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Ghanas minerals sovereign fund is looking to position the country as an e-mobility leader through investment in electric vehicle (EV) and battery production.
It wants to leverage the governments Automobile Development Policy to "support the automobile sector in developing EVs serving the entire sub-Saharan region."
The Minerals Income Investment Fund (MIIF) also announced at the end of January that it closed the acquisition of 19.25 million shares in London and Australian listed Atlantic Lithium.
The MIIF said it paid $5 million for a 3.06% stake in the parent company of Atlantic Lithium, which is on track to develop its first lithium mine, the Ewoyaa Lithium Project in Ghana in early 2025.
Subject to the execution of an already inked binding agreement, MIIF will transact a significant stake in the Ghana based project by investing a further $27.9 million in the local project to acquire a 6% portfolio in the operations of the Ewoyaa mine and other tenements referred to as the Cape Coast Portfolio in Ghana."
Lithium, AKA "white gold" is a key component in batteries used in EVs and cellphones,
A typical EV battery contains about eight kilograms of lithium, 14 kilograms of cobalt and 20 kilograms of manganese, according to EVBox, quoting .
This can often be much more depending on the battery size - a Tesla Model S battery, for example, contains around 62.6 kg of lithium, said EVBox. |
