China’s Huayou Cobalt to Acquire Atlantic Lithium for $210 Million as Prices Rebound
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Chinese lithium battery materials maker Zhejiang Huayou Cobalt Co. Ltd. (603799.SH) is planning to acquire Australia’s Atlantic Lithium Ltd. for $210 million in an all-cash deal aimed at securing control of a key lithium project in Ghana and strengthening the Chinese company’s upstream resource base.
Under the agreement announced by Huayou Cobalt on Thursday, the final purchase price for Atlantic Lithium will be determined based on capital gains taxes applied by the Ghana Revenue Authority. The deal is subject to regulatory clearances, including from Australia’s Foreign Investment Review Board, as well as authorities in China and Ghana.
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- Huayou Cobalt to acquire Atlantic Lithium for $210M cash, targeting Ghana's Ewoyaa lithium mine (36.8Mt resources, 1.24% Li2O, 1.1Mt LCE).
- Deal awaits approvals from Australia, China, Ghana; bolsters Huayou's African assets like Zimbabwe's Arcadia and DRC operations.
- Chinese firms (Zijin, Tianqi, Ganfeng) expand output amid 49% YTD lithium price rise to 196,500 yuan/ton and 2026 supply deficit forecast.
- Zhejiang Huayou Cobalt Co. Ltd.
- Zhejiang Huayou Cobalt Co. Ltd. (603799.SH), a Chinese lithium battery materials maker, plans to acquire Australia's Atlantic Lithium Ltd. for $210M in cash to control Ghana's Ewoyaa lithium project (36.8Mt resources, 1.24% Li2O, 1.1Mt LCE). The deal awaits approvals from Australia, China, and Ghana, enhancing Huayou's African assets including Zimbabwe's Arcadia and DRC's Mikas/CDM.
- Atlantic Lithium Ltd.
- Atlantic Lithium Ltd., an Australian company, is being acquired by China's Zhejiang Huayou Cobalt for $210M in cash. The deal targets its Ewoyaa lithium mine in Ghana, with 36.8Mt resources at 1.24% Li2O (1.1Mt LCE). It's Ghana's first approved lithium mine. Subject to approvals from Australia, China, and Ghana.
- Zijin Mining Group Co. Ltd.
- Zijin Mining Group Co. Ltd. (601899.SH) plans to boost lithium output from 25,500 tons LCE in 2025 to 270,000-320,000 tons by 2028, driven by its northeast Manono project in DRC, online June 2026, potentially making it one of the world’s largest producers.
- Tianqi Lithium Corp.
- Tianqi Lithium Corp. (002466.SZ), a leading domestic producer, expects to yield 87,900 tons of lithium carbonate equivalent in 2025.
- Ganfeng Lithium Group Co. Ltd.
- Ganfeng Lithium Group Co. Ltd. (002460.SZ) expects to yield 182,400 tons of lithium carbonate equivalent in 2025 and aims to build an annual design capacity of at least 600,000 tons by 2030.
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