China’s Zhejiang Huayou Cobalt (SSE:603799) has completed the acquisition of Elevra Lithium’s (ASX:ELV; Nasdaq:ELVR) interests in Ghana’s Ewoyaa lithium project, assuming rights to a 22.5% interest in Atlantic Lithium’s Ghanaian lithium portfolio, including Ewoyaa, and an obligation to fund up to $66mn in outstanding development expenditure.
Atlantic Lithium (AIM:ALL; ASX:A11; GSE:ALLGH), the project’s developer, announced on October 26 that the transfer had been completed after Ghana’s Ministry of Lands and Natural Resources confirmed it had no objection to Huayou becoming a controller of the relevant Singaporean and Ghanaian project entities.
Atlantic Lithium chief executive Keith Muller described the completion as “a significant milestone for Ewoyaa”, adding that “Huayou brings considerable financial strength, technical capability and extensive experience”.
Elevra said separately that it had received $71mn in cash consideration before fees and taxes. The transaction transfers its project interests and spodumene concentrate offtake rights to Huayou and releases Elevra from its outstanding development funding obligations.
Elevra, formerly Piedmont Lithium, had downgraded Ewoyaa within its capital allocation priorities and was in dispute with Atlantic Lithium over expenditure contributions before Huayou agreed in May to take over its position. Elevra contributed only about $398,000 to the project in the final quarter of 2025.
Under the existing project agreements, Huayou will provide up to $66mn in outstanding expenditure under a $70mn sole-funding commitment. Subject to those agreements, the funding would earn Huayou an additional 27.5% interest in Atlantic Lithium’s Ghanaian portfolio, taking its total interest to 50%. Subsequent development costs would be shared equally between the partners.
The $66mn represents an outstanding contractual funding obligation, not the project’s total remaining construction cost or confirmation that full development financing has been secured. Nor does the transaction constitute a final investment decision or set a construction start date.
Separate $210mn takeover remains pending
The completed project transaction comes as Huayou pursues a separate acquisition of Atlantic Lithium, valued at approximately $210mn, or about $0.25 per share in cash, under an agreement announced in May. Huayou chairman and president Chen Hongliang said at the time that the deal “complements our existing battery metal mining operations in Africa”.
The proposed takeover would give Huayou control of Atlantic Lithium itself, potentially consolidating the private-sector interests in Ewoyaa currently covered by the joint-venture arrangements.
In an October 27 regulatory filing, Atlantic Lithium confirmed that the proposed takeover had received Australian foreign investment approval but remained subject to shareholder, court and other regulatory approvals.
An initial hearing before the Supreme Court of Western Australia is scheduled for November 5, when the company will seek permission to convene a shareholder vote.
The two transactions are legally separate. Completion of the corporate takeover would alter the ultimate ownership of the private-sector project interests but would not automatically change any separate rights held by the Ghanaian government.
Development advances towards Ghana’s first lithium mine
Ewoyaa is intended to become Ghana’s first commercial lithium mine, producing spodumene concentrate for further processing into lithium chemicals used in rechargeable batteries.
Ghana’s Parliament ratified the project’s mining lease in March 2026, the first lithium mining lease to be granted and ratified in the country, following the granting of environmental and mine operating permits in 2024.
Ewoyaa’s development comes as Ghana prepares restrictions on exports of unprocessed minerals by 2030. President John Dramani Mahama said on October 19 that investors seeking access to the country’s bauxite, manganese, iron and lithium would face processing obligations under a phased ban, although mineral-specific deadlines and detailed regulations have yet to be published.
Because Ewoyaa is designed to produce spodumene concentrate rather than battery-grade lithium chemicals, Huayou’s immediate commitment is to advance the existing mining project under its inherited funding obligations, rather than establish downstream lithium refining in Ghana.
See IntelliNews: Africa-focused Atlantic Lithium agrees $210mn takeover by China’s Huayou Cobalt
See IntelliNews: China tightens grip on Ghana lithium as Huayou backs Ewoyaa funding
See IntelliNews: Ghana’s 2030 raw mineral export ban puts global miners on notice