Zhejiang Huayou Offers $210M to Acquire Atlantic Lithium
On 7 May 2026, the Shanghai-listed Zhejiang Huayou Cobalt (SHSE: 603799) disclosed that it made an all-cash proposal of USD 210 million to acquire Sydney-listed Atlantic Lithium (ASX: A11). Huayou is eyeing the mining rights of Atlantic Lithium in the Ewoyaa mine in Ghana, which is slated to become the first operational #lithium mine in Ghana.
The Ewoyaa has the potential to output an estimated 3.6 tonnes of #spodumene concentrate. Besides Ewoyaa in Ghana, Atlantic Lithium also owns exploration licenses for two more lithium mines in Côte d’Ivoire.
Atlantic Lithium’s board has already voted unanimously in favor of the proposal, while South Africa-based investor Assore International Holdings, which owns a 26.4% stake, indicated that it would vote in favor of the sale.
“Huayou’s proposal acknowledges Ewoyaa as a highly attractive rock lithium asset capable of serving the growing global electric vehicle and energy storage markets. The deal comes 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 current joint venture arrangements.“
Atlantic Lithium CEO Keith Muller
“The acquisition of Atlantic Lithium would complement our existing battery metal mining operations in Africa and represents a logical transaction for us, as we continue to develop our new energy materials business.”
Huayou Chair Chen Hongliang
As it names suggests, the Chinese company started out in cobalt mining, but has now moved into other battery metals. Huayou already owns and operates the Arcadia lithium mine in Zimbabwe. In addition, the Chinese mining company is involved in several cobalt-copper mines in the Democratic Republic of Congo.
Outside Africa, Huayou also has nickel and cobalt operations in Indonesia. According to its Annual Report 2025, Huayou’s total revenue reached USD 11.9billion in 2025, and it made a net profit of USD 897 million.
Sulfur is necessary in the processing of #CriticalMinerals. Huayou issued a warning that the supply of sulfur has experienced disruption since the war in the Middle East broke out and might have a negative impact on performance in 2026.