Ioneer Ltd (ASX: INR, NASDAQ: IONR) has secured its federal permit for the Rhyolite Ridge Lithium-Boron Project from the Bureau of Land Management (BLM). This approval makes Rhyolite Ridge the first U.S. lithium project greenlit by the Biden Administration as part of its strategy to boost domestic critical mineral production. The project, located in Esmeralda County, Nevada, is set to begin construction in 2025, with first production targeted for 2028.
Rhyolite Ridge is expected to supply enough battery materials for over 370,000 electric vehicles annually. The project will create 500 construction jobs and 350 long-term positions during its operational phase.
“We’ve spent more than six years collaborating with federal, state, and tribal governments to ensure the responsible development of Rhyolite Ridge,” said Ioneer Managing Director Bernard Rowe. “This permit enables us to move forward with construction in 2025, creating good-paying jobs and supporting the production of critical minerals.”
The approval follows the issuance of the final Environmental Impact Statement (EIS), which included significant input from public consultations. Adjustments to the project were made throughout the permitting process to ensure sustainability, such as relocating the quarry’s western wall to avoid Tiehm’s buckwheat, an endangered plant species.
Ioneer also implemented several measures to address environmental and cultural concerns, including relocating infrastructure away from sensitive areas and committing to water conservation and environmental monitoring. The U.S. Fish and Wildlife Service confirmed that the project will not harm Tiehm’s buckwheat or its habitat.
With 70% of engineering for the project’s processing facility complete, the plant will recycle half of its water usage and operate independently from the Nevada energy grid, further reducing its carbon footprint.
Ioneer expects to release updated project costs and reserves by December 2024 and aims to reach a Final Investment Decision by early 2025.
About Ioneer
Ioneer Ltd is an emerging lithium–boron producer and the 100% owner of the Rhyolite Ridge Lithium-Boron Project located in Nevada, USA. Rhyolite Ridge is the only known lithium-boron deposit in North America and one of only two known such deposits in the world. Once operational, the low-cost, world-class project is expected to power upward of 50 million electric vehicles and will instantly become a globally significant source of critical materials vital to the clean energy transition.
In September 2021, Ioneer entered into an agreement with Sibanye-Stillwater where, following the satisfaction of conditions precedent, Sibanye-Stillwater will acquire a 50% interest in the Project, with Ioneer maintaining a 50% interest and retaining the operational management responsibility for the joint venture. In January 2023, Ioneer received a conditional commitment from the U.S. Department of Energy Loan Programs Office for up to $700 million of debt financing.
Ioneer signed separate offtake agreements with Ford Motor Company and PPES (joint venture between Toyota and Panasonic) in 2022 and Korea’s EcoPro Innovation in 2021.
