China’s Zhejiang Huayou has officially acquired a stake in Ghana’s Ewoyaa lithium project, a major step toward developing the country’s first industrial lithium mine. The project is expected to produce 3.6 million tonnes of spodumene concentrate over 12 years.
On October 26, 2026, Elevra Lithium announced the completion of the sale of its 22.5% stake in Ewoyaa to Zhejiang Huayou. The transaction, valued at $71 million, received approval from Ghanaian authorities. The stake was previously held under a joint venture with Atlantic Lithium, which operates the project.
China strengthens its position
Meanwhile, Zhejiang Huayou is pursuing a separate offer to acquire Atlantic Lithium for approximately $210 million. If completed, the deal would allow the Chinese group to gain control of the privately held interests in Ewoyaa. Huayou already operates the Arcadia lithium mine in Zimbabwe, strengthening its presence in Africa’s lithium industry.
A major investment for Ghana
Furthermore, Ewoyaa has the potential to become an important asset for Ghana’s mining sector. The project is expected to require an investment of $185 million, and its construction has received the necessary regulatory approvals from Ghanaian authorities.
The Ghanaian government is also expected to benefit through a free 13% stake in the project. This participation could provide long-term economic returns as lithium demand grows, particularly because the metal is essential for electric vehicle batteries.
Ultimately, the next key step will be the outcome of Zhejiang Huayou’s proposed acquisition of Atlantic Lithium. The result will determine the project’s future ownership structure and help clarify the timeline for developing Ghana’s first industrial lithium mine.
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