- Next important milestone reached after receiving the final
building permits and funding of 100 million
EUR.
- Worley is a global professional services company of energy,
chemicals and resources experts headquartered in Australia.
- Comprehensive selection process coordinated by
Accenture.
TORONTO, July 15,
2024 /CNW/ - Rock Tech Lithium Inc. (TSXV: RCK)
(OTCQX: RCKTF) (FWB: RJIB) (WKN: A1XF0V) ("Rock Tech" or the
"Company") is pleased to announce that it has selected leading
global professional services company Worley Limited ("Worley") as
its preferred engineering, procurement, and construction management
(EPCM) partner for the construction of Europe's first lithium converter. The
partnership will pave the way for the rapid and efficient
implementation of the project. Worley specializes in engineering,
construction and implementation of complex industrial plants and,
with 50,000 employees worldwide, has completed more than 1,000
projects in the chemical and resources industries across all
continents. These include projects in the major chemical clusters
in eastern and south-western Germany. The team is also one of few experts
with experience in the implementation of lithium projects.
To date, lithium converters have mainly been in operation in
China and Australia. With a capacity of 24,000 tons of
lithium hydroxide per year, the plant in Guben, Brandenburg, is an
important building block for a resilient European battery value
chain. By 2030, 50% of the material used will come from recycled
batteries. The investment costs amount to around 800 million euros. The state and federal
governments have awarded funding of 100
million euros to ensure a level playing field in
international competition.
Kerstin Wedemann, Chief Legal
& Operations Officer, comments: "We are excited to develop
our relationship with Worley and we are confident that together we
will achieve success for our Project. Worley has a pedigree as a
world class global project delivery partner. They provide full
services until commercial operation. The international team will be
supported by Worley's Germany
office, taking care of the specific needs at a German site."
Rock Tech plans to start project execution of the converter this
year once the financing has been completed. The project received
full permit approvals of the Brandenburg State Environmental Agency
in May 2024 and has completed
comprehensive basic engineering (FEL3 study). The technical
specification for construction and commissioning has been
completed, and planning for ramp-up and operation of the future
converter has started.
The EPCM selection process, coordinated by Accenture, took over
six months to complete. Worley was selected against several
competitors. Key criteria in the selection process included
previous track record in complex projects, technical expertise and
experience in implementing projects in Germany.
ABOUT ROCK TECH
Rock Tech's vision is to supply the electric vehicle and battery
industry with sustainable, locally produced lithium, targeting a
100% recycling rate. To ensure resilient supply chains, the company
plans to build lithium converters at the doorstep of its customers,
beginning with the Company's proposed Lithium Hydroxide Converter
in Guben, Brandenburg, Germany.
The second Converter is planned to be built in Red Rock, Ontario, Canada. Rock Tech Lithium
plans to source raw material from its own Georgia Lake spodumene project in the Thunder
Bay Mining District of Ontario,
Canada, and procure from other ESG-compliant mines.
Ultimately, Rock Tech's goal is to create a closed-loop lithium
production system. Rock Tech has gathered one of the strongest
teams in the industry to close the most pressing gap in the clean
mobility story. The Company has adopted strict environmental,
social and governance standards and is developing a proprietary
refining process to increase efficiency and sustainability
further.
ABOUT WORLEY
Worley is a global professional services company of energy,
chemicals and resources experts. Worley partners with customers to
deliver projects and create value over the life of their assets. We
are bridging two worlds, moving towards more sustainable energy
sources, while helping to provide the energy, chemicals and
resources needed now. Worley Limited is headquartered in
Australia and listed on the
Australian Securities Exchange (ASX: WOR).
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 expectations concerning the Guben Converter, including the
design and features of the Guben Converter, as well as the expected
costs, capital expenditures, timing and outcomes thereof;
statements regarding the Company's future plans, estimates, and
schedules relating to the Guben Converter, including the
anticipated timing of future activities taken in support of the
development thereof; ; Rock Tech's potential financing
arrangements; the expected economic performance of the Guben
Converter and anticipated production of battery-grade lithium
hydroxide and related processing methods employed; the estimated
capital and operating costs of the Guben Converter; the anticipated
timing and outcome of a final investment decision; unexpected
results from the FEL3 study of the EPCM contract, the final
evaluation and selection process of Worley; the timing for
completion and expected outcomes of the EPCM contract, including
theconstruction activities and commissioning of the Guben
Converter; statements regarding the Company's sustainability and
ESG related goals and strategy, including the benefits and
achievement thereof and future actions taken by the Company in
relation thereto; expected regulatory processes and final outcomes;
expectations regarding the electric vehicle industry, including the
demand for and pricing of battery-grade lithium hydroxide and the
benefits therefrom, and the development of political and regulatory
frameworks especially in Germany
and the European Union; 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, 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.
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.