Following an extensive location selection process, Rock Tech has selected the former Norampac Paper Mill site in Red Rock as the location to develop Ontario’s first Lithium Refinery (“Converter”).
Rock Tech and the BMI Group signed a binding Cooperation Agreement outlining a long-term lease for the Converter location and a CAD 5.5mn investment by the BMI Group into the Project.
With Rock Tech’s unparalleled expertise gained through the successful development of Europe’s first Lithium Converter in Germany, Red Rock is positioned to become Canada’s premier lithium refining destination.
TORONTO, March 4, 2024 /CNW/ – Rock Tech Lithium Inc. (TSXV:RCK) (OTCQX:RCKTF) (FWB: RJIB) (WKN: A1XF0V) (the “Company” or “Rock Tech”) and the BMI Group (“BMI”) are pleased to announce the signing of a Cooperation Agreement (“Agreement”). The Agreement bindingly confirms the parties’ plans to enter into a long-term lease contract for the location of Ontario’s first Lithium Converter. The Red Rock site was selected by Rock Tech following the successful completion of a comprehensive site-assessment process. BMI further commits to invest CAD 5.5mn into the Project as part of the Agreement.
Rock Tech has decided to develop Ontario’s first Lithium Converter on the former Norampac Paper Mill site in Red Rock. The township of Red Rock is located approximately 110 km northeast of Thunder Bay, along the Trans-Canada Highway 17, on the north shore of Lake Superior. Rock Tech’s 100% owned Georgia Lake mining project is located approximately 60 km north of Red Rock.
In early 2023, Rock Tech engaged in an extensive site selection process. Several green and brown-field sites across Ontario and the Northern United States were evaluated. Rock Tech’s comprehensive expertise in developing Europe’s first Lithium Converter in Germany was instrumental in running an efficient and successful selection process in Canada. Since 2021, the Company has invested over 350,000 engineering hours and CAD 60mn into developing the Guben Lithium Converter in Germany.
Among others, the location in Red Rock was selected due to:
I.
The availability of major supporting infrastructure including the proximity to BMI’s emerging multimodal logistics hub and an energy grid providing abundant clean electricity.
II.
Strong support for the Project by the local community and Indigenous partners.
III.
Its proximity to the Georgia Lake project.
With BMI developing multimodal road …
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