The Red Rock converter, planned for the namesake town about 900 km northwest of Toronto, would produce about 30,000 tonnes of lithium salts a year, down only modestly from the 32,000 tonnes of lithium carbonate equivalent in the August investor deck. The new estimate carries a roughly 20 percent margin and comprises $546 million in direct capital costs plus $50 million in owner costs. The company did not reconcile the capacity figures or explain what drove the reduction beyond design optimization, existing infrastructure and procurement assumptions.
Notably absent from Wednesday’s update: operating costs, investment returns and the financing structure, all pushed to the final feasibility study due in December. China CEC Engineering, which has built battery-material plants for BYD and Huayou Cobalt, is conducting the study that began in June.
Construction is targeted for the second half of 2027 with first production in 2029, using the former Norampac paper mill site about 100 km east of Thunder Bay with 120 megawatts of power, natural gas access and rail connections. BMI Group intends to invest $200 million, subject to definitive agreements. Until the December study lands, the headline number is a milestone, not a bankable figure.