Elevra Lithium (ASX:ELV) agreed to sell its interest in the Ewoyaa Lithium Project in Ghana to Zhejiang Huayou Cobalt for around $71 million in cash before fees and taxes, according to a Monday Australian bourse filing.

The deal transfers all of the company's project rights, including offtake rights, enabling it to withdraw from its funding commitments and streamline its portfolio to focus on North American assets, per the filing.

The completion is expected in the first quarter of fiscal 2027, subject to regulatory approvals in Ghana.

The proceeds from the transaction will strengthen the company's financial flexibility and support its growth initiatives, enhancing long-term shareholder value, the filing said.

Huayou is also acquiring Atlantic Lithium's (ASX:A11) wider stake in the Ewoyaa Lithium Project through a separate scheme agreement worth about $210 million in cash, although Elevra's deal does not depend on this transaction, the filing added.