By Dean Seal
Shares of Atlas Lithium surged after the miner received an operational permit for its flagship Neves Project in Brazil.
The stock was up 29% at $10.58 in early trading on Monday. Shares are still down about 66% since the start of the year.
The company said the state government of Minas Gerais signed off on the Neves Project there, giving Atlas the authorizations it needs to start its processing plant and develop mining operations on one of the project's lithium deposits.
A voting board of 12 representatives from the local civil society and government all approved a license application for the project on Friday. The permit was formally published by a government outlet the next day.
Atlas said the authorization marks a crucial milestone in its path to becoming a lithium producer.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
October 28, 2024 11:17 ET (15:17 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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