Ghana's sovereign wealth fund is set to make a substantial investment of nearly $33 million into a local lithium mine and acquire a minority interest in Atlantic Lithium, the company announced on Friday.

The Minerals Income Investment Fund (MIIF) of Ghana will procure a 6% ownership stake in Atlantic Lithium's various projects within the country, which notably includes the Ewoyaa mine, expected to become Ghana's inaugural lithium-producing facility. The investment amounts to $27.9 million, according to Atlantic Lithium's official statement.

This move underscores the growing trend of heightened interest in companies involved in the production of critical electric vehicle battery materials, driven by the global shift toward clean energy solutions.

Additionally, MIIF will secure a 3.05% ownership stake in Atlantic Lithium for $5 million. This agreement also grants MIIF the opportunity to compete for the supply contract of lithium produced by the Ewoyaa project through a competitive bidding process.

“There is a competitive process (for the offtake) which MIIF will also participate in, but on a commercial level,” said Atlantic Lithium chairman Neil Herbert.

“There is an open field of chemical converters, OEMs and major trading groups,” he said.