MIIF emerges fourth major shareholder in Atlantic Lithium
Ghana’s Minerals Income Investment Fund (MIIF) has made significant strides in bolstering the nation’s stake in the global lithium market, marking a milestone with its acquisition of 19.25 million shares in Atlantic Lithium Ltd. This move positions MIIF as the fourth largest shareholder in Atlantic Lithium Ltd, a pivotal development that underscores Ghana’s growing influence in the lithium mining sector.
The acquisition, valued at US$5 million, secures a 3.06% stake in Atlantic Lithium Ltd, the parent company spearheading the Ewoyaa Lithium Project in Ghana. This project, slated to commence operations in early 2025, holds immense promise for Ghana’s economy, marking a pivotal step towards establishing the nation as a key player in the lithium market.
MIIF’s commitment to the Ewoyaa Lithium Project extends beyond share acquisition, with plans to invest an additional US$27.9 million, subject to a binding agreement, to secure a 6% stake in the project and other tenements encompassed within the Cape Coast Portfolio. This strategic investment not only underscores MIIF’s confidence in the project’s viability but also highlights Ghana’s potential as a hub for critical minerals.
Neil Herbert, executive chairman of Atlantic Lithium, hailed MIIF’s investment as a testament to the transformative impact of the Ewoyaa Lithium Project on Ghana’s economic landscape. He underscored the project’s capacity to deliver substantial benefits to Ghana while offering significant value to investors.
The partnership between MIIF and Atlantic Lithium represents a synergy aimed at harnessing Ghana’s mineral wealth to drive sustainable economic growth and development. Edward Nana Yaw Koranteng, CEO of MIIF, emphasized the fund’s commitment to supporting investors in Ghana’s mining sector through strategic co-investments, thereby mitigating risks and maximizing returns.
With its proximity to the Takoradi seaport and robust infrastructure, the Ewoyaa Lithium Project presents a compelling investment proposition, with vast prospects for expansion and diversification. MIIF’s strategic investment aligns with Ghana’s broader vision to emerge as a key player in the global electric vehicle (EV) supply chain, underpinned by the nation’s ambitious EV policy and automotive development plan.
MIIF’s foresighted investment strategy extends beyond lithium, encompassing critical minerals such as graphite, further underscoring Ghana’s strategic objective to become the premier battery and EV hub in sub-Saharan Africa.
As the EV batteries industry undergoes exponential growth, estimated at $7 trillion globally, Ghana stands poised to capitalize on this burgeoning market, leveraging its abundant mineral resources and conducive investment climate to propel economic prosperity and sustainable development.
MIIF’s investment in Atlantic Lithium Ltd represents a significant stride towards realizing Ghana’s vision of becoming a global leader in the lithium market and a cornerstone of the emerging EV ecosystem in Africa. As Ghana charts its course towards a sustainable, mineral-driven economy, partnerships such as these exemplify the nation’s commitment to harnessing its natural endowments to fuel inclusive growth and prosperity for its people.
