Atlantic Lithium secures FIRB approval for US$210M deal
- Foreign Investment Review Board approves Huayou Cobalt’s proposed US$210 million buyout of Atlantic Lithium.
- The Australian Commonwealth Government raised no objections, clearing a major regulatory hurdle for the scheme.
- The acquisition remains subject to shareholder approval, court sanctioning, and additional regulatory clearances.
Atlantic Lithium (ASX:A11) has secured Australian foreign investment approval for its proposed US$210 million scheme of arrangement with Zhejiang Huayou Cobalt.
The clearance satisfies a key condition precedent following written confirmation from the Australian Treasury that the Commonwealth Government has no objection.
The Atlantic Lithium board stated that it continues to unanimously recommend that shareholders vote in favour of the proposed transaction.
The takeover deal remains subject to other regulatory permissions, approval from Atlantic Lithium shareholders, and sanctioning by the Supreme Court of Western Australia.
A scheme booklet and independent expert’s report will go to shareholders in October 2026 ahead of a November vote, with final implementation targeted for December 2026.
Following the announcement, the Atlantic Lithium share price was unchanged at $0.30.
The transaction centres on developing Ghana’s first lithium mine, known as the Ewoyaa Lithium Project.
Under the binding deed signed in May, Chinese battery materials maker Huayou Cobalt aims to acquire full ownership of the West Africa-focused explorer.
