Huayou has taken over Elevra's rights and obligations in the Ewoyaa lithium project and Atlantic Lithium's Ghanaian portfolio. Announced on 26 October, the completion follows confirmation that the Ghanaian Ministry of Lands and Natural Resources does not object to the change of control of the entities concerned.
The Chinese group thus becomes the new partner of Atlantic Lithium in this portfolio. The transfer includes the rights associated with a 22.5% interest, as well as the rights to purchase spodumene concentrate previously held by Elevra.
Financing linked to the stake increase
The financial stake concerns the development commitments still to be carried out. Huayou must begin funding the relevant expenditure on its own, up to the remaining 66 million dollars and in line with the project agreements. The conditions precedent relating to this expenditure are considered met or waived.
Carrying out this financing would allow it to acquire an additional 27.5 percentage points of interest, bringing its stake to 50% of the Ghanaian portfolio. Costs would then be shared equally with Atlantic Lithium. It is therefore an increase in its stake linked to the financing provided for under the agreements.
This step concludes a transaction that remained subject to Ghanaian approvals at the beginning of the month. In its statement of 1 October, Elevra noted that the sale of its interests and purchase rights had been agreed in May for about 71 million dollars before fees and taxes. That sale price is a separate transaction from the development expenditure taken on by Huayou.
Atlantic Lithium still presents Ewoyaa as a project intended to become Ghana's first producing lithium mine. Its mining lease was ratified by Parliament in March 2026, after the environmental permit was obtained in September 2024 and the mining permit in October 2024.
Atlantic Lithium buyout still awaits approval
Meanwhile, Huayou is pursuing its plan to acquire Atlantic Lithium itself. The quarterly report published on 27 October confirms that Australian foreign investment approval has been obtained, but that other conditions remain to be met, including approvals from shareholders and the court.
The first hearing is scheduled for 5 November before the Supreme Court of Western Australia. Atlantic Lithium will in particular seek permission to convene shareholders and send them the scheme booklet, including the independent expert's report. The voting timetable must be confirmed after this step.