Ghana has struck lithium in commercial quantities – MIIF

The Minerals Income Investment Fund (MIIF) has disclosed that Ghana has found lithium in commercial quantities.

Edward-Nana-Yaw-Koranteng, MIIF Boss

According to the Fund, the discovery was made in the Western Belt and from Mankessim through Cape Coast to Sekondi.

In a report by the Daily Guide, the MIIF said it is looking to invest in the sector.

MIIF Chief Executive Officer, Edward Nana Yaw Koranteng, who said this during an interaction with investors and delegates on the sidelines of the Mining Indaba recently in Cape Town, South Africa, said this is part of the agency’s 2022 investment plans.

He told the biggest mining investment event in Africa that Ghana has proven commercial deposits in lithium, which is the basic resource needed to power the burgeoning electrical vehicles (EV) market.

“The data is exceptional with additional opportunities from the value chain and for byproducts such as feldspar, the main resource in ceramics and fiber glass,” Mr. Koranteng said.

According to Mr. Koranteng, the global market for unprocessed lithium is around $6.83 billion, with analysts projecting steady growth to circa $10 billion by 2028, and with the global lithium battery market projected to hit $100 billion by 2025 due to the rapid expansion in the EV market.

“We clearly see lithium as a growth pole, after analysing all the data and have started deliberations with Atlantic Lithium which holds concessions with recoverable grade of 560 km2 miles in Ghana,” Edward Nana Yaw Koranteng told the investors gathered in Cape Town.

Mr. Koranteng stressed that “a direct equity investment provides a good opportunity for MIIF to come in at an early stage considering Atlantic’s planned listing in August 2022. We are looking at an Internal Rate of Return of 125% in four years and a projected revenue of more than $1.5 billion over eight years,” the MIIF CEO said.

The most important use of lithium is in rechargeable batteries for mobile phones, laptops, digital cameras and electric vehicles.

It is also used in some non-rechargeable batteries for things like heart pacemakers, toys and clocks.

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