Ghana’s Sovereign Wealth Fund Makes $2 Million Investment in Castle Minerals
Castle Minerals Limited, an Australian-based exploration company with significant assets across Ghana, has announced a $2 million investment from Ghana’s Minerals Income Investment Fund (MIIF).
The capital injection by MIIF is intended to accelerate gold exploration by Castle Minerals and also advance the company’s Kambale Graphite Project in northern Ghana.
The investment, which MIIF formalized in a non-binding term sheet, is split between a $500,000 share investment in Castle Minerals and a $1.5 million stake in its subsidiary Kambale Graphite Limited (KGL), the primary entity behind the Kambale Graphite Project.
This project, strategically located near Wa, the Upper West regional capital, holds a high-grade 22.4-million-tonne graphite resource with 8.6% graphitic carbon content—a specification critical for the production of battery-grade anodes used in electric vehicles (EVs) and energy storage solutions.
Castle’s Executive Chairman, Stephen Stone, described the investment as “transformational” for the company’s Ghana operations. He explained that the funding “establishes a de-risking platform” for Castle, enhancing its ability to secure offtake agreements for graphite and providing essential capital to develop the project through a pre-feasibility study.
“This aligns seamlessly with Ghana’s strategic objective to establish Sub-Saharan Africa’s first lithium-ion battery manufacturing hub,” Mr Stone added.
MIIF’s investment brings additional strategic privileges, including options to purchase up to 50% of Kambale’s graphite production and representation on the boards of both Castle Minerals and KGL. Such oversight aims to reinforce Ghana’s oversight and integration into the critical minerals supply chain.
Edward Nana Yaw Koranteng, CEO of MIIF speaking on the $2m investment made in Castle Minerals, highlighted the investment’s role in advancing Ghana’s critical minerals sector, stating that it “fully aligns with the Government of Ghana’s critical minerals policy.”
The MIIF, which recently invested in Atlantic Lithium’s Ewoyaa project, aims to secure Ghana’s role in the fast-growing EV and renewable energy supply chains by sourcing essential raw materials domestically.
