Chinese mining company Zhejiang Huayou Cobalt Co. has completed an agreement to take over Elevra Lithium Limited’s rights and obligations in Atlantic Lithium’s Ewoyaa Lithium Project and broader lithium portfolio in Ghana.
The transaction gives Huayou an initial 22.5% interest in Atlantic Lithium’s Ghana lithium portfolio, which includes the Ewoyaa project, with a commitment to fund a further US$66 million in development costs to earn an additional 27.5% stake.
The completion of the agreement, announced by Atlantic Lithium on October 26, 2026, follows confirmation from Ghana’s Ministry of Lands and Natural Resources that it has no objection to Huayou becoming a controller of the relevant Singaporean and Ghanaian entities connected to the portfolio.
Under the agreement, Huayou assumes Elevra‘s previous spodumene concentrate offtake rights and other rights and obligations under the project agreements.
The company will solely fund the remaining US$66 million of the US$70 million development funding obligation under Stage Three of the project agreement. Upon fulfilling this commitment, its interest in the Ghana portfolio will increase to 50%.
Atlantic Lithium and Huayou will thereafter share project costs equally.
Atlantic Lithium Chief Executive Officer Keith Muller said the completion of the transaction was a significant milestone for the Ewoyaa project, citing Huayou’s financial strength, technical capabilities and experience in developing and operating major projects across Africa.
He said the company would work with Huayou to advance the project towards development and establish Ghana’s first lithium-producing mine.
Ghana’s Parliament ratified the mining lease for the Ewoyaa project in March 2026. The project also received an Environmental Protection Authority permit in September 2024 and a Mine Operating Permit in October 2024.
Atlantic Lithium is listed on the AIM, Australian Securities Exchange and Ghana Stock Exchange.
