Atlantic Lithium (ASX:A11) said Australia's Foreign Investment Review Board (FIRB) approved the proposed acquisition of Atlantic Lithium by Zhejiang Huayou Cobalt, or a wholly-owned unit nominee of Zhejiang Huayou, by way of a scheme of arrangement, according to a Thursday Australian bourse filing.

Zhejiang Huayou informed the firm that the Australian Treasury provided written notification that the Australian government had no objection to the scheme.

The scheme remains subject to other approvals, including an approval by a majority of Atlantic Lithium shareholders at the scheme meeting expected to be held in November as well as approval by the Supreme Court of Western Australia. Implementation of the scheme is expected to occur in December.

Atlantic's shares rose past 5% in recent trading on Thursday.