- BMI Group and the Red Rock Indian Band signed a Memorandum
of Understanding with Rock Tech to finalize assessment and
development criteria for a 50-acre area in Red Rock Township.
- The former Norampac Paper Mill site was previously
shortlisted in Rock Tech's site selection process. It is the
closest site to production with industrial capacity.
- The community demonstrated their support by attending the
signing ceremony, expressing their enthusiasm for the development
of the area as a key component of the growing EV supply
chain.
RED
ROCK, ON, Nov. 3, 2023 /CNW/ - Rock Tech Lithium
Inc. (TSXV: RCK) (OTCQX: RCKTF) (FWB: RJIB) (WKN: A1XF0V)
(the "Company" or "Rock Tech") and the BMI Group-Red Rock Indian
Band partnership are conducting a comprehensive site analysis to
transform the former Norampac Paper Mill site in Red Rock into a key component of Ontario's EV supply chain. A Memorandum of
Understanding outlining next steps was signed this Friday at the
site accompanied by Mayor Darquise
Robinson, community members, and business partners.
The Company's Georgia Lake Mining Project is located along
Highway 11, an hour north of Red
Rock. As the closest site to production with critical
infrastructure components, inclusive of rail, industrial power, and
the pending development of the northernmost port on the Great
Lakes, the location can be well positioned for an intermodal
transloading facility and potentially Rock Tech's planned lithium
refinery.
At the event, Rock Tech CEO Dirk
Harbecke expressed enthusiasm for cooperating. "This
partnership truly embodies what we believe is vital: diligent
assessment, local and Indigenous community engagement, and strong
networks. This is not just a refinery, it is about developing a new
industry, ensuring chemical supply, green energy, offtake of
battery-grade lithium, and zero-waste management. We have invested
over 350,000 engineering hours, completed the front-end engineering
and design, and established the necessary industrial and
procurement network through our existing Guben Converter
project. These efforts lay the groundwork for a shovel-ready
opportunity for Ontario. To
realize the potential of it, we need strong and capable
partners."
Paul Veldman, Managing Partner at
the BMI Group added. "By combining our industrial development and
infrastructure experience, most notably from our Niagara Ports
project, with Rock Tech's technical expertise, we are fully
supporting the exploration of a viable pathway for lithium
processing and intermodal transport in Red Rock and the Province as a whole. The mill
was shuttered in 2006, and with it, about 300 jobs. This
collaboration represents a significant step towards not only
meeting the demand for critical battery components but also
bringing back some of those jobs."
"We have the capacity, our people have the capability, and we
want to make them shine. We want to give people a good life." Said
Red Rock Indian Band Chief Marcus
Hardy. "Refine where you mine" is not just a motto for us;
it's an opportunity to create new jobs that contribute to the
future of the mining industry. Coupled with the development of the
northernmost port on the Great Lakes and its ability to take
transport pressure off our Northern highways, you have a win-win
opportunity worth investing in."
Rock Tech previously stated that its Canadian lithium converter
will be located in Ontario. Its
engineering design of the Guben Converter will be applied to its
Canadian counterpart, positioning the Company to begin construction
as early as 2025, pending permits and further partnership
arrangements. The Company has completed a series of testworks to
ensure that the refinery can process spodumene from various sources
and is adaptable to the region's rapidly growing lithium
industry.
The former pulp and paper mill area on the Township of
Red Rock's waterfront, and the
strategic collaboration have the potential to significantly
contribute to the development of a competitive Provincial EV supply
chain, creating upwards direct new jobs and fostering positive
social impact and economic growth.
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
ABOUT THE BMI GROUP-RED ROCK INDIAN BAND JV LP
BMI Group is a real estate development and revitalization
company specializing in the adaptive reuse and repurposing of
end-of-use industrial and commercial properties and their
transition from linear to circular economies. The Red Rock Indian
Band (RRIB) is an Ojibwe First Nation in Northwestern Ontario, Canada. The Council is
an independent member of Union of Ontario Indians, a Provincial
Territorial Organization. The former mill site is being developed
in partnership with RRIB as a catalyst for the town of Red Rock and the greater Nipigon region. Aligned with the core themes
of the Township's Community Development Strategy, the Mill
Redevelopment Concept Plan (2022) outlines BMI's aspirations for
the future of the former mill site and its conceptual
redevelopment, inclusive of its evolution to integrate future
opportunities, investment, and business interest.
https://www.thebmigroup.ca/
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 the outcome of the site assessment together with RRIB-BMI JV LP
and its partners, 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 outcome of the
MoU, the Company's own business strategy, development and
exploration opportunities and projects, and plans and objectives of
management for the Company's operations and properties; and
RRIB-BMI JV LP's ability to procure supplies and other equipment
necessary for their business; the pending development of the
Red Rock port area, their accuracy
and reliability of technical data, forecasts, estimates and
studies.
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 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.