Chinese battery materials heavyweight Zhejiang Huayou Cobalt is seeking to acquire Atlantic Lithium in a proposed $210 million transaction that could significantly alter the trajectory of Ghana’s Ewoyaa lithium project.
In a statement released in the early hours of May 7, 2026, Atlantic Lithium’s board confirmed that Huayou had tabled an offer to take over the company, marking another major expansion move by the Chinese group within Africa’s rapidly growing critical minerals industry.
Huayou already holds a strong position in Africa’s lithium market following its 422 million dollar acquisition of Zimbabwe’s Arcadia Lithium Project in 2022.
The company reportedly commenced trial lithium sulphate production at the project earlier this year.
According to Atlantic Lithium Chief Executive Officer, Keith Muller, the offer comes as the company grapples with lithium market volatility as well as financing and operational hurdles 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 remarks point to broader concerns around financing pressures and regulatory complexities confronting the company as it works toward advancing the Ewoyaa development.
Atlantic Lithium’s local subsidiary, Barari DV Ghana Limited, only recently secured parliamentary approval for its Ewoyaa mining lease after close to three years of delays and intense debate over the fiscal structure of the agreement.
The company is also revising its Definitive Feasibility Study, considered a key requirement for attracting funding for the construction and commissioning of the mine.
Industry analysts say Huayou’s proposed takeover could substantially improve the project’s financing capacity and execution prospects.
If cleared by shareholders and regulators, the transaction could fast-track the development of Ghana’s first lithium mine while further strengthening China’s presence in Africa’s strategic minerals industry, particularly within the lithium value chain that underpins the global electric vehicle and energy storage markets.
The acquisition is expected to close by December 2026, pending shareholder, court and regulatory approvals.
Source: CNR

