Zhejiang Huayou Cobalt is pursuing the acquisition of Atlantic Lithium in a proposed $210 million deal that could reshape the future of Ghana’s Ewoyaa lithium project.
In a statement issued early on May 7, 2026, Atlantic Lithium’s board revealed that Huayou had submitted a takeover bid for the company, signalling another major step in the Chinese firm’s expansion across Africa’s fast-growing critical minerals sector.
Huayou already has a strong foothold in Africa’s lithium industry after acquiring Zimbabwe’s Arcadia Lithium Project for $422 million in 2022.
The company reportedly began trial production of lithium sulphate at the Zimbabwean project earlier this year.
Atlantic Lithium CEO Keith Muller said the proposal comes at a time when the company is dealing with lithium price instability, financing challenges, and operational difficulties connected 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 stated.
His comments reflect wider concerns surrounding regulatory hurdles and funding pressures facing the company as it seeks to advance the Ewoyaa development.
Atlantic Lithium’s Ghanaian subsidiary, Barari DV Ghana Limited, recently obtained parliamentary approval for the Ewoyaa mining lease after nearly three years of delays and heated discussions over the fiscal terms of the agreement.
The company is also updating its Definitive Feasibility Study, a crucial step toward securing financing for mine construction and operations.
Industry experts believe Huayou’s proposed acquisition could significantly strengthen the project’s funding prospects and improve its chances of successful execution.
If approved by regulators and shareholders, the deal could accelerate the launch of Ghana’s first lithium mine while expanding China’s influence in Africa’s strategic minerals sector, especially within the lithium supply chain supporting global electric vehicle and energy storage industries.
The takeover is expected to be completed by December 2026, subject to court, regulatory, and shareholder approvals.