Source: Streetwise Reports 09/24/2024
Atlas Lithium Corp. (NASDAQ: ATLX) announced that the government agency that regulates operational licensing within the Brazilian state of Minas Gerais has issued a technical report recommending approval of the company's application for its Neves Project located in Brazil's "Lithium Valley."
The technical management group of the state of Minas Gerais Environmental Foundation's 161-page report is a "critical step for the company's ability to receive the permit to assemble and operate its lithium processing plant and to process the mined ore at the facility" the company noted in a release.
"This milestone announcement is one of the most significant in Atlas Lithium's history" Chief Executive Officer Marc Fogassa said. "We extend our gratitude to the numerous experts from the environmental agency of the state of Minas Gerais who thoroughly analyzed our project and concluded with their recommendation for approval of our permit. We are continuing our steady progress towards becoming a producer."
Atlas' lithium exploration portfolio in Brazil includes about 539 square kilometers, or nearly 54,000 hectares (approximately 133,000 acres), leading the company to believe "it has the largest claim ownership position of any listed company in this new lithium frontier" and the "largest lithium exploration footprint in Brazil."
Earlier this year, Atlas signed an offtake agreement with Mitsui & Co. Ltd. (OTC: MITSF) for future production from the company's Neves Project. Mitsui is one of the largest global companies with headquarters in Japan; Warren Buffett's Berkshire Hathaway is one of its largest investors.
Mitsui invested US$30 million in purchasing common shares of Atlas Lithium. In parallel, Mitsui secured an offtake agreement with Atlas Lithium, ensuring access to 15,000 tons of lithium concentrate from the initial production with the potential to expand up to 60,000 tons annually.
"Atlas Lithium's strategic initiatives in Brazil are not just pivotal for the company but also play a crucial role in the broader context of ...
