Atlas Lithium secures operational permit for Brazil's Neves Project

On 28 October, Atlas Lithium Corporation received the operational permit for its Neves Project in Minas Gerais, Brazil.

Approved unanimously by a 12-member board of local civil and government representatives, this authorization concludes a regulatory review that began with Atlas Lithium’s initial application in September 2023. Known as a triphasic license (LI/LP/LO), the permit combines licensing for project initiation, installation, and operation in one.

According to earlier company disclosure, Atlas Lithium has secured strategic partnerships with Yahua Lithium, and Chengxin Lithium. Together, the companies will invest US$10 million in Atlas shares at a 10% premium and prepay US$40 million for 80% of Atlas’s Phase 1 spodumene concentrate production, fully funding the US$49.5 million CAPEX required. The Phase 1 plant will produce up to 150,000 tonnes per annum. Additionally, Mitsui & Co. has committed US$30 million to Atlas in exchange for equity and spodumene concentrate offtake rights.