As announced on January 24, Atlantic Lithium received a US$5 million subscription from Ghana’s sovereign minerals wealth fund, the Minerals Income Investment Fund (“MIIF”). This subscription equates to 3% of the company and serves as part of MIIF’s total US$32.9m strategic investment to support the development of the Ewoyaa Lithium Project.
Earlier on January 21, the Central Regional House of Chiefs, a part of Ghana’s civil service, has given the traditional leaders’ endorsement to the Ewoyaa Lithium Project and reached a milestone, after the state presented the details of the deal to them.
The chiefs mentioned that the deal “was not perfect” but believe it would benefit the country through a 10 percent royalty regime, 13 percent free carried interest, and the requirement for the company to list on the Ghana Stock Exchange, hoping to mitigate the doubts that the country does not have enough benefits from this deal with a foreign miner, as a local think tank had called it a “historical mistakes”.
The Ewoyaa project has become not just as a business venture, but as a strategic move for Ghana to explore and reposition itself in such international partnerships aiming for more equitable benefits.
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