Chinese battery giant eyes control of Ghana's lithium project in $210m deal

Chinese battery materials company Zhejiang Huayou Cobalt has announced its intention to acquire Atlantic Lithium in a proposed $210 million transaction that could reshape the trajectory of Ghana’s Ewoyaa lithium project.

According to Atlantic Lithium Chief Executive Officer Keith Muller, the offer comes at a time when the company is grappling with lithium market volatility as well as financing and operational challenges linked to the Ewoyaa project.

“The proposal offers an attractive proposition for Atlantic Lithium shareholders, particularly when considered amid ongoing lithium price volatility, complex jurisdictional challenges and against the timing and execution risks attached to financing, developing and operating the Ewoyaa Lithium Project under the project’s current joint venture arrangements,” he said.

The development highlights broader financing pressures facing the company as it advances the Ewoyaa project. The acquisition is expected to be completed by December 2026, subject to shareholder, court, and regulatory approvals.

In a statement released on Thursday, May 7, 2026, Atlantic Lithium confirmed that Huayou had tabled the offer, marking a significant expansion by the Chinese group in Africa’s critical minerals sector.

Huayou already has a strong presence in Africa’s lithium industry following its $422 million acquisition of Zimbabwe’s Arcadia Lithium Project in 2022.

High Court overturns US$33.3 million arbitration award in Boankra project dispute

Atlantic Lithium’s local subsidiary, Barari DV Ghana Limited, recently secured parliamentary approval for its Ewoyaa mining lease after nearly three years of delays and extensive debate over fiscal terms.

The company is also revising its Definitive Feasibility Study, a key requirement for securing funding for mine construction and development.

If approved by shareholders and regulators, the transaction could accelerate development of Ghana’s first lithium mine while further strengthening China’s footprint in Africa’s strategic minerals and electric vehicle supply chain.

SO/MA

GhanaWeb partners Boris Kodjoe's FCST in exclusive travel platform deal