Ghana’s MIIF invests in Ewoyaa project

Photo: Business Wire

Piedmont Lithium said that the Minerals Income Investment Fund of Ghana (MIIF) has agreed to invest in the Ewoyaa project – set to be the country’s first lithium-producing mine.

MIIF will invest US$27.9 million to acquire a 6% stake in Ewoyaa, as well as invest $5 million in Piedmont partner Atlantic Lithium. The project-level funding is expected to go directly toward development costs, with MIIF also contributing 6% of exploration and development costs within Atlantic’s Ghanaian portfolio on an ongoing basis.

“The investment by MIIF and the significant endorsement this funding represents will further de-risk the Ewoyaa project,” said Piedmont Lithium COO and Atlantic Lithium Board Member Patrick Brindle.

“We believe MIIF’s investment is a validation of both the work completed to date by our partners and the commitment of the Ghanaian government to support diversified mining development as the project advances toward mining lease approval expected later in 2023 and targeted first production in the second half of 2025.”

Piedmont owns a 9% equity interest in Atlantic, and recently announced that it will acquire a 22.5% interest in Ewoyaa, subject to government approvals, as part of its agreement to earn a 50% equity interest in Atlantic’s Ghanaian portfolio. 

Source: Piedmont Lithium

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