Ghana’s sovereign wealth fund is set to invest approximately $33 million in a local lithium mine while acquiring a minority stake in Atlantic Lithium, the project’s developer, as confirmed by the company on Friday.
The Minerals Income Investment Fund (MIIF) of Ghana will acquire a 6% stake in Atlantic Lithium’s Ghanaian ventures, including the groundbreaking Ewoyaa project, poised to become the nation’s inaugural lithium-producing mine. This investment amounts to $27.9 million, according to Atlantic Lithium’s official statement.
This financial commitment exemplifies the growing interest in companies involved in the production of essential electric vehicle battery metals, a trend driven by the global shift towards clean energy.
Notably, in 2021, Piedmont Lithium secured a 9% stake in Atlantic Lithium to secure a supply of spodumene, a high-purity lithium ore, under a contract with electric vehicle giant Tesla Inc.
Furthermore, MIIF will also purchase a 3.05% stake in Atlantic Lithium for an additional $5 million. This transaction grants MIIF the option to participate in a competitive process for the lithium produced by the Ewoyaa project’s available supply contract.
Atlantic Lithium’s Chairman, Neil Herbert, noted that this competitive process for offtake involves various stakeholders, including chemical converters, original equipment manufacturers (OEMs), and major trading groups, ensuring a commercial approach to securing the lithium supply.
