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MIIF boss describes Atlantic Lithium’s listing on GSE as landmark in mining sector

Atlantic Lithium, the company overseeing the Ewoyaa project in the Central Region, marked its official entry on to the GSE on Monday (13 May)

The Chief Executive Officer of the Minerals Income Investment Fund (MIIF), Edward Nana Yaw Koranteng, has described the listing of Atlantic Lithium on the Ghana Stock Exchange as a landmark in the country’s mining sector.

According to him, the listing is in line with  Ghana’s quest to make the mining sector the foremost economic pillar. Atlantic Lithium, the company overseeing the Ewoyaa project in the Central Region, marked its official entry to the GSE on Monday (13 May) by offering 649,669,053 shares on the bourse.

The company’s prospectus sets the indicative price for the GSE listing at GHC4.40, reflecting the valuation from the primary listing market.

Speaking at the official listing ceremony at the Ghana Stock Exchange on Monday ( 14 May), Koranteng said MIIF is working out modalities to list more mining firms on the bourse.

“MIIF is also developing a Physical Gold-backed Exchange Traded Fund (MIIF Gold ETF), supported by sustainably mined gold from our Small-Scale Gold Mining Incubation Program. The MIIF Gold-backed ETF should be listed on the GSE before the close of 2024. This will be the second gold-backed ETF on the Ghana stock exchange after the South African GLD.

“Through our small-scale mining incubation program, we should have at least 20 small-scale gold mining companies converted into junior mines and listed on the GSE within the next ten years. This is besides our plans to list two critical mineral companies and a gold exploration company within the next three years.”

“The listing of Atlantic lithium today is therefore a landmark one towards that manifest destiny of mining becoming Ghana’s first economic pillar. Today’s listing should be seen as just the beginning of our long, beautiful dance with destiny,” Koranteng said.

3rd largest shareholder

Ghana’s Minerals Income Investment Fund (MIIF) has become the third largest shareholder in Atlantic Lithium Ltd (AIM: ALL, OTCQX: ALLIF, ASX: A11) following the acquisition of 19.25 million shares at US$ 0.298 per share.

The Mineral Sovereign Fund of Ghana has paid up US$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 US$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.

A release by Atlantic Lithium lauded MIIF for its professionalism, meticulous understanding, and rigour applied to the negotiations and closing of this transaction.

Neil Herbert, executive chairman of Atlantic Lithium, said the investment from MIIF “recognises the considerable, long-lasting benefits that the company, through lithium production at Ewoyaa and the broader Cape Coast lithium portfolio, can bring to Ghana, while also being indicative of Atlantic Lithium’s significant value upside to existing and prospective investors”.

Officials of MIIF and Atlantic Lithium converge on the ‘Moving Forward Together for Ghana” Agenda after MIIF became the fourth largest shareholder in the holding company of Atlantic Lithium in Australia

He added that as the company moves closer to beginning construction at Ewoyaa later this year, it expects to benefit greatly from MIIF’s support.

“Notably, this includes MIIF’s contributing interest towards the project’s development expenditure, which further de-risks the success of the project.”

Edward Nana Yaw Koranteng, the Chief Executive Officer of MIIF, said the fund also seeks to support investors in the mining space in Ghana through co-investments as it “provides a de-risking mechanism” for global investors.

He said that Ewoyaa and the Cape Coast portfolio has “vast prospects with comparatively minimal initial capital requirements” and its proximity to the Takoradi seaport and other infrastructure “improves its profitability profile”.

The Ewoyaa project is world-class, with huge prospects in the other tenements under Atlantic Lithium. “The acquisition of a 6% contributing interest in the Company’s Ghanaian subsidiaries will support the funding of ongoing capital and exploration expenditure requirements across Ewoyaa and the broader Atlantic Lithium portfolio.

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