Chamber of Mines urges quick approval of Ewoyaa Lease

The Ghana Chamber of Mines is urging Parliament to quickly ratify Atlantic Lithium Limited’s Ewoyaa mining lease. They warn that delays could harm the company and its stakeholders.

The Chamber also believes the lease terms may need a review. This suggestion comes after a recent drop in global lithium prices. Since 2016, Atlantic Lithium has invested about $70 million into developing Ghana’s first lithium mine. The project is located in the Central Region and aims to make Ghana one of the top 10 spodumene concentrate producers.

However, lithium prices have fallen sharply. They dropped over 80 percent from their peak in November 2022, raising concerns about the project's future.

In an interview with Citi Business News, Acting CEO Ahmed Dasana Nantogmah emphasized the urgent need for ratification. He noted that price concessions under the deal were different before the price drop. "Recently, Atlantic Lithium had to lay off staff because of the delay," he explained.

Nantogmah highlighted that contracts signed while awaiting ratification might need changes or cancellation. The impact affects stakeholders, companies, and communities expecting income and jobs. These benefits will remain on hold until the deal is ratified sustainably.

He also supported the government's decision for a one-year transitional arrangement with Gold Fields regarding Damang Mine's takeover. "This opens doors for negotiations and broader stakeholder engagement," he said.

Nantogmah added that this shows Ghana respects laws where agreements must be negotiated fairly. He views this as a positive development and looks forward to ongoing dialogue shaping Ghana’s mining policy direction.