Rock Tech Lithium, owners of a lithium deposit in northwestern Ontario, are poised to start construction this year on a processing plant in Germany that will be fed by its mine project near Lake Nipigon.
The Vancouver-based junior miner, with strong European connections, announced Dec. 30 that it has raised U.S.$39.6 million (Cdn$50.7 million) of which a portion is earmarked to develop of its spodumene deposit, the Georgia Lake Project, in the Beardmore area. Spodumene is the most widely used lithium because of its high lithium content.
According to a news release from Rock Tech, approximately U.S.$5.8 million being set aside for Georgia Lake to do drilling, engineering and infrastructure work at the site, 145 kilometres northeast of Thunder Bay, along with environmental baseline and permitting work.
But the bulk of the funds – U.S.$31.5 million – are dedicated toward the company’s first lithium hydroxide converter and refinery facility in Guben, Germany. Construction begins this year.