Ioneer Ltd (ASX: INR, Nasdaq: IONR) has obtained a $996 million loan. The U.S. Department of Energy (DOE) provided this loan. It will support the Rhyolite Ridge Lithium-Boron Project in Nevada. This loan funds an on-site processing facility. It advances the critical supply chain for lithium and boron in the U.S.
Strengthening the U.S. Critical Minerals Supply
The DOE’s Loan Programs Office (LPO) granted the loan. It falls under the Advanced Technology Vehicles Manufacturing (ATVM) program. This boosts domestic production of critical minerals. Rhyolite Ridge will reduce reliance on imports. China and Turkey dominate lithium and boron production. The project will quadruple U.S. domestic lithium supply. It will support electric vehicle (EV) production. The mine will provide raw materials for 370,000 EVs annually. It will create 500 construction jobs. Furthermore, it will create 350 permanent jobs. This marks the first new U.S. lithium mine in 60 years. Also, it is the first new boron mine in 100 years. SuperMetalPrice confirms this.
Sustainable Mining and Reduced Footprint
Ioneer will limit the project’s environmental impact. The unique mineralogy reduces the operational footprint. It eliminates evaporation ponds. The project uses half the water of brine operations. It recycles half the water used at the facility. The plant will operate independently from Nevada’s energy grid. This reduces its carbon footprint.
Project Milestones and Future Plans
Ioneer will finalize resource and financial estimates. They will close a joint venture agreement with Sibanye-Stillwater. Sibanye-Stillwater will contribute $490 million for a 50% share. The final investment decision will come in 2025. Construction will begin soon after. First production aims for 2028. This sets a new era of sustainable critical minerals production.
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