Ioneer’s Rhyolite Ridge lithium project in Nevada has secured nearly $1 billion in federal financing, marking a significant step in bolstering the United States’ domestic lithium supply.
The $996 million loan, provided by the U.S. Department of Energy, represents a $268 million increase from the initial commitment approved by the Biden administration.
This funding is part of a broader push to secure critical minerals for technologies such as electric vehicle batteries and semiconductors, reducing reliance on foreign sources, especially from countries like China and Turkey.
The project, which spans lithium and boron mining, is situated between Reno and Las Vegas in Esmeralda County, Nevada. It is hailed as the first new lithium mine in the U.S. in nearly 60 years and the first new boron mine in nearly a century. Upon completion, Rhyolite Ridge is expected to produce enough lithium to power 370,000 vehicles annually, while also creating 500 construction jobs and 350 permanent positions.
Ioneer plans to begin construction this year, with production targeted for 2028. The company has addressed environmental concerns, including the impact on the endangered Tiehm’s buckwheat, making modifications to the project and collaborating with stakeholders.
This initiative aligns with national security goals by ensuring a secure domestic supply of essential minerals, with the U.S. Department of Interior granting the final federal permit in October.