Rock Tech completes study for Ontario lithium conversion facility
An artist impression of Red Rock Converter as seen from the north-east on the proposed site in Red Rock.
Lithium company Rock Tech has confirmed the economic and operational feasibility of constructing a lithium conversion facility in Red Rock, Ontario, following the completion of a scoping study.
The proposed facility, with a nameplate capacity of 32 000 t/y of lithium carbonate equivalent (LCE), will source spodumene concentrate locally, including from the company’s Georgia Lake project.
Key highlights of the study include a post-tax internal rate of return of 22.2%, a net present value of C$2.3-billion, at an 8% discount rate, and a capital expenditure estimate of C$1.6-billion.
Operational expenditure for conversion, excluding raw materials, is estimated at C$ 6 200/t.
Rock Tech CEO Dirk Harbecke said the company's strategy was to replicate its European success in North America. The company’s proven expertise in advancing its fully permitted German facility will be instrumental in fast-tracking the Ontario project, expected to benefit from significant cost savings by transferring up to 80% of the basic engineering from the German converter.
Jennifer Main, COO of the Ontario converter project, highlighted that the project is well-positioned to become a lithium refining hub, aiming to deliver critical materials to the market by the end of the decade.
Rock Tech’s study indicates a robust business case, with long-term spodumene concentrate prices expected at $1 800/t and LCE sales projected at $31 000/t over the life of the project, which is estimated at 25 years.
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