China’s Huayou Cobalt has agreed to acquire Ghana‑focused Atlantic Lithium in a transaction valued at approximately US$210 million, strengthening its position in global battery‑metal supply chains and expanding its footprint in Africa.
Under the proposed deal, Huayou will acquire all issued and to‑be‑issued shares of Atlantic Lithium at US$0.25 per share, alongside outstanding warrants, as part of a full acquisition of the company. The transaction will be implemented through a scheme of arrangement and remains subject to shareholder approval and regulatory clearances in Ghana, Australia, China, and the Economic Community of West African States.
The acquisition centres on the Ewoyaa lithium project in Ghana, which recently secured parliamentary approval of its mining lease in March 2026. The project, located approximately 110km from the port of Takoradi, is estimated to contain around 1.13 million tonnes of lithium carbonate equivalent, based on JORC‑compliant resources.
Huayou Cobalt indicated that the transaction forms part of its broader strategy to enhance lithium resource self‑sufficiency and improve supply chain security for electric vehicle and energy storage materials. The company already has an established presence across Africa’s cobalt and nickel sectors.
Atlantic Lithium’s largest shareholder, Assore International Holdings, has provided support for the proposed transaction. The acquisition offers Atlantic Lithium financial certainty as it progresses toward production, particularly in a volatile lithium price environment.
If completed, the transaction is expected to strengthen Huayou’s global competitiveness in battery materials while reinforcing China’s expanding role in Africa’s critical minerals sector, where investment in lithium, cobalt and copper assets continues to accelerate.
