Atlantic Lithium Ltd., the African-focused lithium exploration and development company targeting to deliver Ghana’s first lithium mine, is pleased to announce that the Company’s wholly-owned Ghanaian subsidiary Green Metals Resources Ltd. has been granted the Bewadze and Senya Beraku prospecting licences in the eastern portion of the Company’s Cape Coast Lithium Portfolio in Ghana, which holds the flagship Ewoyaa Lithium Project.

The award of the Bewadze and Senya Beraku prospecting licences provides the Company exclusive access to explore new, undrilled tenure, offering significant potential to further enhance the Project and demonstrating the Government of Ghana’s desire to support the Company in its exploration efforts to deliver successful, long-term lithium production in Ghana following the recent grant of the Mining Lease for the Project.

Neil Herbert, Executive Chairman of Atlantic Lithium, said: 

“The grant of the Bewadze and Senya Beraku prospecting licences offers Atlantic Lithium the opportunity to apply its proven exploration strategy over a new significantly underexplored tenure package within its Cape Coast Lithium Portfolio in Ghana. Since we initiated exploration activities in Ghana, we have always bookmarked Bewadze, in particular, to be highly prospective for lithium discovery.

“The licence sits along strike and within only 300m of the historic Egyasimanku Hill occurrence where spodumene pegmatites have been observed. This, when considered alongside the radiometrics anomaly that runs into the licence, offers encouraging potential for mineralisation. With little modern exploration carried out across the licence to date, we are eager to get on the ground and commence an extensive work programme.

“Both Bewadze and Senya Beraku also benefit from exceptional existing infrastructure, including operational high-voltage transmission lines and the adjacent N1 highway, providing direct access to the Company’s Ewoyaa Lithium Project.

“No previous exploration has been completed at Senya Beraku, where north-east trending younger granitoids intrude gneisses and biotite schists in a similar orientation to the Egyasimanku Hill spodumene pegmatite occurrence, located within 20km of the licence.

“Subject to the success of our exploration efforts, we hope that we will be able to incorporate the licences into the Project footprint to further enhance the economics of the Project.

“We believe that the grant of the licences serves as the latest indication of the Government’s strong underlying support for the Ewoyaa Project and for the Company as its partner of choice in its ambitions of delivering long-term lithium production in Ghana. We have a number of licences still under application and hope that we see these granted in the near term, which will further assist us as we look to grow the current Resource at Ewoyaa.

“We look forward to providing further updates in due course.”

Bewadze Licence

The Company’s wholly-owned Ghanaian subsidiary Green Metals Resources Limited (“GMR”) has been granted the Bewadze prospecting licence, providing the Company with exclusive access to explore 9.93km² of highly prospective tenure for a period of three years.

The licence is located 5km as the crow flies from the town of Winneba in Ghana’s Central Region, directly adjacent to the Egyasimanku Hill occurrence, held by the Obotan Minerals JV within the Mankwadzi licence application, where coarse spodumene pegmatites have been observed and where historic trenching and drilling was completed by the Ghana Geological Survey during the 1970s (refer Figure 1, Figure 2, Figure 3, Figure 4 and announcement of 14 June 2017).

No modern-day exploration has been carried out across the Bewadze licence to date, offering significant potential exploration upside within a favourable geological setting of mafic schists in contact with granitoids and known spodumene pegmatites 300m along strike to the west.

Previously completed soil geochemistry and airborne radiometrics by the Company over the Apam East licence and Mankwadzi application directly to the west, highlight a coincident north-east trending rubidium in soils with potassium radiometrics anomaly that is indicative of fractionated granitoids and/or pegmatite trends. The radiometrics anomaly continues onto the newly-granted Bewadze licence which, along with the spodumene pegmatites observed at Egyasimanku Hill and soil sampling that terminates at the licence boundary, indicate the highly prospective nature of the Bewadze licence.

Additionally, the flat terrain that extends across the Bewadze licence moving north-eastward is interpreted as thin cover which could subdue the radiometrics response and, therefore, is prospective for potential extensions of the Egyasimanku Hill pegmatites in this area (refer Figure 2).

The Ministry of Mines and Energy has given mining company Xinfeng Investment permission to export 6 000 tonnes of unprocessed lithium ore.

This decision was made during a recent meeting between senior police officials and ministry staff.

The decision came two weeks after mining commissioner Isabella Chirchir requested the police to stop Xinfeng’s trucks from transporting unprocessed lithium ore from Kohero Mine near Omaruru to the rest of Namibia or beyond.

In a letter dated 1 November, addressed to police inspector general Joseph Shikongo, the executive director of mines and energy, Bryan Eiseb, gave permission for the export of 6 000 tonnes of unprocessed lithium ore out of Namibia.

“We thus grant permission for the transport of 6 000 tonnes of crushed lithium ore from Kohero Mine to the Walvis Bay port. This permission remains subject to export permit conditions and validity,” Eiseb said.

He said the decision follows a series of discussions and investigations involving senior personnel from both the police and the ministry.

According to him, the ministry became aware of Xinfeng being involved in the transportation of crushed lithium ore from Kohero Mine, authorised under mining licence ML243, to Walvis Bay.

However, Xinfeng did not possess the necessary transport and export permits, despite holding a mining licence for such minerals.

“Upon receiving this information, the mining commissioner requested Nampol at Omaruru to stop all trucks transporting lithium ore from Kohero Mine to Walvis Bay port on behalf of Xinfeng. This was done to prevent potential violation of the Minerals Act,” said Eiseb.

He said in subsequent discussions with lawyers representing Long Fire Investments he informed the mining commissioner that Xinfeng was not transporting lithium ore from Kohero Mine.

Eiseb said the lawyers clarified that the lithium ore in question was mined at Long Fire’s mining claims in the Uis area, which are owned by a Namibian entity.

Xinfeng Investment CC has an agreement with Long Fire to transport lithium ore mined under their claims to Kohero Mine for crushing and subsequent export from Walvis Bay’s port.

Eiseb said it was revealed that the Lithium ore crusher at Long Fire’s mining claims had been non-operational since December 2022, leading to an agreement to utilise the crusher at Kohero Mine.

“This resulted in the parties (Long Fire and Xinfeng) to agree and use the lithium ore crusher at Kohero Mine. Long Fire was informed that a removal permit is required to transport lithium ore from the mining claims to Kohero Mine. The company has now applied for such a permit,” he said.

Following these discussions, a team of mining inspectors was dispatched to Kohero Mine to verify the information and assess the quantities of stockpiled lithium ore on site, Eiseb said.

He said the inspection confirmed the presence of approximately 8 000 tonnes of lithium ore, transported from the Long Fire mining claims, crushed at Kohero Mine, and awaiting transportation to Walvis Bay’s port.

An additional 19 442 tonnes of crushed lithium ore had already been transported to the port by Long Fire.

“Long Fire informed the mining commissioner that it ordered a vessel able to export 26 000 tonnes of lithium ore. The ministry is considering non-compliance for not having a transport permit by Long Fire,” he said.

This has led to the ministry to granting the export permit for 30 000 tonnes of lithium ore, which is set to expire on 15 December.

The permission for the transport of lithium ore is, however, subject to compliance with the export permit conditions and their validity.

This decision to export unprocessed lithium ore comes after president Hage Geingob told the Namibia-European Union (EU) Business Summit that Namibia would no longer allow the exportation of minerals in raw form.

He said the ban aims to improve the sustainability of the extractive industry and to develop local processing, refining, recovery, and recycling capacity.

This announcement, however, requires changes to the Minerals Act.

Last week Swapo backbencher Natangue Ithete said Geingob’s statement, if not formulated into a policy, would remain a statement only.

Erongo police acting commander Tobie Gerber confirmed that the police is no longer monitoring trucks from Kohero Mine.

Swapo Party Youth League secretary Ephraim Nekongo has said the parliamentary standing committee on natural resources is currently seized with the matter.

The idea was welcomed by many, including opposition parties, although they remain skeptical about its implementation.

Former parliamentarian Anton von Wietersheim said the problem is implementation without disruption, such as the breach of contract, loss of employment, and loss of income for businesses and the state.

He said the country requires confident investors, skilled labour, and political will as well guidance to enforce the ban.

Rally for Democracy and Progress president Mike Kavekotora says the statement should have been made with measures in place to back it up, ensuring a proper implementation strategy.

Barrick’s Q3 results showed improved production at lower costs and confirmed its long term growth forecast. President and chief executive Mark Bristow said the Q3 performance was an improvement on the previous quarter’s and Q4 is expected to be better. Despite the projected second half improvement, gold production is forecast to be marginally below the low end of our annual guidance range. Copper is comfortably on track to meet its guidance for production and costs.

Gold production in Q3 was higher than Q2 driven by improved performances at Cortez, Turquoise Ridge and Kibali. As previously disclosed, the ramp up at Pueblo Viejo is slower than planned. Barrick is engaged with original equipment suppliers to develop permanent solutions for their equipment failures. The 2024 Pueblo Viejo production forecast still exceeds 800,000 ounces (100% basis). The company also confirmed that the Notice of Availability for the Final Environmental Impact Statement for Goldrush was published on October 27.

“Mining is a long game and we don’t manage Barrick by the quarter – our projection for a 30% increase in the production of gold-equivalent ounces by the end of this decade remains intact,” Bristow said.

Barrick’s other key growth projects – the development of the Reko Diq copper and gold mine in Pakistan, and the expansion of the Lumwana copper mine in Zambia – are making steady progress. Construction of Reko Diq is scheduled to start in 2025 targeting first production in 2028, and Lumwana’s expansion is scheduled on the same timetable. Reko Diq will rank among the world’s top 10 copper producers when it reaches full production, while the expanded Lumwana mine is forecast to produce at an annual production rate of 240,000 tonnes of contained copper.

“Growing the copper portfolio is one of our strategic priorities, and when these two mines are in full production, they will promote Barrick to the premier league of copper producers alongside its peerless gold portfolio. In the meantime, we’re using our very successful Jabal Sayid copper mine in Saudi Arabia as a springboard for the discovery of new opportunities within the Kingdom and around the Red Sea to Egypt, where we believe the Arabian-Nubian Shield is poised to become a major new mining destination,” Bristow said.

Barrick has aggressive exploration across its global portfolio, aiming both to sustain the company’s peerless record of reserves replacement, and to find its next million-ounce discovery. Since the merger with Randgold Resources in 2019, Barrick has replaced 125% of its depleted reserves (exclusive of divestments and acquisitions on a gold equivalent basis).

Strong drill results at Nevada Gold Mines support its three-year resource and replacement plan and, brownfields exploration is highlighting the potential in the Africa and Middle East region, and the exploration portfolios of South, Central and North America are being expanded.

Bristow described Barrick’s financial performance for the quarter as strong, noting that operating cash flows grew by 35% to more than US$1 billion, free cash flow3 was up significantly to US$359 million, net earnings per share increased 24% to US$0.21 per share and adjusted net earnings per share6 rose 26% to US$0.24 per share. The quarterly dividend was maintained at 10 cents per share.

“Our robust balance sheet secures Barrick’s capacity to continue to invest in growth projects, both new and existing. These projects are not required to maintain our existing production profile; they’re exceptional opportunities to drive real long-term value creation, and our team has shown that they’re more than capable of fully delivering on them,” Bristow said.

Egypt approved a zero-customs policy for participants of the Nebu Expo for Gold and Jewelry, scheduled for the end of November.

Head of the Gold Division at the Cairo Chamber of Commerce, Hani Milad, announced that the Egyptian Customs Authority agreed with the Assay and Weights Authority to exempt international participants from gold customs and taxes, allowing them to bring their products in their luggage.

The third edition of Nebu will be held between Nov. 25 and 27 amid a rise in the price of gold.

Milad explained that exhibitors in the past two editions had to agree with a shipping company and pay customs and tax duties, which affected the percentage of participants.

However, he expects the number of international participants to double with the new facilities introduced, as long as the incoming shipments will be re-exported with the exhibitors.

Authorities aim to transform Egypt into an international and regional center for gold and jewelry.

There are 13 steps in the new plan, beginning with the Gold Division notifying the Assay and Weights Authority with a list of names and data of the international exhibitors scheduled to participate in the expo.

It will also include a detailed statement of the types and specifications of the artifacts accompanying the exhibitor.

The document stated that the Assay and Weights Authority would inspect the jewelry and coordinate between customs, exhibitors, and organizers.

Egypt International Exhibitions Center Customs will deliver to the exhibitor a temporary release permit and a secured safe containing the artifacts imported with them. Before departure, they must provide the safe to the authorities for examination and verification.

Head of Assay and Weights Authority Ahmed Soliman approved the new procedures during a meeting with representatives from the Egyptian Customs Authority and the Gold Division.

Gold Division spokesman Wael Shahboun stated that these measures would double the number of international exhibitors at the expo, which supports Egypt’s efforts to transform into a global and regional hub for gold and jewelry.

Shahboun pointed out that most of the exhibitors in the upcoming Nebu exhibition are from Türkiye and Italy.

He said that the government is expected to extend the customs and tax-free period for gold imports for another six months.

The Gold Division had submitted a request to the cabinet to exempt gold imports carried by passengers from customs and taxes for another six months.

Shahboun explained that there are indications that the government would agree to the extensions, backed by Minister of Trade and Supply Ali el-Moselhi and the shortage of raw gold and dollars in the country.

The Ministry of Environment Forestry and Tourism has issued an Environmental Clearance Certificate (ECC) to Uranium One Group a subsidiary of Rosatom to construct a field laboratory on farm Tripoli where its main field operations are for its headspring investment in Namibia.

The company Mining Projects and Executive Director Kirill Egorov-Kirillov, made this announcement last week in Windhoek while providing an update on the mining company’s latest activities.

He confirmed that all due processes regarding the Environmental Impact Assessments were followed and that the company has once again illustrated that it is following all of Namibia’s laws, rules and regulations.

“I want to thank everyone who was involved in the process to obtain this ECC and I also want to thank the relevant ministry who displayed trust in us, and the way we are conforming to laws, rules and regulations by issuing the ECC to us,” said Egorov-Kirillov.

He said the ECC was issued in accordance with section 37(2) of the Environmental Management Act, Act 7 of 2007, and the Environmental Impact Assessment Regulations of 2012 (CG 4878). Uranium One ECC is valid from 10 October 2023, until 10 October 2026.

Egorov-Kirillov explained that having a field laboratory will be of significant benefit to Uranium One, as it will now be affordable to examine core samples much faster and determine where the uranium ore body is situated, as well as the grade of the uranium ore. As will also make results available much quicker than sending samples away for testing, without delaying the process.

He emphasised that the company is not only committed to the safety of its employees and the communities but remains committed to the upliftment of the communities where it will operate.

Hence, the issuance of the ECC by the ministry is a positive step in the right direction for the company. However, he stated that it should also give hope to communities who are looking forward to the benefits that will be derived from the envisaged mining operation.

Uranium One is a Russian-owned mining company prospecting for uranium in the Leonardville area, in the Omaheke region. It has been operating in Namibia through its subsidiary Headspring Investments Ltd. since 2010, with the goal of discovering prospective uranium deposits in Namibia.

Right after the project was launched, the Namibian government declared a moratorium on uranium exploration activities, so it was suspended until 2018.

Caledonia Mining is exploring options to raise US$250 million to develop its Bilboes project into what could be Zimbabwe’s biggest gold mine.

The company, which also owns the Blanket gold mine in Zimbabwe, could raise the money via a combination of debt, its own cash reserves and equity, said Maurice Mason, Caledonia’s vice-president, corporate development.

The Bilboes project could potentially produce about 170,000oz ounces of gold annually, boosting Caledonia’s total bullion output to about 250,000oz, Mason said.

Caledonia, backed by investors including Cape Town-based fund manager Allan Gray, is one of a number of mining investors searching for new opportunities in Zimbabwe, even as the economy buckles from challenges such as intermittent power cuts, scarcity of US dollars and hyperinflation.

Caledonia, which plans to construct the Bilboes mine over two years, is doing studies to find solutions to reduce the upfront capital required, Mason said.

“It will be Zimbabwe’s biggest gold mine by far,” Mason said via email. “We are considering phased capital raising, but that will depend on the outcome of the review of the feasibility study.”

While investors were cautious to commit to big mining projects, “our experience has been for quality projects with good returns and  investors have been supportive”, he said.

Zimbabwe has been struggling to attract big investors from early 2000 when its economy imploded after the government’s seizure of white-owned commercial farms for distribution to blacks.

The scarcity of dollars means some investors often struggle or fail to remit profits.

While Caledonia has been able to pay dividends from its Blanket mine, Mason said in general terms some international investors remain concerned about repatriating profits from investments in Zimbabwe as well as about the country’s policy stability.

“Foreign investors need to know they can repatriate the fruits of their investment,” Mason said.

Gold is among Zimbabwe’s top foreign currency earning commodities with tobacco and platinum metals mined by units of Impala Platinum and Anglo American Platinum.

Caledonia, which has long sought to expand gold output in Zimbabwe, acquired the Bilboes project in 2022. It’s also searching for more gold deposits at Motapa and Maligreen projects.