Artist impression of planned Ewoyaa project
Aim-, ASX- and Ghana Stock Exchange-listed Atlantic Lithium has appointed Edward Koranteng as a nonexecutive director to the board effective immediately.
As a lawyer and experienced corporate investment banker with experience in Ghana, he can support the company’s objectives of delivering the country’s first lithium mine.
Koranteng has been CEO of Ghana’s sovereign minerals wealth fund, Minerals Income Investment Fund (MIIF), since 2021.
In this position, he has overseen the management of Ghana’s equity interests in mining companies, as well as the royalties paid by mining companies to the State.
His appointment as a nonexecutive director is in line with Atlantic’s agreed terms of the MIIF’s $5-million subscription in the company. The subscription forms part of Atlantic’s planned Phase 1 investment of $32.9-million to expedite the development of the Ewoyaa lithium project.
Koranteng also previously held the business head role for Ghana International Bank’s East, Central and Southern Africa portfolio, during which he led various financing projects in Ethiopia, Ghana, Tanzania, Kenya and Malawi.
Atlantic chairperson Neil Herbert comments that Koranteng’s appointment will enable greater Ghanaian representation in the strategic direction of the company and Ewoyaa.
He says Koranteng’s legal and corporate experience will contribute greatly to the advancement of the project.
Atlantic is in the process of finalising a second stage of investment from the MIIF in the company.
Commenting on behalf of the MIIF, Koranteng says its investment in Atlantic also supports the government of Ghana’s objective to ensure the country remains a preferred mining destination on the continent.
He looks forward to working with the Atlantic board to develop the world-class Ewoyaa mine to full production.