Chinese mining giant Zhejiang Huayou Cobalt is planning to buy Atlantic Lithium in a proposed $210 million deal that could reshape the future of Ghana’s Ewoyaa lithium project.
Atlantic Lithium announced on May 7, 2026, that Huayou had officially submitted an offer to acquire the company.
The move marks another major step in Huayou’s expansion across Africa’s growing critical minerals sector.
Huayou already plays a major role in Africa’s lithium industry. In 2022, the company purchased Zimbabwe’s Arcadia Lithium Project for $422 million.
Reports also indicate that the company started trial lithium sulphate production at the site earlier this year.
According to Atlantic Lithium Chief Executive Officer Keith Muller, the proposed takeover comes at a difficult time for the company as it deals with unstable lithium prices and challenges connected to financing and developing 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 comments reflect the wider financial and regulatory pressures facing the company as it pushes ahead with the Ewoyaa development.
Atlantic Lithium’s Ghanaian subsidiary, Barari DV Ghana Limited, recently secured parliamentary approval for the Ewoyaa mining lease after nearly three years of delays and public debate over the agreement’s financial terms.
The company is also updating its Definitive Feasibility Study, an important step needed to attract investors and secure funding for the construction of the mine.
Industry experts believe Huayou’s takeover proposal could improve the project’s financial strength and increase the chances of successful execution.
If shareholders, regulators, and the courts approve the transaction, the deal could speed up the development of Ghana’s first lithium mine.
It would also deepen China’s influence in Africa’s strategic minerals industry, especially in the lithium supply chain that supports electric vehicle production and energy storage technology.
The companies expect the acquisition process to finish by December 2026, subject to all required approvals.
