Atlantic Lithium Limited, the Africa-focused lithium exploration and development company, has confirmed the resignation of Edward Nana Yaw Koranteng from his role as Non-Executive Director and Chairman of the Remuneration and Nomination Committee, effective immediately.
The resignation of Koranteng was officially announced on January 24, 2025, with the company expressing its gratitude for his contributions during his tenure. Neil Herbert, Executive Chairman of Atlantic Lithium, publicly acknowledged Koranteng’s involvement.
“On behalf of the Atlantic Lithium Board and management team, I would like to extend my gratitude to Edward for his valued contributions to the Company during his tenure and wish him well in his future pursuits.”
Neil Herbert, Executive Chairman of Atlantic Lithium
Koranteng’s resignation follows his departure from MIIF earlier in January, and the company’s announcement clarified that his position on the Board was initially in accordance with MIIF’s entitlement to appoint a director as part of its investment deal.
As stipulated under the terms of MIIF’s subscription agreement for a US$5 million investment in Atlantic Lithium, Koranteng’s role was tied to MIIF’s right to appoint a nominee to the Board. Now that Koranteng has stepped down from MIIF, the fund retains its right to nominate a successor to this role.
The Mineral Income Investment Fund (MIIF), a government-backed fund designed to manage Ghana’s mineral income, is an important stakeholder in the development of Atlantic Lithium’s flagship project—Ghana’s first lithium mine.
“The MIIF invested US$5 million in Atlantic Lithium aimed to support the company’s exploration and development efforts in Ghana.
“[This is] to help fund the development of the Ewoyaa Lithium Project, located in the country’s Central Region.”
Neil Herbert, Executive Chairman of Atlantic Lithium
As part of its investment agreement, MIIF has the authority to appoint a nominee director to the Atlantic Lithium Board, and this right will be exercised to ensure its continued representation.
Atlantic Lithium’s Future Prospects
As Atlantic Lithium moves forward with its ambitious plans for the Ewoyaa Lithium Project, Koranteng’s departure may not disrupt the company’s trajectory.
Atlantic Lithium has been positioning itself as a key player in the African lithium sector, with substantial reserves of lithium identified at Ewoyaa, which is expected to play a pivotal role in meeting the growing global demand for lithium.
“As Ghana’s first lithium mine, Ewoyaa holds the promise of not only transforming Atlantic Lithium’s prospects but also contributing to Ghana’s position as a leader in Africa’s growing mining sector.”
Neil Herbert, Executive Chairman of Atlantic Lithium
The company’s development of the project includes ongoing feasibility studies, environmental assessments, and stakeholder engagements to ensure that the lithium extraction process is sustainable and beneficial for both Ghana and the wider African region.
Lithium, as a critical component of battery technology, is poised to become even more important in the global energy transition, particularly as the electric vehicle market continues to expand.
Atlantic Lithium has also been expanding its partnerships and increasing its focus on securing the necessary capital and approvals for the development of Ewoyaa.
Koranteng’s resignation is unlikely to alter the company’s development timeline, given the strategic importance of the project and the management team’s dedication to bringing it to fruition.
The resignation of Edward Nana Yaw Koranteng from Atlantic Lithium’s Board marks an important moment in the company’s journey toward developing Ghana’s first lithium mine.
While his departure is linked to his exit from MIIF, the company noted it remains on track to meet its long-term goals. With ongoing partnerships and significant potential in the lithium market, Atlantic Lithium is set to play a key role in Africa’s mineral-rich future.
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