Author：EqualOcean News , Leci Zhang Editor：Yiran Xing Updated 6 hours ago (GMT+8)

Between May 7 and May 10, Huayou Cobalt (华友钴业 / 603799.SH) released a series of major announcements, declaring that through two interlinked transactions totaling approximately $280 million, it has gained substantive control over 87% of the equity in the Ewoyaa Lithium Project in Ghana.

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The first transaction occurred on May 7, when Huayou (华友钴业) announced its intention to acquire 100% of the shares of the Australian listed company Atlantic Lithium for $210 million. This was followed on May 10 by a second investment of $70.9 million to take over the relevant rights and obligations of another partner's Singaporean subsidiary in the project. Through this textbook-style equity penetration, Huayou Cobalt (华友钴业) has completely resolved the funding and execution stalemate that had plagued the project for months, officially taking over the most promising lithium resource base in West Africa.

The core asset of this acquisition, the Ewoyaa Lithium Mine, is the first project in Ghana's history to obtain a complete mining lease and possess the conditions for rapid production. According to JORC standard estimates, the mine has a total resource of 36.8 million tons, with an average lithium oxide grade of 1.24%, equivalent to approximately 1.127 million tons of Lithium Carbonate Equivalent (LCE). The project is ideally located adjacent to the deep-water port of Takoradi and received official approval from the Ghanaian Parliament in March 2026. By entering at this juncture, despite some controversy regarding the compliance premium for the 1.24% grade, Huayou Cobalt (华友钴业) aims directly at Ewoyaa’s planned 3.6-million-ton concentrate capacity scheduled to launch within 2026. The goal is to build a lithium battery material supply chain spanning three continents through the linkage of African resources with processing bases in Indonesia and China.