Atlantic Lithium is seeking to revise the fiscal terms of its Ewoyaa Lithium Project in response to declining global lithium prices, just as Ghana’s Parliament prepares to ratify the final stage of the company’s mining lease.

The mining firm is in talks with Ghanaian authorities to adjust the original terms of the lease—granted in October 2023 when lithium prices were at a high—to reflect current market realities and safeguard long-term benefits for both the country and investors.

During a parliamentary session on July 16, 2025, Minister for Lands and Natural Resources, Emmanuel Armah-Kofi Buah, confirmed that Cabinet had given the green light for negotiations on the lease’s fiscal terms ahead of its final approval in Parliament.

He highlighted the project’s potential to stimulate job creation and economic growth, particularly in the Central Region.

“We are seeking terms that reflect prevailing market conditions and that ensure the Project can deliver value for shareholders and the generational benefits that Ewoyaa promises for Ghana and Ghanaians, including significant job creation and socio-economic development,” said Keith Muller, CEO of Atlantic Lithium.

The company has already secured all key regulatory clearances, including an Environmental Protection Authority (EPA) permit and a Mine Operating Permit. Once Parliament ratifies the lease, Atlantic Lithium will move ahead with financing and full-scale development of what will become Ghana’s first lithium-producing mine.

The Ewoyaa project is centered on a spodumene-rich deposit and is expected to play a significant role in advancing Ghana’s ambitions in green mineral production. The initiative also aligns with President John Mahama’s economic agenda, which places emphasis on job creation and adding value to locally mined strategic resources.

Atlantic Lithium says support from stakeholders, particularly those within the project’s catchment area, has been overwhelmingly positive.

“We remain actively engaged in discussions with relevant stakeholders in Ghana to consider a revision of the fiscal terms of the Ewoyaa Mining Lease that were initially agreed in October 2023 and welcome the recent comments made by the Hon. Minister of Lands and Natural Resources regarding the Project’s latest progress,” Muller added.