Finance

Ghana’s sovereign wealth fund invests $33 million in first lithium mine

Ghana’s sovereign wealth fund will invest almost $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 set to be the West African country’s first lithium producing mine, for $27.9 million, Atlantic Lithium said in a statement.

The investment is another example of a surge in interest in companies producing the key electric vehicle battery metal amid 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 has a supply contract with electric vehicle maker Tesla Inc.

MIIF will also buy a 3.05% stake in Atlantic Lithium for $5 million, it said. The deal gives it an option to bid for the Ewoyaa project’s available supply contract of the lithium produced, through a competitive process.

“There is a competitive process (for the offtake) which MIIF will also participate in, but on a commercial level,” said Atlantic Lithium chairman Neil Herbert.

“There is an open field of chemical converters, OEMs and major trading groups,” he said.

Source: mining.com

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

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