Atlantic Lithium, the Africa-focused lithium exploration and development company targeting the delivery of Ghana’s first lithium mine, has commended Ghana’s Mineral Income and Investment Fund (MIIF) for its continuous support towards the Ewoyaa Project in the Central Region.
The Mineral Income and Investment Fund (MIIF) in February paid upUS$5 million for a 3.06% stake in the parent company of Atlantic Lithium, which is on track to develop its first lithium mine, the Ewoyaa Lithium Project in Ghana.”
In a statement prior to Atlantic Lithium’s just ended Annual General Meeting in Australia on Friday (29 November), said “At this point, we must recognise our key Project partners for their unwavering support over the year.
“Following the completion of the Minerals Income Investment Fund’s (“MIIF”) US$5m subscription in the Company in January 2024, we are delighted to welcome MIIF as a key shareholder and Project partner.”
We continue to work with MIIF to close its agreed Project-level investment, which we expect will occur once the final permitting requirements are completed. We are also grateful to Assore for its role in leading the successful A$10m Equity Placing that we completed in October 2024, enabling us to complete several key activities to advance the Project towards a Final Investment Decision (“FID”).
About MIIF
MIIF was set up by the Minerals Income Investment Fund Act, 2018 (Act 978) as amended to receive royalties from minerals accruing to government, invest those royalties to secure the future wealth of the country and also manage the equity interest of Ghana in large scale mining firms.
It seeks to build a world class minerals Investment fund to transform the Ghanaian economy through investment of minerals income in a transparent and responsible manner for the benefit of stakeholders.
Atlantic Lithium is an AIM and ASX-listed lithium company advancing its flagship project, the Ewoyaa Lithium Project, a significant lithium spodumene pegmatite discovery in Ghana, through to production to become the country’s first lithium-producing mine.
The Definitive Feasibility Study for the Project indicates the production of 3.6Mt of spodumene concentrate over a 12-year mine life, making it one of the largest spodumene concentrate mines in the world.
The Project, which was awarded a Mining Lease in October 2023, is being developed under an earn-in agreement with Piedmont Lithium Inc.
Atlantic Lithium holds a portfolio of lithium projects within 509km2 and 774km2 of granted and under-application tenure across Ghana and Côte d’Ivoire respectively, which, in addition to the Project, comprises significantly under-explored, highly prospective licences.
Reporting by Fred Dzakpata in Accra
