Huayou Cobalt Offers $210 Million for Atlantic Lithium, Eyeing 87% of Ghana's Ewoyaa Project
Updated
Updated · Business Insider Africa · May 13
Huayou Cobalt Offers $210 Million for Atlantic Lithium, Eyeing 87% of Ghana's Ewoyaa Project
1 articles · Updated · Business Insider Africa · May 13
$210 million is Huayou Cobalt’s cash offer for Atlantic Lithium at $0.25 a share, a deal that would give the Chinese group full funding control of Ghana’s Ewoyaa lithium project.
87% is the stake Huayou could indirectly control if approvals are granted, after it agreed to assume remaining development funding and waived earlier cost-related conditions that had clouded Ewoyaa’s buildout.
Elevra Lithium’s retreat opened the door: the U.S.-linked miner is transferring its 22.5% project stake and spodumene offtake rights to Huayou for about $71 million as it shifts capital to North America.
Africa is becoming a deeper pillar of Huayou’s lithium strategy, following its $422 million Arcadia purchase in Zimbabwe and alongside Chinese peers’ expanding positions in Mali’s Goulamina and Bougouni projects.
The Ghana move underscores China’s broader edge in critical minerals, using acquisitions, financing and offtake deals to tighten control of battery supply chains as Western rivals pull back.
As China locks down Africa's lithium, what can the West do to avoid total dependency on its biggest economic rival?
Will Africa's lithium boom fuel a green revolution or become the next chapter in the global resource curse?
Huayou Cobalt’s $210 Million Move: Ghana’s Ewoyaa Lithium Project and the New African Battery Supply Chain
Overview
Huayou Cobalt’s $210 million acquisition of Atlantic Lithium marks a major consolidation in the global lithium market, giving Huayou full control of Ghana’s Ewoyaa Lithium Project. This move comes amid surging lithium prices and forecasts of a supply deficit by 2026, driving intense competition among Chinese firms to secure new resources. As demand from electric vehicles and renewable energy grows, Huayou’s strategy focuses on building a stable and diversified lithium supply. The deal also follows Elevra Lithium Limited’s divestment from Ewoyaa, reflecting broader strategic realignments as companies position themselves in a rapidly evolving market.