Ewoyaa Lithium Project : Atlantic Lithium secures investment from Ghana’s MII
Atlantic Lithium Limited has secured a strategic investment of US$32.9 million from the Minerals Income Investment Fund of Ghana (MIIF). The investment aims to support the development of Atlantic Lithium’s flagship Ewoyaa Lithium Project and the broader Cape Coast Lithium Portfolio in Ghana.
Quotes from Atlantic Lithium and MIIF Leadership
Neil Herbert, Executive Chairman of Atlantic Lithium, stated, “At this important stage in the Project’s development, as we advance towards first production, we are delighted that the Minerals Income Investment Fund of Ghana has agreed to invest US$32.9 million in the Company to support Atlantic Lithium’s flagship Ewoyaa Lithium Project and broader lithium portfolio in Ghana.”
Edward Nana Yaw Koranteng, CEO of MIIF, added, “The acquisition of a 6% contributing interest in the Company’s Ghanaian subsidiaries will support the funding of ongoing capital and exploration expenditure requirements across Ewoyaa and the broader Atlantic Lithium portfolio. For us at MIIF, this is the start of a partnership with Atlantic Lithium beyond Ghana.”
Investment Details and Stakeholder Interests
MIIF plans to invest US$27.9 million in Atlantic Lithium’s Ghanaian subsidiaries to acquire a 6% contributing interest in the company’s Ghana Portfolio. The investment includes funding for development, exploration, and studies. MIIF will also subscribe for 19,245,574 Atlantic Lithium shares at a price of US$0.2598 per share, with a total value of US$5 million.
Future Collaboration and Strategic Alignment
Under the non-binding terms, MIIF will nominate one person to each board of the Company’s Ghanaian subsidiaries. It will also participate in near-term competitive processes for Ewoyaa’s available off-take and receive one warrant for every two Atlantic Lithium shares subscribed for at a 40% premium to the subscription price. The Strategic Investment serves as a significant endorsement from an African sovereign wealth fund, highlighting Ghana’s mining jurisdiction.
The Broader Impact on Ghana’s Lithium and Mining Sector
The Strategic Investment is seen as a major step in establishing Ghana as a significant player in the global lithium market. This venture will not only de-risk the Ewoyaa Lithium Project but also align Atlantic Lithium with its Ghanaian stakeholders, thereby potentially shaping Ghana’s role in the global EV supply chain.