en.Wedoany.com Reported - On May 7, China's Zhejiang Huayou Cobalt Co., Ltd. issued an announcement, declaring the signing of a Scheme Implementation Deed and related agreement appendices with Atlantic Lithium Limited ("Atlantic Lithium"). China's Huayou Cobalt plans to acquire 100% equity of Atlantic Lithium through a scheme of arrangement, with a transaction consideration of US$210 million (excluding capital gains tax). The final acquisition price will be determined based on the capital gains tax applied by the Ghana Revenue Authority. Atlantic Lithium is listed simultaneously on the AIM market of the London Stock Exchange, the Australian Securities Exchange, and the Ghana Stock Exchange. Headquartered in Australia, its main business is lithium exploration and development in the African market, with its core asset being the Ewoyaa lithium project in Ghana.
According to the JORC Code, the Ewoyaa lithium project has total Mineral Resources of 36.8 million tonnes at an average grade of 1.24% lithium oxide (Li₂O), equivalent to 1.127 million tonnes of Lithium Carbonate Equivalent (LCE). This includes Measured Resources of 3.7 million tonnes at 1.37% Li₂O, equivalent to 125,000 tonnes of LCE; Indicated Resources of 26.1 million tonnes at 1.24% Li₂O, equivalent to 799,000 tonnes of LCE; and Inferred Resources of 7.0 million tonnes at 1.15% Li₂O, equivalent to 199,000 tonnes of LCE. China's Huayou Cobalt stated in the announcement that this acquisition represents a further expansion of the company's resource portfolio. Previously, in the Indonesia region, Huayou Cobalt's own nickel metal reserves amounted to approximately 6.5 million tonnes, with associated cobalt metal content exceeding 500,000 tonnes; in the Africa region, the 2025 supplementary exploration at the Arcadia lithium mine in Zimbabwe increased the attributable resource base from 1.5 million tonnes of LCE to 2.45 million tonnes, with the grade improving to 1.34%.
On December 22, 2025, China's Huayou Cobalt had announced plans to acquire a lithium mine located in Zimbabwe, with a total transaction value of US$422 million. Upon completion of the acquisition, the subsidiary Huayou International Mining will hold 100% equity in Prospect Lithium Zimbabwe (Pvt) Ltd and related creditor's rights. China's Huayou Cobalt was founded in 2002, and its main business consists of five major business segments: the new energy industry, the new materials industry, the Indonesian nickel industry, the African resources industry, and the recycling industry. In 2025, China's Huayou Cobalt achieved revenue of RMB 81.019 billion, a year-on-year increase of 32.94%; net profit attributable to the parent company was RMB 6.11 billion, a year-on-year increase of 47.07%. In the first quarter of 2026, the company's revenue reached RMB 25.804 billion, a year-on-year increase of 44.62%; net profit attributable to the parent company was RMB 2.497 billion, a year-on-year increase of 99.45%.
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