Ghana's Parliament ratified the mining lease for Atlantic Lithium's Ewoyaa project on March 20, 2026, granting a 15-year lease under a new sliding royalty scale 5% when spodumene prices fall below $1,500/tonne, rising to 12% above $3,200/tonne, replacing the previously proposed flat 10% rate. The ratification clears Ghana's first-ever lithium mining lease and positions Ewoyaa to move toward a final investment decision. Half of Ewoyaa's planned output is committed to Elevra Lithium (the merged Piedmont Lithium Sayona Mining entity), which holds prior offtake ties to Tesla and LG Chem. Atlantic Lithium's Q1 2026 report showed access to up to $16.4 million in funding, including roughly $11 million from a Ghanaian pension fund, alongside A$13.9 million cash on hand and no debt. In a more recent shift, China's Zhejiang Huayou Cobalt announced on May 7, 2026 a proposed $210 million acquisition of Atlantic Lithium outright. Days later, Huayou separately agreed to assume Ewoyaa's remaining development funding obligations a move that decouples project construction from the broader takeover outcome, meaning the mine could advance even if the acquisition doesn't close. SMM View: Ewoyaa's ratification cements Ghana's entry into Africa's lithium production landscape, but the Huayou bid adds a new ownership dimension to watch potentially extending Chinese control further into West Africa's spodumene supply chain alongside Mali's Goulamina and Bougouni projects.

According to SMM data, on August 5, the FOB price of Indonesian MHP nickel fell by $41/mt Ni compared to yesterday, the FOB price of Indonesian MHP cobalt fell by $58/mt Co, and the FOB price of Indonesian high-grade nickel matte rose by $50/mt Ni.

[SMM Analysis] Demand in the LFP industry chain continues to rise, but the supply-side response is significantly lagging behind. The most notable feature of the current market is that tight supply is rapidly transmitting from bottom to top, forming a sequential inversion of "battery cell production schedule > LFP cathode production schedule > iron phosphate production schedule." The slow release of LFP capacity and the iron phosphate industry segment have become the most prominent bottlenecks in the entire chain.

According to SMM data, on August 4, the FOB price of Indonesian MHP nickel fell $70/mt Ni from the previous day, while the FOB price of Indonesian MHP cobalt decreased $20/mt Co. The FOB price of Indonesian high-grade nickel matte dropped $71/mt Ni.

As of now, the Indonesia MHP nickel FOB price stood at $15,348/mt Ni, and the Indonesia MHP cobalt FOB price was $49,311/mt Co. The MHP payables for SMM battery-grade nickel sulphate index were 85-86%, while the MHP cobalt element payable indicator for SMM refined cobalt (Rotterdam warehouse) was 92%. The Indonesia high-grade nickel matte FOB price was $15,731/mt Ni.

[SMM Cobalt & Lithium Morning Call: Raw Material Prices Diverge, Industry Demand Maintains Structural Support] This week, industry chain prices showed divergence. Lithium ore, lithium chemicals, nickel chemicals and cobalt products were overall under pressure. Downstream procurement remained focused on long-term contract cargo pick-ups and essential restocking, and the market still held expectations of increasing supply and price declines in the long term. Cathode material side, ternary system prices pulled back along with raw material costs, while LFP and iron phosphate strengthened slightly, supported by order growth and cost support. Anode and separator markets held stable overall, and electrolyte moved up, driven by rising additive and solvent prices. Demand from energy storage, commercial vehicles and markets outside China maintained good performance, supporting continued growth in the industry's production schedules, but recovery on the consumption side remained relatively slow.

At the beginning of this week, the overall industry chain was relatively weak, with the price center of electrolytic metals, intermediates, and salts continuing to decline. During the traditional off-season, downstream purchasing was mainly small-scale, just-in-need buying. Cost support from virgin materials remained, but recycled materials, low-priced older stocks, and re-dissolution routes persistently depressed market psychological price levels, intensifying price negotiation divergences between upstream and downstream. The ternary cathode precursor and ternary cathode material markets weakened simultaneously due to falling raw material prices. August orders showed steady growth, but consumer-side demand had yet to recover significantly. The supply-demand balance for LCO remained weak, and short-term prices were expected to remain stable.

Ardea Resources (ASX: ARL) presented its Kalgoorlie Nickel Project (KNP) at the Diggers & Dealers forum on August 3, citing a resource of 854 Mt at 0.71% Ni and 0.045% Co, or 6.1 Mt contained nickel and 386 kt contained cobalt, which it calls Australia's largest nickel-cobalt resource. The Goongarrie Hub definitive feasibility study is fully funded by Japanese partners Sumitomo Metal Mining and Mitsubishi Corp on an A$98.5m budget; Ardea holds 65% of the Goongarrie JV and the Japanese consortium 35%. Export Finance Australia and US EXIM have issued letters covering potential support of about A$1bn.

According to SMM data, on August 3, the FOB price of Indonesian MHP nickel fell $19/mt Ni from the previous day, and the FOB price of Indonesian MHP cobalt fell $19/mt Co. The FOB price of Indonesian high-grade nickel matte fell $20/mt Ni.

As of now, the FOB price of Indonesian MHP nickel is $15,418/mt Ni, and the FOB price of Indonesian MHP cobalt is $49,331/mt Co. The MHP payables (against SMM battery-grade nickel sulphate index) are 85-86, and the MHP cobalt payables (against SMM refined cobalt (Rotterdam warehouse)) is 92. The FOB price of Indonesian high-grade nickel matte is $15,802/mt Ni.