Ardiden Ltd. said Oct. 10 that it signed a nonbinding memorandum of understanding with Rock Tech Lithium Inc. to collaborate on developing a lithium project that could supply spodumene concentrate at 6% to 7% lithium oxide by combining their Seymour Lake and Georgia Lake projects in Ontario.
The companies also want to work together to develop transportation to move mined spodumene material from Seymour Lake to Georgia Lake and assess what would be the most suitable processing and supporting infrastructure facilities at Rock Tech's Georgia Lake site. The parties aim to progressively bring additional spodumene resources on-stream from other wholly owned Ontario lithium projects and to develop options for joint value-adding strategies through potential development of downstream processing facilities at Thunder Bay, Ontario.
In October 2018, Rock Tech reported a preliminary economic assessment for the Georgia Lake project, outlining an estimated posttax net present value of C$210 million, at an 8% discount rate, with an internal rate of return of 48.1%.
