FACTS CHECKING EXERCISE ON A TRENDING NEWS STORY

 The Minister of Lands and Natural Resources, Samuel Abu Jinapor has insisted that Ghana will not allow the export of lithium in its raw state.

The minister's explanation follows the mining lease granted to Barari DV Ltd, a subsidiary of Atlantic Lithium, for the exploitation of lithium at the Ewoyaa concessions in the Central Region.

Already, the ministry and the Minerals Commission have said the deal is one of the best terms for Ghana and will be strictly enforced. 

For this reason, Mr Jinapor has said, government had infused in the lithium agreement between it and Barari DV Ghana Limited a clause that ensure the retention of a significant part of the mining value chain locally.


Addressing a press briefing on Ghana’s First Lithium Contract, Terms, Benefits and the Way Forward on Thursday, December 7, 2023, Mr Abu Jinapor insisted that the Lithium  Mining Lease includes provisions for the establishment of a refinery and the provision of the lithium by-products to local industries, hence the decision to process lithium locallly was in the best interest of the state.

"Suffice for me to point out that it is the first time in the history of our country that we have successfully negotiated for 10 percent royalties for any mineral which is one of the highest for the exploration of any mineral across the world."Mr Abu Jinapoor said

Edward NanaYaw Koranteng, Chief Executive for Minerals Income Investment Fund (MIIF) spelt out a number of financial benefits to Ghanaians saying MIIF identified opportunities of undervalued share at the time of closing the transaction with the locked in price of usd per share, and intrinsic value ranging of usd 1.25 to usd 1.9 per share .

“MIIF has already made a 31% gain in its planned investment in the lithium deal", he added. 

Sources:

Citi news room,Graphic online,3news,Myjoyonline



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