By Kizito CUDJOE
Atlantic Lithium Limited, a leading player in the global lithium industry, has officially begun trading on the Ghana Stock Exchange (GSE) under the acronym ALLGH following its agreement with government on the Ewoyaa lithium discovery.
Its flagship project, Ewoyaa Lithium Project in the Mfantseman Municipality of the Central Region, is anticipated to become Ghana’s first lithium mine and expected to produce some 365,000 tonnes of spodumene concentrate annually – making it one of the largest spodumene mines globally.
In line with this inaugural lithium agreement with government, which is currently pending parliamentary ratification, a total of 649,669,053 ordinary shares of Atlantic Lithium have been introduced on the GSE; marking a significant addition to the exchange.
This significant advancement positions the company as Ghana’s first near-term lithium producer listed on the GSE. With the listing finalised, it is anticipated to bolster the company’s visibility in the financial market and offer a chance, particularly for local investors, to partake in ownership of the green mineral project and the company’s growth trajectory.
The company’s prospectus set the indicative price for the GSE listing at GH₵4.40, based on the Primary Listing Market. Within the first few minutes of trading, a total trade volume of 1,500 shares was recorded, equating to a total trade value of GH₵6,600.
Speaking at the ceremony to officially list Atlantic Lithium on the GSE, Minister of Lands and Natural Resources Samuel Abu Jinapor argued that key reasons why the country has not been able to maximise the benefits of its resources include failure to indigenise the minerals sector and add value to resources being produced.
Along these lines, he acknowledged that the initiative to list Atlantic Lithium on the local stock exchange signifies the first step toward indigenising the mining sector, mineral resources and the exploitation of green minerals in the country.
“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,” he said.
Furthermore, he said, Atlantic Lithium’s presence on the GSE aligns with government’s strategic vision of indigenising the mining sector and enhancing value addition – adding that the GSE listing exemplifies government’s dedication to positioning Ghanaians at the forefront of the mining industry, especially within the large-scale mining domain.
“This is to fulfil one of the very important commitments made by brokers of the transaction reached between the government of Ghana and Atlantic Lithium and their subsidiary, Bavari DV. There have been a lot talks about how the mineral resources of Africa and Ghana has not benefitted the owners of these resources. The reason it has been so is because we’ve not been able to indigenise the sector and add value to the resources,” he added.
In her remarks, Managing Director-GSE, Abena Amoah, recognised Mrs. Alexandra Amoako Mensah for her pioneering thesis that paved the way for discovery of lithium in the Ewoyaa enclave.
She also acknowledged the contributions made by institutions such as the Minerals Commission, Chamber of Mines and the Minerals Income Investment Fund (MIIF), as well as their leadership toward realisation of the deal.
She noted that through Atlantic Lithium’s efforts to list on the local market, it is attracting additional investments to Ghana. “We look forward to working with you, Atlantic, for a follow-on offering wherein the company raises capital by selling shares to Ghanaian investors as you develop your mine.”
She disclosed that the GSE composite index was up about 18 percent as of the end of April, while market capitalisation has crossed the GH₵80billion mark for the first time ever – with the Atlantic Lithium listing anticipated to further boost the market.
“On our fix income markets, our volume traded grew to 52 billion as at the end of April; and that was 70 percent more than was traded in the same period last year,” she added.
Executive Chairman-Atlantic Lithium, Neil Herbert, said the decision to trade on the GSE is indicative of its commitment to contributing in Ghana’s effort to the fight against climate change.
“We believe that the company’s listing on GSE is a true reflection of Ghana’s firm commitment to play its part toward these goals by establishing long-term lithium supply,” he stated.
He acknowledged that the Ewoyaa project is expected to become Africa’s third-largest hard rock lithium project, making Ghana a significant player in lithium production.
