News
John Smaug
- March 04, 2024
Rock Tech Lithium revealed their decision to establish a lithium converter near Thunder Bay, Ontario, along with a significant investment from BMI Group, a real estate development and revitalization company.
Site Selection and Investment Details
The chosen site for the lithium converter is the former Norampac Paper Mill site in Red Rock, located approximately 110 kilometers northeast of Thunder Bay. This location is conveniently situated about 60 kilometers south of Rock Tech Lithium's Georgia Lake mining project.
Cooperation Agreement and Investment Terms
Rock Tech Lithium and BMI Group have formalized their partnership through a cooperation agreement. This agreement solidifies their intention to enter into a long-term lease contract for the lithium converter in Ontario.
Financial Injection
BMI Group has committed to injecting C$5.5 million into the Red Rock Lithium Converter project at the asset level. This investment will involve an equity component, allowing BMI Group to acquire an equity stake in the project while also providing a long-term loan.
This partnership marks an exciting development for Rock Tech Lithium, reflecting their commitment to advancing clean technology initiatives in the region.
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