Atlantic Lithium completes partner transfer that unlocks Ewoyaa development funding

Atlantic Lithium ($ALL-LSE) confirmed completion of the transfer of Elevra Lithium’s Ghana project rights and obligations to Zhejiang Huayou Cobalt. Ghana’s Ministry of Lands and Natural Resources raised no objection to the change of controller. Huayou now holds rights to a 22.5% interest in the Ghana lithium portfolio, including Ewoyaa, and has assumed the existing spodumene offtake arrangements and associated project obligations.

Huayou will begin funding the remaining $66 million of a $70 million development commitment after agreeing that the relevant conditions were satisfied or waived. That expenditure allows it to earn a further 27.5% interest, taking its eventual stake to 50%; subsequent costs would be shared equally. The completed transfer advances the project’s financing arrangements, but the additional ownership is earned through funding and does not mean the mine is operating.

Sources:

• RNS via London South East
• RNS via Investegate