of Ioneer commented:
"We are pleased to have finalised the term sheet and received a Conditional Commitment from the DOE for up to a $700mm loan from the ATVM program. The Conditional Commitment is the culmination of 23 months of discussions with and due diligence by the Loan Programs Office and it represents a significant milestone for Rhyolite Ridge. We look forward to working with the DOE and Sibanye-Stillwater to complete the remaining milestones to start construction of Rhyolite Ridge."
Neal Froneman, Chief Executive Officer of Sibanye-Stillwater commented:
"Rhyolite Ridge is a world-class lithium project which is ideally positioned to provide locally mined and beneficiated metals to further develop the U.S. battery ecosystem. The proposed loan represents a significant step towards further de-risking funding and ultimately progressing Rhyolite Ridge to production. We are encouraged by the DOE's commitment to the development of the U.S. national battery metals mining industry through supportive funding programs such as the ATVM program and the commitment of the Ioneer team to date, aimed at ensuring that this high-quality project can be swiftly advanced once the necessary permits have been granted and outstanding conditions have been fulfilled. This is a significant milestone in the development of this critical project which promises to positively contribute to reducing climate change."
"Sibanye-Stillwater's battery metals strategy is primarily focused on the U.S. and Europe in recognition of the developing need for battery metals for the transition towards greater electrification of their established automotive industries. Sibanye-Stillwater is well placed to be a supportive partner and add significant value to Rhyolite Ridge given its complementary global mining experience and expertise, including its US mining operational and project development expertise, hydrometallurgical expertise and deep relationships with automakers and automotive OEMs globally."
DOE's blog post in connection with its Conditional Commitment to Rhyolite Ridge is on the Loan Programs Office website.
Transaction Advisers
Ioneer's financial adviser is Goldman Sachs, and its legal adviser is Vinson & Elkins (US) and Ashurst (Australia).
Sibanye-Stillwater's financial adviser is Macquarie Capital, and its legal adviser is Davis Polk & Wardwell LLP (United States).
About Ioneer
Ioneer Ltd is the 100% owner of the Rhyolite Ridge Lithium-Boron Project located in Nevada, USA, the only known lithium-boron deposit in North America and one of only two known such deposits in the world. The Definitive Feasibility Study (DFS) completed in 2020 confirmed Rhyolite Ridge as a world-class lithium and boron project that is expected to become a globally significant, long-life, low-cost source of lithium and boron vital to a sustainable future. In September 2021, Ioneer entered into an agreement with Sibanye-Stillwater to advance the Rhyolite Ridge project. Following the satisfaction of all conditions precedent of the agreement, Sibanye-Stillwater will acquire a 50% interest in a joint venture, with Ioneer maintaining a 50% interest and retaining the operational management responsibility for the joint venture. Ioneer signed separate offtake agreements with Ford Motor Company and PPES (joint venture between Toyota and Panasonic) in 2022 and Korea's EcoPro Innovation in 2021.
About Sibanye-Stillwater
Sibanye-Stillwater is a multinational mining and metals Group with a diverse portfolio of mining and processing operations and projects and investments across five continents. The Group is also one of the foremost global PGM autocatalytic recyclers and has interests in leading mine tailings retreatment operations. For more information, visit our website at www.sibanyestillwater.com.
This ASX release has been authorised by Ioneer Managing Director Bernard Rowe.
Contacts:
Chad Yeftich Ioneer USA Corporation | Jason Mack |
Investor Relations (USA) | Investor Relations (AUS) |
T: +1 775 993 8509 | T: +61 410 611 709 |
Important notice and disclaimer
Forward-looking statements
This announcement contains certain forward-looking statements and comments about future events, including Ioneer's expectations about the Project and the performance of its businesses. Forward looking statements can generally be identified by the use of forward-looking words such as 'expect', 'anticipate', 'likely', 'intend', 'should', 'could', 'may', 'predict', 'plan', 'propose', 'will', 'believe', 'forecast', 'estimate', 'target' and other similar expressions within the meaning of securities laws of applicable jurisdictions. Indications of, and guidance on, the Conditional Commitment, financing plans, future earnings or financial position or performance are also forward-looking statements.
Forward-looking statements involve inherent risks and uncertainties, both general and specific, and there is a risk that such predictions, forecasts, projections and other forward-looking statements will not be achieved. Forward-looking statements are provided as a general guide only and should not be relied on as an indication or guarantee of future performance. Forward looking statements involve known and unknown risks, uncertainty and other factors which can cause Ioneer's actual results to differ materially from the plans, objectives, expectations, estimates, and intentions expressed in such forward-looking statements and many of these factors are outside the control of Ioneer. Such risks include, among others, uncertainties related to the finalisation, execution, and funding of the DOE financing, including our ability to successfully negotiate definitive agreements and to satisfy any funding conditions, as well as other uncertainties and risk factors set out in filings made from time to time with the U.S. Securities and Exchange Commission and the Australian Securities Exchange. As such, undue reliance should not be placed on any forward-looking statement. Past performance is not necessarily a guide to future performance and no representation or warranty is made by any person as to the likelihood of achievement or reasonableness of any forward-looking statements, forecast financial information or other forecast. Nothing contained in this announcement, nor any information made available to you is, or shall be relied upon as, a promise, representation, warranty or guarantee as to the past, present or the future performance of Ioneer.
Except as required by law or the ASX Listing Rules, Ioneer assumes no obligation to provide any additional or updated information or to update any forward-looking statements, whether as a result of new information, future events or results, or otherwise.
1 A conditional commitment is offered by DOE prior to issuing a loan and indicates that DOE expects to support the Rhyolite Ridge Project, subject to the satisfaction of certain conditions including fulfilling remaining legal, contractual, and financial requirements.
2 Excludes estimated capitalised interest costs. Approximately US$700 million in advances from DOE loan is proposed to be available to fund eligible costs of the Rhyolite Ridge Project.
3 Further information about the ATVM loan program is available at https://www.energy.gov/lpo/advanced-technology-vehicles-manufacturing-loan-program.
4 A cost contingency to the base estimate to achieve a probability at the 85th percentile.
Galan Lithium Limited (ASX: GLN) – Trading Halt
Description
The securities of Galan Lithium Limited (‘GLN’) will be placed in trading halt at the request of GLN, pending it releasing an announcement. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Monday, 20 May 2024 or when the announcement is released to the market.
Issued by
ASX Compliance
Click here for the full ASX Release
This article includes content from Galan Lithium, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Galan Builds Inventory with 1,000t LCE, Advances HMW Project
Galan Lithium (ASX:GLN) reported a contained inventory of 1,000 tons of lithium carbonate equivalent (LCE) at its Hombre Muerto West (HMW) project in Argentina, according to an article by The West Australian.
Galan’s HMW project has reached 33 percent completion with total pond construction of 45 percent and the first two evaporation ponds operating.
The company’s managing director Juan Pablo Vargas de la Vega said Galan is well on its way to its targeted production in the first half of 2025.
The article said Galan has taken a major step towards selling products from the lithium brine project after signing a deal with the Catamarca Government.
Click here to connect with Galan Lithium (ASX:GLN) for an Investor Presentation
Atlantic Lithium
Overview
Despite its long mining history, favourable regulatory climate and stable political backdrop, Ghana remains largely overlooked as an investment jurisdiction for battery metals. Situated on the West African coast, the country boasts a strong strategic location and abundance of mineral wealth.
In 2023, the country reclaimed its title as Africa's number one producer of gold. And gold isn't the only precious metal to be found in the country. Ghana is also home to significant lithium reserves, with c. 180,000 tonnes of estimated resources.
Located between Europe, the United States and China, Ghana is perfectly positioned to serve as an important hub for the global supply of the battery metal.
Australian lithium exploration and development company Atlantic Lithium (ASX:A11, AIM:ALL, OTCQX:ALLIF) intends to leverage this opportunity through its flagship Ewoyaa project, set to become Ghana’s first lithium-producing mine. Atlantic intends to produce spodumene concentrate capable of conversion to lithium hydroxide and carbonate for use in electric vehicle batteries, helping drive the transition to decarbonisation.
A definitive feasibility study (DFS) released in June 2023 shows that, considering its current 35.3 million tons (Mt) @ 1.22 percent lithium oxide JORC Mineral Resource Estimate and conservative life-of-mine concentrate pricing of US$1,587/t, FOB Ghana Port, Ewoyaa has demonstrable economic viability, low capital intensity and excellent profitability. Through simple open-pit mining, three-stage crushing and conventional Dense Media Separation (DMS) processing, the DFS outlines the production of 3.6 Mt of spodumene concentrate over a 12-year mine life, delivering US$6.6 billion life-of-mine revenues, a post-tax NPV8 of US$1.5 billion and an internal rate of return of 105 percent.
Atlantic Lithium intends to deploy a Modular DMS plant ahead of commencing operations at the large-scale main plant to generate early revenue, which will reduce the peak funding requirement of the main plant. The project is expected to deliver first spodumene production as early as April 2025.
The development of the project is co-funded under an agreement with NASDAQ and ASX-listed Piedmont Lithium (ASX:PLL), with Piedmont expected to fund c. 70 percent of the US$185 million total capex. In accordance with the agreement, Piedmont is funding US$17 million towards studies and exploration and an initial US$70 million towards the total capex. Costs are split equally between Atlantic Lithium and Piedmont thereafter.
In return, Piedmont will receive 50 percent of the spodumene concentrate produced at Ewoyaa, providing a route to consumers through several major battery manufacturers, including Tesla. With 50 percent of its offtake still available, Atlantic Lithium is one of very few near-term spodumene concentrate producers with uncommitted offtake.
Already the largest taxpayer and employer in Ghana’s Central Region, Atlantic Lithium is expected to provide direct employment to roughly 800 personnel at Ewoyaa and, through its community development fund whereby 1 percent of retained earnings will be allocated to local initiatives, will deliver long-lasting benefits to the region and to Ghana.
Atlantic Lithium also has the potential to capitalise upon considerable additional upside across its extensive exploration portfolio — potential it intends to leverage to the fullest as it becomes an early mover in West African lithium production.
Company Highlights
- A mining and exploration company operating in West Africa, Atlantic Lithium is set to deliver Ghana’s first lithium-producing mine with its flagship Ewoyaa Lithium Project.
- Ghana is a well-established mining region with access to reliable, existing infrastructure and a significant mining workforce. There are currently 16 operating mines in the country.
- There is significant government interest in getting Ewoyaa operational to diversify the country’s production from gold.
- Atlantic Lithium is already the leading taxpayer and employer in the region and, through Ewoyaa, expects to bring significant business and development locally.
- The June 2023 definitive feasibility study proves Ewoyaa to be a financially viable, major near-term lithium-producing asset.
- The project is co-funded under an agreement with Piedmont Lithium.
- With 50 percent of offtake still uncommitted, the company is one of few near-term spodumene producers with offtake available.
- Situated on the West African coast, Atlantic Lithium is well-positioned to serve the global electric vehicle markets.
Key Assets
Ewoyaa
Set to be Ghana's first lithium-producing mine, Atlantic Lithium's flagship Ewoyaa Project is situated within 110 kilometres of Takoradi Port and 100 kilometres of Accra, with access to excellent infrastructure and a skilled local workforce. A definitive feasibility study (DFS) released in June 2023 confirmed the project's economic viability and profitability potential, indicating a 3.6-Mt spodumene concentrate production over the mine's 12-year projected life.
Atlantic Lithium is currently in the process of securing a mining lease for the project, which will enable the commencement of the permitting process. Through the deployment of a Modular DMS plant, which will process 450,000 tons of ore as the main 2.7-Mt processing plant is being constructed, the mine is expected to deliver first production in 2025.
Highlights:
- Promising DFS Results: Atlantic Lithium's recent DFS reaffirmed Ewoyaa as an industry-leading asset with low capital intensity and excellent profitability. Highlights include:
- Estimated 12-year life of mine, producing 3.6 Mt spodumene concentrate.
- 365 ktpa steady state production
- Average LOM EBITDA of US$316 million per annum
- NPV of US$1.5 billion
- Free cash flow of US$2.4 billion from life-of-mine revenues of US$6.6 billion
- Modest $185 million capital cost
- Payback within 19 months.
- Favourable Location: The project's starter pits are positioned within one kilometre of its processing plant. Additionally, Ewoyaa has access to reliable existing infrastructure, located within 800 metres from the N1 highway and adjacent to grid power.
- Promising Reserves: Ewoyaa's current mineral resource estimate is 35.3 Mt at 1.25 percent lithium oxide, with ore reserves of 25.6 Mt at 1.22 percent lithium oxide.
- Potential for Further Exploration: There remains significant exploration potential, with only 15 square kilometres of Atlantic Lithium's entire tenure having been drilled to date.
- Strong Partnerships: Atlantic Lithium has a 50-percent offtake deal with Piedmont Lithium, which itself has offtake agreements with both Tesla and LG Chem.
- Positive Presence: Atlantic Lithium will generate significant economic benefits to the region. Once operational, the project is expected to employ roughly 800 personnel.
Côte d'Ivoire
Atlantic Lithium currently has two applications pending for an area of roughly 774 square kilometres in the West African country of Côte d'Ivoire. The underexplored yet highly prospective region is known to be underlain by prolific birimian greenstone belts, characterised by fractionated granitic intrusive centres with lithium and colombite-tantalum occurrences and outcropping pegmatites. The area is also incredibly well-served, with extensive road infrastructure, well-established cellular network and high-voltage transmission line within roughly 100 kilometres of the country's capital, Abidjan.
Management Team
Neil Herbert - Executive Chairman
Neil Herbert is a fellow of the Association of Chartered Certified Accountants and has over 30 years of experience in finance. He has been involved in growing mining and oil and gas companies both as an executive and as an investor for over 25 years. Until May 2013, he was co-chairman and managing director of AIM-quoted Polo Resources, a natural resources investment company.
Prior to this, Herbert was a director of resource investment company Galahad Gold, after which he became finance director of its most successful investment, the start-up uranium company UraMin, from 2005 to 2007. During this period, he worked to float the company on AIM and the Toronto Stock Exchange in 2006, raise US$400 million in equity financing and negotiate the sale of the group for US$2.5 billion.
Herbert has held board positions at a number of resource companies where he has been involved in managing numerous acquisitions, disposals, stock market listings and fundraisings. He holds a joint honours degree in economics and economic history from the University of Leicester.
Keith Muller - Chief Executive Officer
Keith Muller is a mining engineer with over 20 years of operational and leadership experience across domestic and international mining, including in the lithium sector. He has a strong operational background in hard rock lithium mining and processing, particularly in DMS spodumene processing. Before joining Atlantic Lithium, he held roles as both a business leader and general manager at Allkem, where he worked on the Mt Cattlin lithium mine in Western Australia.
Prior to that, Muller served as operations manager and senior mining engineer at Simec. He holds a Master of Mining Engineering from the University of New South Wales and a Bachelor of Engineering from the University of Pretoria. He is also a member of the Australian Institute of Mining and Metallurgy, the Board of Professional Engineers of Queensland, and the Engineering Council of South Africa.
Amanda Harsas - Finance Director and Company Secretary
Amanda Harsas is a senior finance executive with a demonstrable track record and over 25 years’ experience in strategic finance, business transformation, commercial finance, customer and supplier negotiations and capital management. Prior to joining Atlantic Lithium, she worked across several sectors including healthcare, insurance, retail and professional services. Harsas is a chartered accountant, holds a Bachelor of Business and has international experience in Asia, Europe and the US.
Len Kolff - Head of Business Development and Chief Geologist
Len Kolff has over 25 years of mining industry experience in the major and junior resources sector. With a proven track record in deposit discovery and a particular focus on Africa, Kolff most recently worked in West Africa and was instrumental in the discovery and evaluation of the company’s Ewoyaa Lithium Project in Ghana, as well as the discovery and evaluation of the Mofe Creek iron ore project in Liberia. Prior to this, he worked at Rio Tinto with a focus on Africa, including the Simandou iron ore project in Guinea and the Northparkes Copper-Gold mine in Australia.
Kolff holds a Master of Economic Geology from CODES, University of Tasmania and a Bachelor of Science (Honours) degree from the Royal School of Mines, Imperial College, London.
Patrick Brindle - Non-executive Director
Patrick Brindle currently serves as executive vice-president and chief operating officer at Piedmont Lithium. He joined Piedmont in January 2018. Prior to this, he held roles as vice-president of project management and subsequently as chief development officer.
Brindle has more than 20 years' experience in senior management and engineering roles and has completed EPC projects in diverse jurisdictions including the United States, Canada, China, Mongolia, Australia and Brazil. Before joining Piedmont, he was vice-president of engineering for DRA Taggart, a subsidiary of DRA Global, an engineering firm specialising in project delivery of mining and mineral processing projects globally.
Kieran Daly - Non-executive Director
Kieran Daly is the executive of growth and strategic development at Assore. He holds a BSc Mining Engineering from Camborne School of Mines (1991) and an MBA from Wits Business School (2001) and worked in investment banking/equity research for more than 10 years at UBS, Macquarie and Investec prior to joining Assore in 2018.
Daly spent the first 15 years of his mining career at Anglo American’s coal division (Anglo Coal) in a number of international roles including operations, sales and marketing, strategy and business development. Among his key roles were leading and developing Anglo Coal's marketing efforts in Asia and to steel industry customers globally. He was also the global head of strategy for Anglo Coal immediately prior to leaving Anglo in 2007.
Christelle Van Der Merwe - Non-executive Director
Christelle Van Der Merwe is a mining geologist responsible for the mining-related geology and resources of Assore’s subsidiary companies (comprising the pyrophyllite and chromite mines) and is also concerned with the company's iron and manganese mines. She has been the Assore group geologist since 2013 and involved with strategic and resource investment decisions of the company. Van Der Merwe is a member of SACNASP and the GSSA.
Jonathan Henry - Independent Non-executive Director
Jonathan Henry is a senior executive with significant, global listed company experience, primarily in the mining industry, having held various leadership and board roles for nearly two decades. Henry is currently the non-executive chair of Toronto Venture Exchange-listed (TSX-V) Giyani Metals. He has been heavily involved in the strategic management and leadership of projects toward production, commercialisation and, ultimately, the realisation of shareholder value. He has gained significant experience working across capital markets, business development, project financing, key stakeholder engagement (including public and investor relations), and the reporting and implementation of ESG-focused initiatives.
Henry was the executive chair and non-executive director at Euronext Growth and AIM-listed Ormonde Mining, non-executive director at TSX-V-listed Ashanti Gold, president, director and CEO at TSX-listed Gabriel Resources and various roles, including CEO and managing director, at London and Oslo Stock Exchange-listed Avocet Mining PLC.
Edward Nana Yaw Koranteng - Independent Non-executive Director
Edward Koranteng is a lawyer and an experienced corporate and investment banker with over 23 years of experience. He was the chief executive officer of the Minerals Income Investment Fund (MIIF), Ghana’s sovereign minerals wealth fund, since 2021. As CEO, he oversees the management of Ghana’s equity interest in mining companies, manages all royalties paid to the state from mining activities and supports the growth of the mining industry through long-term, sustainable investments in the sector.
Koranteng was the business head for East, Central and Southern Africa for Ghana International Bank (GHIB) leading various financing projects in Ethiopia, Ghana, Tanzania, Kenya and Malawi. He also worked with the Chase Bank Group (Kenya), now SBM Bank of Mauritius, as the group head for energy, oil, gas and mining.
Koranteng is the co-founder of one of Ghana’s leading law firms, Koranteng & Koranteng Legal Advisors, and currently sits on the boards of major gold producer Asante Gold Corporation, the Minerals Income Investment Fund, and Glico General Insurance Ltd in Ghana.
Aaron Maurer – Head of Operational Readiness
Aaron Maurer is a senior-level business executive with over 25 years’ international multi-commodity mining experience, overseeing strategic, operational and financial performance. Over his career, he has held several engineering, production, operational and senior executive roles. Before joining Atlantic Lithium, he served as executive general manager - operations at Minerals Resources, where he oversaw the Mt Marion Lithium mine and three iron ore mines in Western Australia. He was previously the managing director and CEO of PVW Resources and general manager (site senior executive) at Peabody Energy Australia.
His significant expertise spans the development and implementation of safety and cost-saving initiatives, change management, strategic planning, business development and employee development. Maurer holds a Master in Corporate Finance and a Bachelor of Engineering (Mining).
Roux Terblanche - Project Manager
Roux Terblanche is a mineral resource project delivery specialist with proven African and Australian experience working for owners, EPCMs, consultants and contractors. He has a wide range of commodity experiences, including lithium, gold, copper, diamonds and platinum. He has proven to add value and deliver projects safely, on time and within budget.
Terblanche has worked in the UAE and across Africa, including Ghana, the DRC, Burkina Faso, Zambia, Rwanda, Botswana and Senegal. He was instrumental in increasing the operating footprint of an international construction company across Africa and was integral to the building of the Akyem, Tarkwa Phase 4 and Chirano mines in Ghana.
Terblanche holds a national diploma in mechanical engineering, a diploma in project management and a Bachelor of Commerce from the University of South Africa.
Iwan Williams - Exploration Manager
Iwan Williams is an exploration geologist with over 20 years' experience across a broad range of commodities, principally iron ore, manganese, gold, copper (porphyry and sed. hosted), PGE's, nickel and other base metals, as well as chromitite, phosphates, coal and diamond.
Williams has extensive southern and west African experience and has worked in Central and South America. His experience includes all aspects of exploration management, project generation, opportunity reviews, due diligence and mine geology. He has extensive studies experience having participated in the delivery of multiple project studies including resource, mine design criteria, baseline environmental and social studies and metallurgical test-work programmes. He is very familiar with working in Africa having spent 23 years of his 28-year geological career in Africa. Williams is a graduate of the University of Liverpool.
Abdul Razak - Country Manager
Abdul Razak has extensive exploration, resource evaluation and project management experience throughout West Africa with a strong focus on data-rich environments. He has extensive gold experience having worked throughout Ghana with AngloGold Ashanti, Goldfields Ghana, Perseus and Golden Star, as well as international exploration and resource evaluation experience in Burkina Faso, Liberia, Ivory Coast, Republic of Congo, Nigeria and Guinea.
Razak is an integral member of the team, managing all site activities including drilling, laboratory, local teams, geotech and hydro, community consultations and stakeholder engagements and was instrumental in establishment of the current development team and defining Ghana’s maiden lithium resource estimate. He is based at the project site in Ghana.
Investor Presentation via Investor Meet Company
CleanTech Lithium PLC (AIM: CTL, Frankfurt:T2N, OTCQX:CTLHF), an exploration and development company, advancing sustainable lithium projects in Chile for the clean energy transition, is pleased to announce that Executive Chairman and Interim CEO, Steve Kesler will provide a live presentation relating to the DLE Pilot Plant Results via Investor Meet Company on 15 May 2024, 15:00 BST.
The presentation is open to all existing and potential shareholders. Investors can sign up to Investor Meet Company for free and meet CleanTech Lithium via the following link:
https://www.investormeetcompany.com/cleantech-lithium-plc/register-investor
Investors who already follow CleanTech Lithium plc on the Investor Meet Company platform will automatically be invited via email and the platform.
For further information contact: | |
CleanTech Lithium PLC | |
Steve Kesler/Gordon Stein/Nick Baxter | Jersey office: +44 (0) 1534 668 321 Chile office: +562-32239222 |
Or via Celicourt | |
Celicourt Communications Felicity Winkles/Philip Dennis/Ali AlQahtani | +44 (0) 20 7770 6424 cleantech@celicourt.uk |
Beaumont Cornish Limited (Nominated Adviser) Roland Cornish/Asia Szusciak | +44 (0) 20 7628 3396 |
Canaccord Genuity (Joint Broker) James Asensio | +44 (0) 20 7523 4680 |
Fox-Davies Capital Limited (Joint Broker) | +44 (0) 20 3884 8450 |
Daniel Fox-Davies |
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Notes
CleanTech Lithium (AIM:CTL, Frankfurt:T2N, OTCQX:CTLHF) is an exploration and development company advancing sustainable lithium projects in Chile for the clean energy transition. Committed to net-zero, CleanTech Lithium's mission is to produce material quantities of sustainable battery grade lithium products using Direct Lithium Extraction technology powered by renewable energy. The Company plans to be a leading supplier of 'green' lithium to the EV and battery manufacturing market.
CleanTech Lithium has two key lithium projects in Chile, Laguna Verde and Francisco Basin, and hold licences in Llamara and Salar de Atacama, located in the lithium triangle, a leading centre for battery grade lithium production. The two major projects: Laguna Verde and Francisco Basin are situated within basins controlled by the Company, which affords significant potential development and operational advantages. All four projects have direct access to existing infrastructure and renewable power.
CleanTech Lithium is committed to using renewable power for processing and reducing the environmental impact of its lithium production by utilising Direct Lithium Extraction with reinjection of spent brine. Direct Lithium Extraction is a transformative technology which removes lithium from brine, with higher recoveries than conventional extraction processes. The method offers short development lead times with no extensive site construction or evaporation pond development so there is minimal water depletion from the aquifer. www.ctlithium.com
Admission to Trading on the Ghana Stock Exchange
Atlantic Lithium to commence trading on the Main Market of the GSE on Monday, 13 May 2024
Atlantic Lithium Limited (AIM: ALL, ASX: A11, OTCQX: ALLIF, “Atlantic Lithium” or the “Company”), the African-focused lithium exploration and development company targeting to deliver Ghana’s first lithium mine, is pleased to announce that admission of its entire issued share capital (“Admission”), being 649,669,053 ordinary shares ("Ordinary Shares"), by introduction on the Main Market of the Ghana Stock Exchange (“GSE”) and commencement of trading of the Ordinary Shares will take place at 10:00 a.m. GMT on Monday, 13 May 2024, under the ticker “ALLGH”.
The Company will not place or issue any new Atlantic Lithium shares in connection with its GSE listing and Admission will have no impact on the Company’s existing listings on the Australian Securities Exchange or the London Stock Exchange’s AIM.
Further information in relation to the Admission can be found in the Company’s announcement dated 2 May 2024 and the Company’s GSE Listing Prospectus, which can be found on the Company’s website or via the following link: https://www.atlanticlithium.com.au/s/Atlantic-Lithium-Limited-Prospectus-April-2024.pdf.
The Transaction Advisors for the Company’s Listing are Black Star Brokerage Limited as the Sponsoring Broker and Arranger, JLD & MB Legal Consultancy as the Legal Advisor, SCG Chartered Accounts as the Reporting Accountants, Central Securities Depository (GH) LTD as the Registrar and Depository and SRK Exploration Services LTD as the Geological Consultants.
Commenting, Neil Herbert, Executive Chairman of Atlantic Lithium, said:
“Recognising the strategic and socio-economic importance of the Ewoyaa Lithium Project to Ghana, we are delighted to be listing the Company’s shares on the Ghana Stock Exchange, which we believe will provide Ghanaians greater opportunity to share ownership in and contribute to the advancement of the Project towards production.
“During what is set to be a milestone year for Atlantic Lithium, we are grateful for the considerable support we have received from the Minerals Income Investment Fund, the Minerals Commission, Ghana’s Securities and Exchange Commission and the GSE to enable the Company’s Admission.
“We look forward to commencing our journey on the GSE alongside the prospective Ghanaian investors that we hope to welcome through our Admission. This represents an important new chapter for Atlantic Lithium in Ghana as we look to achieve long-term lithium production to support the country’s critical mineral objectives.”
Click here for the full ASX Release
This article includes content from Atlantic Lithium, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Board Appointment
Minerals Income Investment Fund CEO Appointed to the Atlantic Lithium Board
Edward Koranteng is a lawyer and an experienced corporate and investment banker with over 23 years of experience. He has held the position of Chief Executive Officer of the Minerals Income Investment Fund (“MIIF”), Ghana’s sovereign minerals wealth fund, since 2021. As CEO, he oversees the management of Ghana’s equity interest in mining companies, manages all royalties paid to the state from mining activities and supports the growth of the mining industry through long-term, sustainable investments in the sector.
Mr. Koranteng assumes the role of Independent Non-Executive Director in line with the agreed terms of MIIF’s US$5m subscription in the Company (refer announcement of 24 January 2024), which forms the first part of its planned US$32.9m total investment in Atlantic Lithium and its Ghanaian subsidiaries to expedite the development of the Company’s flagship Ewoyaa Lithium Project.
Prior to joining MIIF, Mr. Koranteng held the role of Business Head for East, Central and Southern Africa for Ghana International Bank plc (“GHIB”), where he was responsible for GHIB’s energy and mining portfolio. At GHIB, he led various financing projects in Ethiopia, Ghana, Tanzania, Kenya and Malawi. Before that, Mr. Koranteng worked with the Chase Bank Group (Kenya), now SBM Bank of Mauritius, as the Group Head for Energy, Oil, Gas and Mining.
Mr. Koranteng is the co-founder of one of Ghana’s leading law firms, Koranteng & Koranteng Legal Advisors, and currently sits on the boards of major gold producer Asante Gold Corporation, the Minerals Income Investment Fund, and Glico General Insurance Ltd in Ghana.
Mr. Koranteng holds a BA (Hons) from the University of Ghana, a Master of Laws in International Banking and Finance from the University of Leeds in the UK, a Postgraduate Diploma from BPP Law School in the UK and the Ghana School of Law. He has practised as a barrister in both the UK and Ghana and holds various executive and postgraduate certifications, including in Oil, Gas and Mining from the Blavatnik School of Government, University of Oxford in the UK.
Commenting, Neil Herbert, Executive Chairman of Atlantic Lithium, said:
“It gives me great pleasure to welcome Edward to the Atlantic Lithium Board, assuming the position available to the Minerals Income Investment Fund as agreed under the terms of MIIF’s US$5m Subscription in the Company, which was completed in January 2024.
“Enabling greater Ghanaian representation in the strategic direction of the Company and the Ewoyaa Lithium Project, Edward’s appointment more closely aligns the Company’s objectives and the advancement of the Project with its Ghanaian stakeholders.
“Further to its Subscription in the Company, Edward’s appointment reflects MIIF’s strong belief in Atlantic Lithium as an investment opportunity and the successful delivery of the Project to generate significant benefits to Ghanaians. Bringing decades of mining, legal and corporate experience to the role, Edward will, no doubt, contribute greatly to the advancement of the Project.
“I look forward to finalising the second stage of MIIF’s investment in the Company and working closely with Edward towards our shared goal of achieving lithium production at Ewoyaa.”
Commenting, Edward Koranteng, added:
“I look forward to supporting the growth of Atlantic Lithium, not only in Ghana but as a foremost lithium exploration company on the continent. MIIF’s investment in Atlantic Lithium is premised on the belief that the Ewoyaa Lithium Project and the Company’s other tenements hold great promise and opportunity, which will generate significant returns and further support Ghana’s green energy efforts.
“Our investment also supports the Government of Ghana’s overarching objective of ensuring that Ghana remains the preferred mining destination in Africa, with MIIF as a co-investment partner. I am without any doubt that the Project shall be successfully delivered with the full support of MIIF and the Government of Ghana.
“I look forward to working with the Board and Management of Atlantic Lithium towards the goal of developing the world-class Ewoyaa Mine and achieving full lithium production.”
Click here for the full ASX Release
This article includes content from Atlantic Lithium, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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