US Finalizes $996 Million Loan for Nevada Lithium Project
Key Points:
* The U.S. Department of Energy has approved a $996 million loan for ioneer's Rhyolite Ridge lithium project, located in rural Nevada.
* The loan is aimed at boosting domestic lithium production and reducing reliance on China.
* The increased funding from an earlier offer reflects post-pandemic inflation and new geological studies showing a larger lithium deposit.
* The project will produce 22,000 metric tons of lithium annually, enough to manufacture 370,000 electric vehicles.
* The loan finalization marks one of the last actions by the Biden administration before leaving office.
Project Details:
The Rhyolite Ridge project is expected to produce lithium and boron, providing a dual revenue stream. It will supply Ford and other EV manufacturers by 2028.
The plant will be built in Esmeralda County, Nevada, approximately 362 km north of Las Vegas.
Biden's Legacy:
The loan is part of President Biden's efforts to boost green energy production and reduce dependency on foreign suppliers of critical materials like lithium.
Future Plans:
ioneer will now work to secure an additional $490 million in equity investment from Sibanye Stillwater. Construction is expected to begin later this year.
The Biden administration aims to meet domestic lithium needs by the early 2030s through the Rhyolite Ridge project and two other lithium projects that have received government funding.