Australian junior miner Castle Minerals is accelerating its graphite production plans in Ghana, which aims to become West Africa’s first critical minerals hub.
On Tuesday, Castle announced a nonbinding term sheet with Ghana’s Minerals Council Income Investment Fund (MIIF) for a $2-million combined investment.
This funding will support the Kambale graphite project, advancing it to a prefeasibility study to assess the production of high-quality natural graphite concentrates and value-added products for lithium-ion battery anodes used in electric vehicles (EVs) and energy storage.
Castle’s executive chairperson, Stephen Stone, explained that Kambale’s fine flake graphite meets the stringent specifications required for battery anode production.
The 22.4-million-tonne high-grade mineral resource is expected to support a long-term production facility.
Additionally, Castle plans to list on the rapidly growing Ghana Stock Exchange, which will provide access to further in-country investment and capital.
The MIIF has already partnered with Atlantic Lithium on its Ewoyaa lithium project, aligning with Ghana’s goal to establish Sub-Saharan Africa’s first lithium-ion battery manufacturing hub.
MIIF CEO Edward Nana Yaw Koranteng highlighted that the project is helping Ghana advance its position in the global EV supply chain, strengthening its reputation as one of Africa’s top mining investment destinations.
