Lithium, a critical component in batteries used in electric cars, is in high demand and prices have soared, sparking interest in projects around Africa.
MIIF announced plans to acquire an equity stake in Atlantic Lithium, which has agreed to float on the Ghana Stock Exchange. The fund has not specified the size of stake it is considering buying.
Atlantic Lithium said simply “Discussions are ongoing” And there is no guarantee that the investment will be made. A spokesperson for the firm did not immediately reply to a request for comment on the expected Ghana Stock Exchange listing.
MIIF is in charge of royalties from gold mines in Ghana, Africa’s largest producer of precious metals. A stake in Atlantic Lithium will be part of the company’s battery metals business.
According to the fund’s chief executive, Edward Nana Yaw Koranteng, the fund’s focus is on the development of lithium processing and battery production to serve the region’s electric vehicle (EV) industry.
“Electric cars represent a market potential of US$7 trillion between 2023 and 2030 and a market opportunity of US$46 trillion between 2023 and 2050,” said Edward Nana Yaw Koranteng, Chief Executive Officer of MIIF.
This provides a future for Ghana, which can benefit from the existing automobile development plan, which has already resulted in the establishment of six vehicle assembly factories in Ghana.
According to Edward Nana Yaw Koranteng “Investing in Atlantic Lithium speaks to President Nana Akufo Addo’s vision of ensuring that mining provides sustainable long-term value to Ghanaians. This vision makes sense in MIIF’s mandate and plan to invest in the lithium resource and the entire value chain. We are interested in not only developing the mineral resource but also investing in the value chain. .
He added, “Our strategic focus is the development of lithium processing, battery production and development of additional inputs and readiness to support the electronic vehicle (EV) market in Ghana to serve the sub-region.