- Rock Tech plans to build its next lithium converter and
develop an integrated lithium supply chain by 2027.
- Rock Tech is currently completing the assessment of
shortlisted locations in Ontario.
- Rock Tech moved its Canadian office to Toronto, Ontario.
TORONTO, Oct. 18,
2023 /CNW/ - Implementing its strategic
vision to build several lithium converters by end of 2030, Rock
Tech Lithium Inc. (TSXV: RCK) (OTCQX: RCKTF) (FWB: RJIB)
(WKN: A1XF0V) (the "Company" or "Rock Tech") has
decided to accelerate the planning for its Canadian converter.
Applying the engineering and planning expertise from
its European converter project, the Company is aiming for
a start of production in 2027. To that end, Rock Tech
has announced the relocation of its Canadian headquarters into the
Province of Ontario effective
01 October 2023.
"With more than 350,000 engineering hours and approximately
40 million Euros invested, we have
taken the Guben converter project in Germany to a high level of maturity. The
finalized basic engineering for the entire converter and our global
procurement and execution partners have put us in an excellent
position to transfer at least 80 percent of completed engineering
into the development of Canada's
first lithium conversion plant," states Rock Tech's Chief Operating
Officer Klaus Schmitz.
A strategy and execution team is currently in Ontario to conclude assessments of shortlisted
sites in the districts of Thunder
Bay, Sudbury, Nipissing and in the Leeds and Grenville areas. More than 150 selection
criteria are being reviewed for technical, economical and
logistical suitability. Discussions with political stakeholders and
permitting authorities are being held additionally to understand
and address interests of local communities.
"Rock Tech is a growth story, focused on technology and
sustainability. We are thrilled to expand our conversion footprint
to our home market of Canada.
Building on what we have already started with the first studies in
2019, it is the right time to start implementation," added
Dirk Harbecke, Chairman and Chief
Executive Officer of Rock Tech. "We see a strong interest in our
negotiations with Canadian and US government authorities and
industrial partners after the completion of basic engineering in
Guben, where we have just applied for additional
subsidies."
Over the past years, Rock Tech has assembled a team of more than
40 international experts, including lithium processing specialists
from Australia, industrial
engineers from Germany, and mining
experts from Canada. The team has
completed several testworks with different spodumene concentrates,
successfully demonstrating own and third-party feedstock
processing. Additionally, 95 percent of Rock Tech's by-products can
be used by the construction industry as a low-carbon alternative to
cement and other high-value applications, which makes Rock Tech an
upcoming leader in by-product utilization. Furthermore,
options for co-locating in Canada
with battery recycling partners are being analyzed.
On behalf of the Board of Directors,
Dirk Harbecke, Chairman &
CEO
ABOUT ROCK TECH
Rock Tech is a cleantech company with
operations in Canada and
Germany on a mission to produce
lithium hydroxide for electric vehicle batteries. The Company plans
to build lithium converters at the door-step of its customers, to
guarantee supply-chain transparency and just-in-time delivery,
beginning with the Company's proposed lithium hydroxide merchant
converter and refinery facility in Guben, Germany. To close the most pressing gap in the
clean mobility story, Rock Tech has gathered one of the strongest
teams in the industry. The Company has adopted strict
environmental, social and governance standards and is developing a
proprietary refining process aimed at further increasing efficiency
and sustainability. Rock Tech plans to source raw material from its
wholly-owned Georgia Lake spodumene project located in the Thunder
Bay Mining District of Ontario,
Canada, as well as procuring it from other responsibly
producing mines. In the years to come, the Company expects to also
source raw material from discarded batteries. Rock Tech's goal: to
create a closed-loop lithium production system.
www.rocktechlithium.com
FOR FURTHER INFORMATION
André Mandel, phone: +49 (0)
2102 89 41 116; or email: amandel@rocktechlithium.com,
Rock Tech Lithium Inc.; 2400-333 Bay Street, Toronto ON M5H 2T6,
Canada
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
CAUTIONARY NOTE CONCERNING FORWARD-LOOKING
INFORMATION
Certain statements contained in this news
release constitute "forward-looking information" under applicable
securities laws and are referred to herein as "forward-looking
statements". All statements, other than statements of historical
fact, which address events, results, outcomes or developments that
the Company expects to occur are forward-looking statements. When
used in this news release, words such as "expects", "anticipates",
"plans", "predicts", "believes", "estimates", "intends", "targets",
"projects", "forecasts", "may", "will", "should", "would", "could"
or negative versions thereof and other similar expressions are
intended to identify forward-looking statements. In particular,
this press release contains forward-looking information pertaining
to: regulatory decisions and outcomes; anticipated construction and
its costs, schedules and completion dates; access to capital
markets and other sources of financing; the supply and demand for,
deliveries of, and the level and volatility of prices of,
intermediate and final Lithium products; future exchange and
interest rates; general business and economic conditions; the costs
and results of development, exploration and operating activities;
Rock Tech's ability to procure supplies and other equipment
necessary for its business; and the accuracy and reliability of
technical data, forecasts, estimates and studies;; Rock Tech's
opinions, beliefs and expectations regarding the Company's business
strategy, development and exploration opportunities and projects,
and plans and objectives of management for the Company's operations
and properties.
Forward-looking statements by their nature are based on
assumptions and involve known and unknown risks, uncertainties and
other factors which may cause the actual results to differ
materially from the forward-looking statements. There may also be
other factors that cause actual results to differ materially from
the forward-looking statements, including the risks, uncertainties
and other factors discussed in the Company's most recent
management's discussion and analysis and annual information form
filed with the applicable securities regulators, or known and
unknown risks and uncertainties that may affect the inability to
satisfy the conditions to closing of the Offering on a timely
basis, or at all; the failure to receive any necessary approval
required in connection with the Offering; the Company's ability to
access additional funding required to invest in available
opportunities and projects (including the Converter Project and the
Georgia Lake Project).
No assurances can be given that any of the events anticipated by
the forward-looking statements will transpire or occur, and the
Company cautions the reader not to place undue reliance upon any
such forward-looking statements. The Company does not intend, nor
does it assume any obligation to update or revise any of the
forward-looking statements, whether as a result of new information,
changes in assumptions, future events or otherwise, except to the
extent required by applicable law.
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SOURCE Rock Tech Lithium Inc.