Atlantic Lithium and Piedmont Lithium hit by US short attack

Shares in ASX lithium darlings Piedmont Lithium and Atlantic Lithium were locked in a trading halt on Thursday after a US-based short seller alleged Atlantic Lithium acquired a mining license in Ghana by “textbook corruption”.

Blue Orca said Piedmont committed in July 2021 to invest $US15.9 million for a 9.9 per cent equity stake in Atlantic and up to $US87 million in the Ghana project in exchange for lithium spodumene offtake rights at market value for the life of the mine.

On January 4, Piedmont announced an amended offtake deal to supply spodumene concentrate to Tesla from the second half of 2023 through to 2025.

Corruption involving operations in Ghana - wow - who'd a thunk it?

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Source: FinancialReview - 🏆 2. / 90 Read more »