US — Ioneer Ltd (ASX: INR) has received federal approval for its Rhyolite Ridge Lithium-Boron Project in Nevada, marking a significant milestone in the development of domestic critical mineral production in the United States.
The Bureau of Land Management’s decision makes Rhyolite Ridge the first lithium project approved under the Biden Administration’s initiative to accelerate critical mineral production.
The project, located in Esmeralda County, Nevada, is slated to begin construction in 2025, with first production expected in 2028.
Once operational, Rhyolite Ridge will have the capacity to supply batteries for over 370,000 American-made electric vehicles annually, processing crucial battery materials on-site.
Bernard Rowe, Ioneer’s Managing Director, emphasised the collaborative effort behind the project’s approval, stating: “For more than six years, we have worked closely with state, federal and tribal governments, as well as the Fish Lake Valley community, to ensure the sound and sustainable development of our Rhyolite Ridge Lithium-Boron Project.”
The construction phase is anticipated to create approximately 500 jobs, with an additional 350 high-paying positions during the project’s operational lifetime.
James Calaway, Ioneer’s Executive Chairman, highlighted the project’s significance, stating: “Today’s approval of Ioneer’s federal permit is the culmination of countless hours of work and a testament to our remarkable team’s dedication to developing and building one of the most sustainable mining projects in the country.”
Throughout the permitting process, Ioneer made substantial modifications to the project design to address environmental and cultural concerns.
These changes include altering the quarry’s western wall to protect the endangered Tiehm’s buckwheat, relocating infrastructure away from critical habitats, and implementing water conservation measures.
The project’s commitment to sustainability extends to its processing facility, which is designed to recycle half of all water used.
Additionally, the facility will operate independently from the Nevada energy grid, further reducing its environmental impact.
Ioneer expects to issue updated reserve figures and estimated project costs by December 2024, moving towards a Final Investment Decision in the first quarter of 2025.
The construction period is estimated to last 36 months, with commercial production and delivery of high-grade lithium and boron anticipated to begin in 2028.
The Rhyolite Ridge project has garnered significant financial backing, including a US$700 million conditional loan from the U.S. Department of Energy and a US$490 million equity investment from mining company Sibanye Stillwater.
As the United States seeks to strengthen its position in the electric vehicle supply chain and reduce dependence on foreign lithium sources, the Rhyolite Ridge project represents a crucial step forward in domestic critical mineral production.
