Ioneer receives loan to build lithium mine in Nevada
Once operational, it is expected to quadruple the country’s current domestic lithium supply and provide lithium for the batteries of more than 370,000 electric cars produced in the US each year. Production is currently planned to kick off in 2028, with construction of the facility to start in 2025. The efforts are expected to take approximately 36 months including procurement of long-lead items.
“The need for domestically sourced and processed lithium and boron has never been greater. The United States requires Rhyolite Ridge and more projects like it if we want secure domestic critical mineral production. It’s as simple as that,” said James Calaway, Executive Chairman of Ioneer. “We’re thrilled to provide these critical battery components to the American manufacturing supply chain.”
Bernard Rowe, Managing Director, Ioneer added: “Rhyolite Ridge is fully permitted and construction ready. This loan demonstrates the United States’ confidence in and importance of our lithium-boron mine project. Rhyolite Ridge will not only create new jobs in Nevada but foster innovation across the country. Today’s announcement is the culmination of a rigorous and yearslong process with our federal, state, local and Tribal partners.”
While the plant received final approval from the US government last year, the plans for the lithium extraction facility go back much further. A conditional commitment for a loan of up to US$700 million was issued by the US Department of Energy last year. A first customer is also already on board with Prime Planet Energy & Solutions, which had signed a binding offtake agreement with Ioneer for lithium carbonate from Ioneer’s Rhyolite Ridge project in Nevada in 2022.
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