The U.S. Department of Energy (DOE) has committed to lend Ioneer Ltd. up to $700 million to mine lithium and boron from the Rhyolite Ridge project in Esmeralda County, Nevada.
The proposed loan is to be made under the DOE Loan Programs Office's Advanced Technology Vehicles Manufacturing program for a term of approximately 10 years with an interest rate fixed from the date of each advance for the term of the loan at applicable U.S. Treasury rates.
The Rhyolite Ridge project would finance the on-site processing of lithium carbonate that could potentially support production of lithium for approximately 370,000 EVs each year. It’s also projected to create up to 600 construction jobs and approximately 250-300 operations jobs. This will be the first lithium-boron project in the world and the second operational lithium project in the United States to support the production of EVs.