Assore International Holdings makes an approach to acquire Atlantic Lithium and the Ewoya lithium project in Ghana.

Atlantic Lithium announced that it had rejected a non-binding acquisition approach by Assore International Holding. The non-binding offer valued Atlantic Lithium shares at £0.33/share, significantly above the share value reported on 14^th November of £0.21/share. Assore International Holdings already owns a 25.40% stake in Atlantic Lithium, with Piedmont Lithium being the next largest stakeholding at 9.34%. The latest acquisition approach is the second to target Atlantic Lithium by Assore International Holdings, which made an earlier offer at £0.33/share in October 2023 which was also rejected by the Atlantic Lithium board.   

The latest acquisition approach was rejected by the Atlantic Lithium board because it determined the acquisition undervalued the company, stating both the near-term production schedule of the Ewoya project and the pending investment by the Minerals Income Investment Fund.   

Atlantic is developing the Ewoya Lithium project in Ghana, which is targeting the production of spodumene concentrates containing roughly 56ktpy LCE from 2025, with some earlier potential for Direct Shipping Ore (DSO) production. The development of African lithium projects has accelerated over the past year, particularly driven by developments within Zimbabwe, Mali and Ethiopia, with several projects also being advanced in Namibia, South Africa and the DRC. African lithium mineral production is expected to increase rapidly over the coming years, supplying material to both the Chinese and ‘western’ markets.