Gasgoo Munich- On May 7, Huayou Cobalt announced it has entered into a scheme implementation agreement with Atlantic Lithium Limited to acquire 100% of the company's equity. The deal carries a price tag of $210 million, excluding capital gains tax, with the final consideration to be determined based on filings with the Ghana Revenue Authority (GRA).
Atlantic Lithium is an Australia-headquartered lithium company listed on the London Stock Exchange's AIM market, the Australian Securities Exchange, and the Ghana Stock Exchange. Its primary focus is lithium exploration and development across Africa, anchored by its core asset: the Ewoyaa lithium project in Ghana.
Image source: Huayou Cobalt
Under JORC standards, total mineral resources stand at 36.8 million tonnes with a lithium oxide grade of 1.24%, equivalent to 1.127 million tonnes of lithium carbonate equivalent (LCE). This includes 3.7 million tonnes of measured resources at 1.37% grade (125,000 tonnes LCE), 26.1 million tonnes of indicated resources at 1.24% grade (799,000 tonnes LCE), and 7 million tonnes of inferred resources at 1.15% grade (199,000 tonnes LCE).
The acquisition marks a significant step in Huayou Cobalt's strategy to deepen its overseas resource footprint. By securing this asset, the company aims to boost its self-sufficiency in lithium and strengthen supply chain resilience, reinforcing its integrated industrial advantages and overall competitive edge.
Founded in 2002, Huayou Cobalt is a leading global player in lithium battery materials. Its operations span five core sectors—new energy, new materials, Indonesia nickel, African resources, and recycling—forming a complete industry chain that covers cobalt and lithium resource development, green non-ferrous metal refining, R&D and manufacturing of battery materials, and resource recycling.
In 2025, Huayou Cobalt delivered its best financial performance on record. Full-year revenue reached 81.019 billion yuan, a 32.94% increase, while net profit attributable to shareholders climbed 47.07% to 6.11 billion yuan. The growth momentum continued into the first quarter of 2026, with revenue hitting 25.804 billion yuan—up 44.62%—and net profit soaring 99.45% to 2.497 billion yuan.
