Ghana sovereign wealth fund backs Ewoyaa Lithium Project

Piedmont Lithium’s (ASX:PLL) partly owned Ewoyaa Lithium Project is set to receive a $27.9 million investment from the Minerals Income Investment Fund (MIIF) of Ghana. 

This deal will see MIIF acquire a 6% stake in the project and invest an additional $5 million into Piedmont partner Atlantic Lithium (ASX:A11), in which Piedmont already owns a 9% equity interest. 

Piedmont is busy earning a 50% interest in Atlantic’s Ghanian portfolio.

MIIF’s project-level funding is expected to go directly toward the project development costs, with MIIF to also contribute 6% of all exploration and development costs within Atlantic’s Ghanaian portfolio on an ongoing basis. 

This is expected to reduce Piedmont’s and Atlantic’s capital contributions equally for the construction of Ewoyaa, as well as reduce both parties’ effective project interests to 47% each before the Ghanaian government’s free-carried interest in the project. 

Piedmont, which has a $1.29 billion market capitalisation, says it will maintain its offtake agreement to purchase 50% of lithium concentrate production at Ewoyaa on a life-of-mine basis using a market-based pricing mechanism. 

The offtake is being planned as a feedstock for Piedmont’s proposed 30,000-metric-ton-per-year lithium hydroxide conversion facility in Tennessee, US. 

Addressing the Ghana sovereign wealth fund investment, Piedmont Lithium Chief Operating Officer (COO) and Atlantic Lithium board member Patrick Brindle says: “The investment by MIIF and the significant endorsement this funding represents will further de-risk the Ewoyaa project.

Ewoyaa is a core project for Piedmont Lithium, and we welcome MIIF’s support as an equity partner in this important development

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. 

Ewoyaa is a core project for Piedmont Lithium, and we welcome MIIF’s support as an equity partner in this important development.” 

Piedmont Lithium is a NASDAQ- and ASX-listed supplier of lithium resources critical to the US electric vehicle (EV) supply chain. 

Atlantic Lithium is a lithium-focused explorer and developer with assets in Ghana and Côte d’Ivoire.  

The Ewoyaa project is located in Ghana, West Africa, and is poised to be the nation’s first lithium-producing mine. The project is well located to ‘excellent’ infrastructure and is proven to produce a spodumene concentrate product suitable for conversion to be used in EV batteries.

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Images: Piedmont Lithium
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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.