en.Wedoany.com Reported - Atlas Lithium received an environmental permit on Monday (29th), allowing it to advance the expansion of its Neves Project (Projeto Neves) in the Jequitinhonha Valley, Minas Gerais, Brazil. This move is a critical step toward the project's commercial production phase. The asset is currently Atlas Lithium's core lithium project in Brazil. The company stated that the newly obtained regulatory permit will enable the project to accelerate implementation in accordance with the guidelines set by the Definitive Feasibility Study (DFS) prepared by SGS Canada.
According to the feasibility study, the Neves Project is expected to produce approximately 146,000 tonnes of lithium concentrate annually, with an after-tax internal rate of return of 145% and a payback period of about 11 months. The company also estimates an operating cost of $489 per tonne of concentrate, significantly lower than the current market price of approximately $2,200 per tonne. Industry experts believe that the approval of the environmental permit, combined with low operating costs and a short payback period, makes this asset economically attractive among developing lithium projects.
Marc Fogassa, CEO and Chairman of Atlas Lithium, stated in a press release that obtaining the permit is a major milestone for the company toward production. He noted that the permit to expand the Neves Project is a key step in transforming mineral resources into actual operations, which will create jobs, drive regional development, and adopt a competitive production model that meets Brazilian environmental standards. The company expects the project to significantly boost local employment, with average wages more than double the local level, while providing benefits such as family health plans for employees.
On the operational front, Atlas Lithium said it has assembled Brazilian partners Promon Engenharia, TSX Engineering, Cerne Construções, and Alfa Engenharia to advance the project. Its modular dense media separation (DMS) processing plant has arrived in Brazil and is awaiting assembly. The plant is designed to simplify transportation, installation, and commissioning, and integrates advanced water recirculation systems and 100% dry-stack tailings technology, which the company believes makes it one of the lowest water consumption and highest environmental standard projects in the industry.
Atlas Lithium holds lithium mining rights covering approximately 557 square kilometers, reportedly the largest lithium exploration area among Brazilian listed companies. This advantage has been further strengthened by a $30 million investment from Japan's Mitsui & Co., which has become a shareholder in the company. In addition to lithium, Atlas Lithium is also involved in other critical minerals such as rare earths, graphite, and titanium through its approximately 20% stake in Atlas Critical Minerals Corporation.
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