US$32.9mln to be invested by Ghana’s Minerals Income Investment Fund

Ghana’s Minerals Income Investment Fund will invest US$32.9mln in Atlantic Lithium and its Cape Coast Lithium Portfolio subsidiaries to support development of the Ewoyaa Lithium Project.

The African-focused lithium exploration and development company, aiming to deliver Ghana’s first lithium mine, has reportedly agreed a non-binding Heads of Terms with the Minerals Income Investment Fund of Ghana (MIIF) to invest US$32.9mln (£26.3mln) in Atlantic Lithium and its Ghanian subsidiaries.

MIIF’s proposed investment will support the development of the Atlantic Lithium’s flagship Ewoyaa Lithium Project and the broader Cape Coast Lithium Portfolio in Ghana towards production.

MIIF will acquire a 6% contributing interest in the Atlantic Lithium’s Ghana Portfolio, inclusive of the Ewoyaa Lithium Project.

The investment is an endorsement by an African sovereign wealth fund and reportedly spotlights Ghana as an attractive mining jurisdiction.

Shareholders should note that, at this stage, the agreement is non-binding and, therefore, there can be no certainty that the proposed Investment by MIIF will be concluded or on what terms it might be concluded.

Commenting, Neil Herbert, Executive Chairman of Atlantic Lithium, said, ‘MIIF’s investment, at both the listed company level and via Atlantic Lithium’s Ghanaian subsidiaries, represents a huge endorsement of the Company’s work to date and its belief in Atlantic Lithium to establish Ghana as a major producer of spodumene concentrate.

‘We consider Ewoyaa as a Ghanaian project for Ghanaians. Having MIIF as a shareholder not only de-risks the Project from a funding perspective but, equally importantly, further aligns the Company with the best interests of its Ghanaian stakeholders, who we are proud to represent.’

Edward Nana Yaw Koranteng, Chief Executive Officer of MIIF, added, ‘The investment in Atlantic Lithium underscores this underlying objective and is indeed a watershed moment as this is our first investment in the lithium space globally. The Ewoyaa project is world class, with huge prospects in the other tenements under Atlantic Lithium.’