Atlantic Lithium listing on GSE aligns with government’s vision of indigenising mining sector

Atlantic Lithium, the company overseeing the Ewoyaa mining project in the Central Region, marked its official entry on to the Ghana Stock Exchange on Monday by offering 649,669,053 shares in the firm

The Minister of Lands and Natural Resources, Samuel Abu Jinapor, has hailed the listing of shares in Atlantic Lithium 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 company overseeing the Ewoyaa project in the Central Region, marked its official entry on to the GSE on Monday (13 May) by offering 649,669,053 shares on the bourse.

The company’s prospectus sets the indicative price for the GSE listing at GHC4.40, reflecting the valuation from the primary listing market.

Speaking at the ceremony on Monday, Jinapor stressed that Atlantic Lithium’s presence on the GSE aligns with the government’s strategic vision of indigenising the mining sector and enhancing value addition.

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

Jinapor further said that the GSE listing exemplifies the government’s dedication to positioning Ghanaians at the forefront of the mining industry, especially within large-scale mining.

“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,” the minister said.

“There has been a lot of talk about how the mineral resources of Africa and Ghana have not benefited the owners of the resources. The reason why it has been so is because we’ve not been able to indigenise the sector and add value to the resources.

“These are the first building blocks [for] indigenising the mining sector of our country and exploitation of green mineral resources … Indigenising is 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 shares and become stakeholders of this mining establishment,” Jinapor said.

Neil Herbert, the executive chairman of Atlantic Lithium, said that the decision by his company to trade on the Ghana Stock Exchange signals the company“s commitment to contributing to Ghana’s effort to the fight against climate change.

Samuel Abu Jinapor joins executives of Atlantic Lithium Ltd and Bavari DV at the company's debut listing on the Ghana Stock Exchange (13 May 2024)

“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,” he said.

The chief executive officer of the Minerals Commission, Martin Ayisi, said: “I’m excited that the next three years will witness significant events in Ghana with [mining] launches galore, started by Atlantic Lithium. This is a new chapter for us and it is one of the cardinal policies of this government.”

Martin Ayisi

Abena Amoah, the managing director of the GSE, acknowledged the contributions of key partners, both individuals and organisations.

They include the Minerals Commission, the Ministry of Lands and Natural Resources, the Chamber of Mines and the Minerals Income and Investment Fund (MIIF).

Ms Amoah commended them for the role they played in ensuring that the deal came into force.

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