China's Huayou Cobalt set for $210m takeover of Africa-focused lithium miner

China’s push into Africa’s critical minerals sector has strengthened further with a $210-million agreement that will see Zhejiang Huayou Cobalt acquire Ghana-focused lithium developer Atlantic Lithium.

• Huayou Cobalt is acquiring Atlantic Lithium for $210 million, furthering China's presence in Africa's critical minerals sector.
• The deal reflects Beijing's strategy to secure battery metals crucial for the global energy transition.
• Atlantic Lithium's Ewoyaa project in Ghana and exploration assets in Côte d’Ivoire are considered emerging supply sources for lithium in West Africa.
• For Atlantic Lithium, the acquisition offers stability amid price volatility and development complexities, with major shareholder support.

The move further highlights Beijing’s accelerating strategy to secure upstream control of battery metals essential for the global energy transition.

Under the deal, China's Huayou Cobalt will acquire all issued shares of the company at $0.25 each, valuing Atlantic Lithium at about $210 million.

According to MiningWeekly, the transaction highlights the strategic importance of the Ewoyaa lithium project in Ghana, as well as the firm’s wider exploration assets in Côte d’Ivoire, both seen as key emerging supply sources in West Africa’s lithium belt.

Atlantic Lithium CEO Keith Muller said, “Huayou’s proposal acknowledges Ewoyaa as a highly attractive hard-rock lithium asset capable of serving the growing global electric vehicle and energy storage markets.”

China's interests in Ewoyaaa lithium project

Ghana formally entered the global lithium market in March 2026 after Parliament ratified the Ewoyaa Lithium Project mining lease, ending years of regulatory delays and clearing the way for large-scale development of one of West Africa’s most closely watched lithium assets.

The approval granted Atlantic Lithium, an Australia- and UK-listed mining company exclusive rights to mine and process lithium in the Central Region for an initial 15-year period, setting the legal foundation for project execution and investment inflows.

However, the project has since moved into a more dynamic phase, with renewed international interest following a $210 million acquisition proposal from Zhejiang Huayou Cobalt.

China has rapidly expanded its dominance in Africa’s mining sector, securing long-term control over critical minerals such as lithium, cobalt, and copper through acquisitions, equity stakes, and infrastructure-linked financing deals.

This strategy has given Chinese firms a strong upstream position in global supply chains, particularly in battery metals.

China deepens Africa battery metals push

Huayou Cobalt, already a major player in Africa’s cobalt and nickel supply chains, said the acquisition strengthens its position in “new energy materials” at a time when global demand for electric vehicles and energy storage systems continues to surge.

The company described the transaction as a natural extension of its growing footprint across Africa’s critical minerals landscape.

For Atlantic Lithium, the board said the offer provides a more stable and de-risked path forward amid lithium price volatility, financing pressures, and the complexities of developing the Ewoyaa project under existing joint venture arrangements.

The company added that Huayou’s proposal reflects strong confidence in the project’s long-term potential as a hard-rock lithium asset.

The deal has also been endorsed by Atlantic Lithium’s largest shareholder, Assore International Holdings, which holds about 26.4% of the company’s issued shares.

The Ewoyaa project remains one of West Africa’s most significant lithium developments and is expected to play a central role in positioning Ghana within global battery supply chains once fully developed.

The transaction further reflects China’s broader strategy of consolidating control over Africa’s critical minerals sector through acquisitions, equity investments, and long-term offtake agreements.

As global competition for battery metals intensifies, Africa is increasingly emerging as a key battleground in the race to secure resources powering the clean energy transition.