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Elevra Lithium (ASX: ELV) completed the sale of its Ewoyaa lithium project in Ghana to Zhejiang Huayou Cobalt for $71 million (C$99.49 million) on Monday. The stock lifted.
The sale includes all of Elevra’s rights and interests in the project, including its spodumene concentrate offtake rights. In addition, Elevra no longer has any funding commitment to develop the project.
The company says the sale allows it to sharpen its focus on its other projects, including the North American Lithium brownfield expansion in Quebec’s Abitibi-Témiscamingue region.
“Completing the sale of our Ewoyaa interest to Huayou delivers our goal of improving our financial flexibility,” said Lucas Dow, Elevra’s managing director and CEO. “With the proceeds now received, we are well placed to advance our North American lithium assets.”
Separately, Huayou is progressing its proposed acquisition of Atlantic Lithium (LON: ALL) which holds the remaining private-sector interest in Ewoyaa.
Shares in Elevra were up 4.12% when the markets closed Monday afternoon in Sydney.