Ghana sovereign wealth fund invests $2m in graphite project
Australian junior Castle Minerals will accelerate its graphite production plans in Ghana – a country that has ambitions to establish West Africa’s first critical minerals hub.
Castle on Tuesday announced an indicative nonbinding term sheet with Ghana’s Minerals Council Income Investment Fund (MIIF) for a combined investment of $2-million.
The deal will fund the Kambale graphite project through to a prefeasibility study to evaluate the production of specialist natural graphite concentrates and value-added products used in the manufacture of lithium-ion battery anodes for electric vehicles (EVs) and energy storage.
“Kambale’s fine flake graphite is the form required for lithium-ion battery anode manufacture and extensive testwork has demonstrated that it can be processed to achieve the stringent specifications required for use in anode manufacture. The high-grade 22.4-million-tonne mineral resource will comfortably support a long-term production facility,” says Castle executive chairperson Stephen Stone.
The company has also undertaken to list on the fast-growing Ghana Stock Exchange, which should open up access to additional in-country investment and capital.
The MIIF has already formed an alliance with Atlantic Lithium and its Ewoyaa lithium project, and the Castle investment aligns with the country’s aspiration to build Sub-Sahara’s first lithium-ion battery manufacturing hub.
MIIF CEO Edward Nana Yaw Koranteng commented that Ghana was moving closer to positioning itself in the global EV supply chain.
“Ghana’s status as one of the best mining investment destinations in Africa is considerably reinforced,” said Koranteng.
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