2023-09-07 21:15:00
Ghana’s sovereign wealth fund will invest nearly $33 million in a lithium mine in the country and take a minority stake in its developer, Atlantic Lithium, the company said on Friday.
Ghana’s Minerals Income Investment Fund (MIIF) will buy a 6% stake in Atlantic Lithium’s projects in the country, including Ewoyaa, which is expected to be the West African country’s first lithium mine, to $27.9 million, Atlantic Lithium said in a statement.
This investment is yet another example of the growing interest in companies producing the key metal for electric vehicle batteries in the context of the clean energy transition.
In 2021, Piedmont Lithium took a 9% stake in Atlantic Lithium to secure spodumene, or high-purity lithium ore, for which it entered into a supply contract with electric vehicle maker Tesla Inc.
IFPMA will also purchase a 3.05% stake in Atlantic Lithium for $5 million. The agreement gives it the possibility to make a bid for the lithium supply contract produced within the framework of the Ewoyaa project, within the framework of a competitive procedure.
“There is a competitive process (for supply) that MIIF will also participate in, but on a commercial level,” said Neil Herbert, president of Atlantic Lithium.
“Chemical converters, equipment manufacturers and large commercial groups are in the running,” he added.
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