Piedmont Lithium, a US-based company, has revealed plans to sell a portion of its shares in Atlantic Lithium to Assore International, the largest shareholder in Atlantic.
The transaction involves selling 24.3 million shares of Atlantic at £0.25 each, generating approximately $7.8 million for Piedmont Lithium.
“We have always viewed our Atlantic shares as a potential source of capital and are pleased to further bolster our cash balance through this agreement,” said Piedmont Lithium president and CEO Keith Phillips.
The sale of shares by Piedmont Lithium to Assore International represents approximately 3.8% of Atlantic Lithium’s outstanding shares. Following the transaction, Piedmont’s shareholding in Atlantic will be reduced to about 5.2%.
Assore, the largest shareholder in Atlantic Lithium, will now own around 28.4% of the company. Piedmont emphasized that the sale has no impact on its joint venture, earn-in, or offtake position with Atlantic or the Ewoyaa lithium project in Ghana.
“We remain confident about the potential of Ewoyaa as a logistically advantaged, low-cost producer of spodumene concentrate, but are taking a disciplined approach to deploying capital in the current lithium price environment and positioning ourselves for the recovery we anticipate in the lithium market,” said Phillips.
Piedmont Lithium aims to become a major lithium hydroxide producer in North America by processing spodumene concentrate from projects where it has an economic interest.
The company is involved in projects such as the Carolina Lithium and Tennessee Lithium projects in the US, partnerships in Quebec with Sayona Mining, and a collaboration in Ghana with Atlantic Lithium.
AC Milan’s goalkeeper Mike Maignan expressed the need for change, stating that racist abuse has been a longstanding issue in football.
He told Milan TV after confirming he heard fans making monkey noises: “This shouldn’t exist in the world of football but unfortunately for many years this is a recurrence.
“Something must be done to change things. We all have to react, we must do something because you can’t play like this.”
However, Coventry midfielder Palmer admitted he was sceptical things would change in the game, also writing on X: “Racism is a disgrace… it has no place in the world, let alone football.
“I’m black and proud and I am raising my three kids to be the exact same. I’ll be honest, it feels like things will never change, no matter how hard we try.