Ghana’s Environmental Protection Agency (EPA) has granted Piedmont Lithium (ASX:PLL) an environmental permit for the Ewoyaa Lithium Project in Ghana, which is being developed in partnership with Atlantic Lithium (ASX:A11).
During August 2023, Piedmont Lithium executed an agreement with Altantic to earn a 50% stake in Atlantic’s Ghanaian lithium portfolio.
Under the project agreement, Piedmont Lithium exercised its option to acquire a 22.5% interest in the Ewoyaa Project, having already funded the completion of a Definitive Feasibility Study.
COO Patrick Brindle says the receipt of the EPA permit marks a milestone in the development of Ewoyaa.
“Our partners at Atlantic Lithium have demonstrated a strong commitment to responsible development of the Ewoyaa Project,” Brindle says.
“We look forward to the ratification of the mining lease for the Ewoyaa Project in due course and the eventual construction of the project, subject to remaining approvals and prevailing market conditions.”
As part of the agreement with Atlantic, Piedmont Lithium, which has a market capitalisation of $213 million, will provide US$70 million toward Ewoyaa’s development capital to acquire the remaining 27.5% interest.
The additional funding remains subject to the receipt of final government and regulatory approvals for the project.
Piedmont Lithium is a North American lithium-focused mining company. The company is advancing a global, multi-asset business with the aim to become a leading North American supplier of lithium products.
Write to Aaliyah Rogan at Mining.com.au
Images: Atlantic Lithium
