Chinese battery materials firm Zhejiang Huayou Cobalt is positioning itself to take control of Ghana’s Ewoyaa lithium project through a proposed US$210 million acquisition of Atlantic Lithium.
The takeover move, disclosed by Atlantic Lithium in a notice issued on 7 May 2026, signals a major shift in the ownership and financing outlook of the highly anticipated Ewoyaa mine.
Huayou Cobalt’s latest move comes as the Chinese company continues to expand aggressively across Africa’s critical minerals market, particularly within the lithium sector which has become central to the global electric vehicle industry.
The company already has a strong foothold on the continent following its acquisition of Zimbabwe’s Arcadia Lithium Project in 2022 for about US$422 million.
Reports indicate that lithium sulphate production trials at the Zimbabwe project began earlier this year, reinforcing Huayou’s ambitions in the battery minerals supply chain.
Atlantic Lithium’s Chief Executive Officer, Keith Muller, acknowledged that the offer arrives at a difficult period for the company as it navigates volatile lithium prices, financing concerns and operational uncertainties surrounding 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.
His remarks point to increasing pressure on Atlantic Lithium as it attempts to move the Ghana project from the planning stage into full development.
Barari DV Ghana Limited, the company’s Ghanaian subsidiary, only recently secured parliamentary approval for the Ewoyaa mining lease after years of delays, negotiations and political controversy over the terms of the agreement.
The company is also in the process of revising its Definitive Feasibility Study, a crucial requirement for attracting investment and advancing construction of the mine.
Should the acquisition receive regulatory, shareholder and court approval, analysts believe Huayou could inject the financial muscle needed to fast-track the project’s execution.
The deal could also significantly expand China’s influence over Africa’s lithium reserves at a time when competition for critical minerals continues to intensify globally.
Atlantic Lithium expects the transaction to be completed by December 2026, subject to the necessary approvals.
