04:32:32 EDT Sun 02 Apr 2023
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or Name

Rock Tech Lithium Inc (2)
Symbol RCK
Shares Issued 73,254,774
Close 2022-08-23 C$ 4.02
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Globe says Rock Tech to supply lithium to Mercedes-Benz

2022-08-24 07:50 ET - In the News

The Globe and Mail reports in its Wednesday edition that Stuttgart-based carmaker Mercedes-Benz AG signed a declaration of intent on Tuesday to purchase raw materials from German-Canadian company Rock Tech Lithium. The Globe's Steven Chase and Claudia Scholz write that Merc's chief technology officer Markus Schaefer, responsible for development and purchasing, was part of the delegation led by German Chancellor Olaf Scholz and Economics Minister Robert Habeck. Mr. Schaefer said Mercedes is in the process of drastically increasing the production of electric vehicles. To this end, Mercedes wants to build relationships with the Canadian mining sector. Rock Tech says it plans to supply Mercedes with 10,000 metric tonnes of lithium hydroxide annually starting in 2026. The two companies have signed an agreement to this effect. However, Rock Tech's lithium mine in Canada is still in the approval process. The raw material from which the battery-grade lithium hydroxide will be extracted will initially come from Australia, among other countries, until the Canadian mine comes on stream, and will be refined in Germany. Mr. Schaefer said Mercedes wants to tap "potential in the mining and refinery segment in Canada."

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