Chinese battery metals group Zhejiang Huayou Cobalt has agreed to acquire Australian-listed Atlantic Lithium in an all-cash transaction valued at $210 million, a move that would give it control of the Ewoyaa project—poised to become Ghana’s first lithium mine.
The companies said the binding agreement will see Huayou purchase all outstanding shares of Atlantic Lithium at a premium to its recent market price, underlining the strategic importance of the asset in the global race for battery materials.
At the center of the deal is Ewoyaa, a fully permitted lithium project that recently cleared a major regulatory milestone after Ghana’s parliament ratified its mining lease in March. The project is expected to play a key role in the country’s ambitions to enter the lithium supply chain and benefit from growing demand driven by electric vehicles and energy storage.
For Huayou, the acquisition strengthens its footprint across Africa’s fast-growing battery metals sector. The company already operates the Arcadia lithium mine in Zimbabwe and has been expanding its portfolio to secure long-term supply of critical minerals. Bringing Ewoyaa under its control would add a near-term development asset to its pipeline.
Company executives signaled readiness to work closely with Ghanaian authorities as development plans progress. The project is considered relatively advanced, with estimates pointing to production of about 3.6 million tonnes of spodumene concentrate over an initial 12-year mine life. Initial capital expenditure has been pegged at roughly $185 million, with a final investment decision expected in the near term.
Beyond Ghana, the transaction also includes exploration interests held by Atlantic Lithium in Côte d’Ivoire, broadening Huayou’s regional exposure.
However, the takeover is not yet complete. Shareholders of Atlantic Lithium are expected to vote on the proposal later this year, and the process will require careful coordination with existing stakeholders. Among them is Elevra Lithium, which holds a minority interest in the Ewoyaa project and has been involved in ongoing discussions over project-related costs.
If finalized, the deal would mark a significant step in China’s continued push to secure upstream resources for the global energy transition, while positioning Ghana as an emerging player in the lithium market.
