Ghana’s Minerals Income Investment Fund (MIIF) in talks with AtlanticLithium for up to $30 million equity stake via CeciliaJamasmie
that is engaged in talks with Ghana’s state-owned Minerals Income Investment Fund for funding of up to $30 million.
The exploration and development company is developing the Ewoyaa project in central Ghana, which would be the country’s first lithium mine.Atlantic says the operation, which is expected to begin production in the second half of 2024, has the potential to generate nearly $5 billion in revenue over its 12.5-year lifetime.
The MIIF confirmed plans to take an equity stake in Atlantic Lithium and said the company had agreed to list on the Ghana Stock Exchange. Atlantic Lithium said only that discussions were ongoing, adding that there was no certainty an investment will be made. , shows a mineral resource estimate of 35.3 million tonnes at 1.25% lithium oxide , including 28-million tonnes in the measured and indicated categories.
Prices for the ultra-light metal have surged about 10 times since the start of 2021 to almost $80,000 per tonne, reflecting supply shortages and higher demand from the car industry. IronRidge changed its name and spinned of its gold assets into a separate company to focus on production of the battery metal, key for the batteries that power EVs and high tech devices.
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