Green Tech Metals buys out partner, Rock Tech Lithium firms up European supply chain
A pair of lithium junior miners in northwestern Ontario are making moves to consolidate ground and firm up its supply chain to feed the downstream electric vehicle manufacturers.
Australia’s Green Technology Metals is dissolving a joint venture partnership with Ardiden to acquire the remaining 20 per cent stake in its Ontario lithium properties. The deal worth (Australian) $18.5 million gives Green Tech full control of three lithium holdings including Seymour, located just outside of Armstrong, that the company is touting as a mine development.
Ardiden, a fellow Australian junior miner, is focusing its efforts on gold in the Pickle Lake area. Meanwhile, Green Tech aims to establish a “vertically integrated business” involving Thunder Bay in serving the North American automotive industry.
In a statement, Green Tech CEO Luke Cox was pleased to consolidate these properties in this transaction. “To have secured 100 per cent ownership of our key assets, including our flagship Seymour Mine Development, further cements our strategic industry positioning. It also removes the implicit economic burden of a free-carried minority interest over these assets.”