Ghana's first lithium mine has a new paymaster. Zhejiang Huayou Cobalt now holds the rights to 22.5% of Atlantic Lithium's Ghana projects, Ewoyaa included, and it has picked up the remaining $66m of a $70m development bill.
Atlantic, which trades in London, Sydney and Accra, said on Monday it had completed the novation that moves Elevra Lithium's rights and obligations to Huayou. That covers Elevra's offtake rights to Ewoyaa's spodumene concentrate too, so the Chinese battery materials group now has first call on the product as well as the cheque book.
How the money works
Under Stage 3 of the project agreement, the partner sole-funds development up to $70m. About $4m of that had already gone in before Elevra stepped aside (STATART calculation). Huayou now carries the other $66m on its own, and finishing that spend earns it another 27.5%. That takes it to 50%, after which Atlantic and Huayou split costs 50:50.
For Atlantic, that's $66m of construction it doesn't have to raise from shareholders. For Huayou, it's a cheap route to 50% of a lithium project that already has its permits in hand.
And those permits took a while. The feasibility study came out in July 2023. The environmental permit followed in September 2024, the mine operating permit in October 2024, and the mining lease was ratified only in March 2026. Clearance for Huayou to take control of the Singaporean and Ghanaian holding companies was the last condition before completion.
"Huayou brings considerable financial strength, technical capability and extensive experience," Atlantic chief executive Keith Muller said, calling the deal a significant milestone for Ewoyaa.
Why Lagos should pay attention
Atlantic's ground doesn't stop at Ewoyaa. It holds about 1,280 km² of granted and applied-for tenure across Ghana and Cote d'Ivoire, so this is a West African lithium bet, not just a single pit.
There's a catch, though. Atlantic hasn't put a construction start or first-production date on Ewoyaa in this update, and the offtake now sits with a buyer that is also paying for the build. That's tidy for getting a mine built, but it leaves less room for anyone else, including Nigerian processors and battery assemblers, to bid for the concentrate.
Ewoyaa now looks far more fundable than it did while Elevra held the seat. The next numbers to watch are a firm build schedule and how fast Huayou burns through the $66m.
Figures are as reported at the time of writing. STATART news is written by Frank Brother (Markets), Christina Amgbari (Insights) and Ebipadei Joseph (Lifestyle), and checked before publication.