Minerals Income and Investment Fund set to list Electrochem Ghana on the Ghana Stock Exchange
The Minerals Income and Investment Fund (MIIF) has revealed its advanced plans to list Electrochem Ghana Ltd on the Ghana Stock Exchange (GSE) by the end of this year. The strategic move comes as Electrochem’s Ada Songhor Salt operation, spanning an impressive 41,000-acre salt bank, is positioned to become a key player in the market.
Comparatively, Electrochem’s vast salt bank surpasses the renowned salt bank in Namibia, which spans 16,700 acres, making it the largest salt bank in Sub Saharan Africa.
Edward Koranteng, the CEO of MIIF, highlighted the significance of investing in the Electrochem project, emphasizing the potential for substantial revenue generation, reaching billions of dollars.
Speaking at the Ghana Mining Expo in Takoradi, Koranteng shared insights into the diligent research and analysis carried out by MIIF. The organization is actively collaborating with Electrochem, conducting detailed assessments and working in partnership with reputable entities like Ernst and Young and the Ghana Stock Exchange to determine the project’s valuation.
Koranteng revealed that MIIF’s investment in the Electrochem project is slated to reach up to US$30 million. Additionally, Electrochem’s promoters and bankers have already invested a substantial sum of US$60 million in the venture.
The Ada Songhor Salt operation stands out as a formidable player in the salt industry, boasting the largest salt loading area on the entire continent, with a 50% utilization rate. With such promising prospects, the project’s revenue potential is estimated to reach an impressive billion dollars.
As part of their strategic approach, MIIF is actively working alongside the Ghana Stock Exchange to list the Electrochem investment on the local bourse. The aim is to complete the listing process and have the venture publicly traded before the end of 2023.
The plans to list Electrochem Ghana Ltd on the Ghana Stock Exchange indicate a bold move by MIIF, as the organization recognizes the vast potential of salt as an alternative mineral with significant opportunities for Ghana’s economy. With the project gaining momentum and substantial investments already in place, all eyes are on the promising developments expected in the coming months.
