Accra, Ghana – A consortium of Ghanaian pension funds, managed by IC Asset Managers (Ghana) Ltd, has committed up to $11 million to Atlantic Lithium, marking a landmark step toward greater local ownership in what is poised to become Ghana’s first commercial lithium mine.

The investment forms part of a larger $16.4 million funding package secured by the company to advance the Ewoyaa Lithium Project in the Central Region toward construction and production.

The Ghanaian funds will acquire shares immediately valued at approximately $5 million, with an additional $6 million potentially available through milestone-linked warrants tied to key project achievements.

These milestones include parliamentary ratification of the mining lease, a final investment decision, and the start of construction. The structure aligns investor returns with project progress and reduces risk exposure.

Atlantic Lithium CEO Keith Muller described the deal as a strong vote of confidence in both the project and Ghana’s critical-minerals future.

“We are delighted to welcome a number of Ghanaian pension funds to the Company’s share register,” a Joy News report quotes him. “The interest of the Ghanaian investors in Atlantic Lithium reflects a broader desire in Ghana to see the country deliver upon its critical mineral promises and diversify its revenue stream beyond its existing portfolio, which is centred on gold.”

Obed Tawiah Odenteh, Chief Investment Officer of IC Asset Managers, highlighted the strategic importance of the move.

“Historically, mining has not featured prominently in our portfolios. However, the global transition toward green energy, coupled with Ghana’s discovery of lithium, presents a unique opportunity to participate in a strategic asset that could have a lasting impact on the country’s industrial future,” he stated.

The remaining $5.4 million of the package will come from a separate share placement with Long State Investments Ltd.

Ewoyaa is one of the most advanced hard-rock lithium projects in West Africa and is seen as central to Ghana’s ambition to enter the global battery-minerals supply chain. Domestic participation is viewed as a way to retain more economic value in-country, create skilled jobs, drive technology transfer, and support downstream industrial growth.

The investment is expected to be executed partly through the Ghana Stock Exchange, enabling broader Ghanaian retail and institutional participation in the project.

Accra, Ghana – For the first time in more than a century, a wholly Ghanaian-owned company stands on the verge of assuming full operational control of a major large-scale gold mine, potentially marking the most significant shift toward domestic ownership in the country’s modern mining history.

Engineers and Planners (E&P) Company Limited, a leading indigenous mining services firm, is actively positioning itself to acquire and operate the Damang Mine in the Western Region — an asset that has produced over four million ounces of gold during its lifetime under South African multinational Gold Fields Limited.

Gold Fields’ 30-year mining lease for Damang expired in 2025. The government granted a one-year extension to ensure continuity while transition arrangements were finalized. The company has since confirmed it will formally hand over the mine to the state on April 18, 2026.

Documents reviewed by industry sources reveal that E&P’s pursuit of Damang began years earlier, rooted in its long-standing role as a major mining contractor at the site. Having operated extensively within the complex, E&P developed deep familiarity with the mine’s geology, equipment, workforce and operational systems — giving it a unique technical edge over potential external bidders.

Key milestones in the timeline include:

• September 2023: Gold Fields issued a Notice of Demobilisation to E&P, signaling the wind-down of active pit mining by December 2023 and a shift to processing stockpiles until lease expiry.
• September 25, 2023: E&P formally wrote to Gold Fields requesting the opportunity to purchase the Damang Mine — a bold move to transition from contractor to owner-operator.
• March 12, 2024: The Ministry of Lands and Natural Resources issued a “no objection” letter allowing E&P and Gold Fields to negotiate, subject to eventual government approval.
• December 8, 2025: Minister Emmanuel Armah-Kofi Buah confirmed government awareness of the proposed acquisition and agreed to include E&P in the mine’s transition team.
• January 26, 2026: E&P reiterated its call for final negotiations, noting no response had yet been received from Gold Fields despite earlier discussions.

Industry observers describe the development as potentially historic. Since large-scale commercial gold mining began in Ghana over 100 years ago, major producing assets have remained overwhelmingly under foreign control. If E&P succeeds, it would become the first indigenous firm in the modern era to take full operational charge of a Tier-1 gold mine.

Analysts say the transition could serve as a powerful precedent, encouraging other Ghanaian entrepreneurs and companies to move beyond support services into full mine ownership. It would also signal growing confidence in local technical and managerial capacity within one of Africa’s most important gold-producing nations.

However, the process remains subject to final government approval and completion of commercial negotiations. With the April 18, 2026 handover date approaching, stakeholders are watching closely to see whether Ghana can translate decades of mining experience into genuine domestic ownership of a flagship asset.

Accra, Ghana – More than 25 parliamentary sittings have passed since Ghana’s revised lithium mining lease was re-laid before the House on December 19, 2025, yet no public report, debate or ratification vote has materialized.

The delay is raising serious concerns among international mining investors about transparency, predictability and Ghana’s attractiveness as a destination for critical-mineral capital.

The lease, first signed in October 2023 between the Government of Ghana and Barari DV Ghana Ltd (a subsidiary of Australian-listed Atlantic Lithium), covers the Ewoyaa Lithium Project in the Central Region.

Political deadlock prevented ratification in the previous Parliament. A revised agreement was signed in 2025 and initially presented on November 11, 2025, but withdrawn ten days later by Lands and Natural Resources Minister Emmanuel Armah-Kofi Buah amid uproar over a proposed royalty reduction from 10% to 5%.

On December 19, 2025, the minister re-laid the lease, this time accompanied by a sliding-scale royalty framework that adjusts between 5% and 12% depending on global lithium prices. The document was immediately referred to the Lands and Natural Resources Committee for scrutiny and recommendation to the plenary.

Despite at least one dedicated committee session and more than two dozen full House sittings since then, there has been no visible progress, no published committee report, and virtually no official communication on the status of deliberations. The prolonged silence has begun to erode investor confidence.

A significant individual shareholder in Atlantic Lithium, speaking on condition of anonymity, told industry sources: “I’m gradually losing confidence in the country. Everyone is watching this. Who would invest in Ghana’s mining sector given how this has been handled since 2023? How can they go around wooing the whole mining world and then do nothing back at home?”

Another investor noted that sentiment is already shifting.

Some shareholders are selling positions in Ghana-linked mining stocks because “a couple of my investors have been turning quite negative on Ghana as they seem unwilling or unable to get things moving.”

The Ewoyaa project is viewed globally as one of the most advanced hard-rock lithium developments in West Africa, with potential to position Ghana as a key supplier in the clean-energy transition. However, large-scale mining investments require clear timelines, predictable permitting processes and transparent negotiations — qualities that observers say are currently in short supply.

Government officials have previously stressed the need to balance national benefits (including higher royalties during price booms) with commercial viability for the developer.

Finding that equilibrium requires careful consultation, but stakeholders argue that regular public updates on the parliamentary process are equally essential to maintain credibility.

As lithium demand continues to surge worldwide, prolonged uncertainty over Ewoyaa risks sending negative signals to other potential investors in Ghana’s critical-minerals sector.

Without visible movement or communication from Parliament or the relevant committee, questions about institutional capacity and political will are growing louder.

The Real Cost of Slow Motion

With lithium carbonate prices recovering strongly in early 2026 — trading between $15,000 and $17,000 per tonne in major markets — analysts estimate that Ewoyaa’s targeted annual output of approximately 300,000–350,000 tonnes of spodumene concentrate could generate gross revenues of $450–600 million per year at current market levels. Under the proposed sliding royalty scale, Ghana could collect $25 to $70 million annually in royalties alone once production begins.

The ongoing delay in Parliament means these revenues remain unrealised. Over the next two years, analysts project that parliamentary inaction could cost the country $50 to $140 million in direct royalty income, with broader economic losses — including forgone jobs, local supply-chain activity, infrastructure development and foreign direct investment inflows — potentially running into the hundreds of millions as investor sentiment sours.

Government officials have previously stressed the need to balance national benefits with the developer’s commercial viability. Finding that equilibrium requires careful consultation, but stakeholders argue that regular public updates on the parliamentary process are equally essential to maintain credibility.

As lithium demand continues to surge worldwide, prolonged uncertainty over Ewoyaa risks sending negative signals to other potential investors in Ghana’s critical-minerals sector. Without visible movement or communication from Parliament or the relevant committee, questions about institutional capacity and political will are growing louder.