On May 10, Huayu Cobalt announced that the company and its subsidiary Huayu Hong Kong signed a Novation Deed with Piedmont Lithium and other parties. They will assume all rights and obligations of Piedmont under various contracts related to Atlantic Lithium's Singapore subsidiaries for a consideration of $70.9 million. These rights include acquiring a 22.5% equity interest in the Singapore subsidiaries and securing an offtake right for no less than 50% of the production from the Ewoyaa Lithium Project. Upon completion of the transaction, the company will indirectly hold an 87% interest in the Ewoyaa Lithium Project.
Edited by Cassie Li, lixiangying@mysteel.com
