Atlantic Lithium has announced the completion of Stage 1 of the company’s competitive offtake partnering process to secure funding for a portion of the remaining 50% available feedstock from the company’s Ewoyaa Lithium Project in Ghana.
The objective of the process is to attract funding offers to sufficiently cover the company’s allocation of development expenditure for the project, to expedite and de-risk the development of the project, realise attractive terms for any offtake contracted and secure a well credentialled partner that will support the company’s and Ghana’s objectives of supplying lithium into the global electric vehicle market.
Following significant inbound interest prior to the commencement of the offtake process and the receipt of bids from interested parties through Stage 1, Atlantic Lithium has moved to a more detailed Stage 2 due diligence phase.
The competitive offtake process is being led by global investment bank, Macquarie Capital.
Commenting on the process, Neil Herbert, Executive Chairman of Atlantic Lithium, said:
“As one of very few near-term spodumene producers with available offtake yet to be committed, the ongoing partnering process that we are running with Macquarie has highlighted the significant interest in Ewoyaa’s feedstock, despite the backdrop of weakened lithium prices.
“Prior to the commencement of the offtake partnering process, we received strong interest from several parties across the battery minerals space, including OEMS, battery gigafactories, traders and chemical processors. Non-binding indicative offers were received and reviewed during Stage 1, and we now move to Stage 2 with several preferred parties.
“We look forward to concluding the offtake partnering process in the coming months, which represents a major milestone in securing funding to cover the company’s allocation of development expenditure for the project and advancing Ewoyaa towards construction and production.”
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