On May 7, 2026, Huayou Cobalt announced that it has signed a Scheme Implementation Deed and related annexes with Atlantic Lithium Limited (the “Target Company”) to further deepen its operational model of overseas resources, international manufacturing, and global markets, while solidifying its lithium resource layout. Under the agreement, Huayou Cobalt plans to acquire 100% of the issued and to-be-issued shares of Atlantic Lithium.
The transaction value for the 100% acquisition of Atlantic Lithium is set at $210 million US (excluding capital gains tax), with the final purchase price to be determined based on the capital gains tax application filed with the Ghana Revenue Authority (GRA). Upon completion, the company will hold 100% equity in the target, and Atlantic Lithium will be consolidated into Huayou Cobalt’s financial statements.
According to the announcement, Atlantic Lithium is a lithium company listed on the AIM market of the London Stock Exchange, the Australian Securities Exchange, and the Ghana Stock Exchange. Headquartered in Australia, the company focuses on lithium exploration and development in the African market, with its core asset being the Ewoyaa Lithium Project in Ghana. The Ewoyaa project is located in Ghana’s Central Region, approximately 100 km southwest of the capital Accra and about 110 km from the port of Takoradi.
Under JORC standards, the project’s total mineral resources are estimated at 36.8 million tonnes at 1.24% Li2O, equivalent to 1.127 million tonnes of lithium carbonate equivalent (LCE). This includes indicated resources of 3.7 million tonnes at 1.37% Li2O (125,000 tonnes LCE), inferred resources of 26.1 million tonnes at 1.24% Li2O (799,000 tonnes LCE), and additional inferred resources of 7.0 million tonnes at 1.15% Li2O (199,000 tonnes LCE). In July 2023, Atlantic Lithium released the definitive feasibility study (DFS) for the Ewoyaa project, confirming its strong commercial viability.
The project obtained a mining lease in October 2023, received environmental approval from the Environmental Protection Agency (EPA) in September 2024, secured a mining operating permit in October 2024, and in March 2026, the mining lease was formally ratified by Ghana’s Parliament. It is the first lithium mining lease to be approved and ratified by the Ghanaian parliament.
Notably, the agreement includes a reciprocal break fee mechanism of $2.1 million (US) for either party. Huayou Cobalt also emphasized that upon completion, Atlantic Lithium must immediately restructure its board and management: the company will reappoint directors and company secretaries for the target and its subsidiaries; all incumbent directors, company secretaries, and senior management must resign unconditionally and irrevocably waive any claims against the company (except for indemnification and insurance rights under the law and the company’s articles of association).
Huayou Cobalt stated that the acquisition of Atlantic Lithium is a key step in deepening its overseas resource deployment. It will further improve the company’s lithium self-sufficiency rate and supply chain resilience, strengthen its industrial integration advantages, enhance its overall competitiveness, and align with its development strategy.
Source: WeChat Official Account——马里亚纳锂电
Disclaimer: The content provided above is intended solely for educational and reference purposes. The original author retains the copyright to the articles, and their reproduction is aimed at facilitating learning and knowledge-sharing. If there are any concerns regarding copyright infringement, please contact us for immediate removal. We value the intellectual property rights of the original creator and encourage readers to engage with the original work.
