The Chinese translation is being made; the original is shown for now.
Atlantic Lithium Ltd. has successfully transferred Elevra Lithium Limited’s rights in the Ewoyaa Lithium Project in Ghana to Zhejiang Huayou Cobalt Co. This transfer paves the way for Huayou to begin financing the project’s development.
With this transaction, Huayou now holds a 22.5% interest in Atlantic Lithium’s Ghana portfolio, which includes the Ewoyaa project. Additionally, Huayou has taken over Elevra’s previous rights to the spodumene offtake and other project responsibilities.
The completion of this transfer was facilitated by the Ghanaian Ministry of Lands and Natural Resources, which confirmed no objections to Huayou’s involvement as a controlling entity in the portfolio. Huayou has also agreed that the conditions for development funding under the existing project agreement have been either satisfied or waived.
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Huayou, a prominent Chinese battery materials group, is set to sole fund the remaining US$66 million of its Stage 3 development commitment. This investment will increase Huayou’s interest by an additional 27.5%, bringing its total stake in Atlantic Lithium’s Ghana portfolio to 50%. After reaching this threshold, development costs will be equally shared between Atlantic Lithium and Huayou.
The agreement marks a significant step towards developing Ewoyaa as Ghana’s first lithium mine. Keith Muller, Chief Executive of Atlantic Lithium, emphasized that Huayou’s involvement brings substantial financial strength, technical expertise, and experience in managing large-scale projects across Africa. This partnership is expected to reduce development risks and provide a robust foundation for advancing the Ewoyaa project towards construction.
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The African Mining Market is a source of insightful information on mining & industrial markets, and developments in Africa.
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