Atlantic Lithium
Atlantic Lithium has entered into a binding agreement with Chinese battery materials giant Zhejiang Huayou Cobalt for the proposed acquisition of the company in a deal valued at about US$210 million.
Under the agreement announced on May 7, 2026, Huayou will acquire all issued shares in Atlantic Lithium through an Australian scheme of arrangement at a cash offer of US$0.25486 per share.
Atlantic Lithium said the deal represents a 26.6 percent premium on its last closing share price and validates the potential of its flagship Ewoyaa Lithium Project in Ghana.
The company’s board unanimously recommended the transaction to shareholders, subject to the absence of a superior offer and an independent expert confirming that the deal is in shareholders’ best interests.
Atlantic Lithium’s largest shareholder, Assore International Holdings, which owns about 26.4 percent of the company, has also indicated support for the transaction.
The proposed acquisition remains subject to shareholder, court and regulatory approvals, including clearances from authorities in Ghana, Australia, China and ECOWAS. A shareholder meeting on the deal is expected in November 2026, with completion targeted for December 2026.
Atlantic Lithium said the transaction is expected to accelerate development of the Ewoyaa Lithium Project, which is set to become Ghana’s first lithium-producing mine.
