Elevra Lithium Sells Ghana Ewoyaa Stake for $71 Million as Huayou Pursues Full $281 Million Takeover
Updated
Updated · ChemAnalyst · May 13
Elevra Lithium Sells Ghana Ewoyaa Stake for $71 Million as Huayou Pursues Full $281 Million Takeover
2 articles · Updated · ChemAnalyst · May 13
$71 million in cash will buy Elevra Lithium out of the Ewoyaa project in Ghana, with the sale expected to close by the end of fiscal Q1 2027 pending local approvals.
Elevra said the divestment sharpens its focus on North American assets, cuts future Ewoyaa funding obligations and unwinds joint-venture and off-take complexities.
The proceeds are set to strengthen Elevra's balance sheet and support projects in Québec — including North American Lithium and Moblan — as well as Carolina Lithium in the U.S.
Huayou Cobalt separately made a binding $210 million offer for Atlantic Lithium's Ewoyaa stake, positioning it to take full control of Ghana's first lithium mine.
That would hand Huayou a project expected to produce 3.6 million tonnes of spodumene over 12 years, underscoring China's push to secure battery-metal supply in Africa.
As China buys Ghana's top lithium mine, can the West's new strategies prevent a loss in the EV battery race?
Why did a Western firm sell a key lithium asset to China amid a global race for mineral security?
Will Ghana's first lithium mine enrich local communities or will its wealth be exported with the minerals?
Huayou Cobalt’s $281 Million Acquisition of Ewoyaa Lithium: Elevra’s Strategic Exit and Ghana’s New Role in Global Lithium Supply
Overview
On May 11, 2026, Elevra Lithium Limited announced it would sell its entire interest in Ghana’s Ewoyaa Lithium Project to Zhejiang Huayou Cobalt Co, Ltd. for about US$71 million in cash, with the deal expected to close in early 2027. This move is part of Elevra’s strategy to simplify its portfolio and focus on core North American assets, aiming to reduce financial obligations and operational complexities tied to Ewoyaa. The proceeds from the sale will strengthen Elevra’s financial position, allowing it to invest more in its main projects and support future growth.