Arcore and Rock Tech seeking to secure European supply of lithium

17 November 2023 14:26

Zurich CCGreater Zurich

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Zug/Toronto - The Zug-based mining firm Arcore and the Canadian company Rock Tech have entered into a strategic partnership. Rock Tech will take lithium from Arcore’s huge reserves of European Lithium and convert this for use in EV batteries. A first converter is currently under construction in Germany.

Arcore, a privately owned lithium mining company headquartered in Zug, and the cleantech firm Rock Tech Lithium from Toronto in the Canadian province of Ontario intend to jointly safeguard a reliable and long-term supply of lithium for the European converters operated by Rock Tech. To this end, the two companies have agreed a strategic partnership, further details of which can be found in a press release issued by Rock Tech. The lithium carbonate is to be mined in an environmentally and socially responsible manner in Arcore’s own Lopare mining project in Bosnia-Herzegovina, before being converted into lithium hydroxide “made in Germany” by Rock Tech.

According to a separate press release issued by Arcore, Rock Tech is currently building its first converter in Guben, Germany, which will produce lithium hydroxide for the battery and automotive industries from 2026 onwards. Rock Tech has already concluded a supply agreement with the Mercedes-Benz Group AG.

As part of an exploration phase initiated in 2018 and now successfully completed, Arcore has confirmed deposits of lithium carbonate as well as boron, potassium and magnesium sulfate in its multi-element mine near Lopare. According to Nicolas Treand, Head of the Management Board at Arcore, this mine is “globally unique” in terms of its size and geological structure. The mineral deposits are to be mined in strip mines across a period of around 50 years. According to the information, the investments required for this are estimated at a mid three-digit million euro amount.

Both parties are committed to working towards waste-free and emissions-free production of lithium. According to Ali Vezvaei, Chairman of the Supervisory Board of Arcore, the company is looking forward to “a successful and synergetic relationship, not only commercially for the parties, but also strategically for the European continent as a whole”. ce/mm

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