A Nevada lithium mine that would be second only to the US is receiving backing from the Biden administration as it seeks to boost domestic supplies of the vital mineral needed to make it. tram the battery.
The Department of Energy has issued a conditional commitment of up to $700 million to Ioneer Ltd.’s Lithium-Boron Rhyolite Ridge Project, a potential supplier for the project. Ford and Toyota can produce enough lithium for 370,000 electric vehicles per year. Project partners include mining and metalworking group Sibanye Stillwater Ltd.
The funding, made possible through the department’s Advanced Technology Vehicle Manufacturing Lending Program, comes as the Biden administration seeks to create a domestic economy. the battery supply chain amid the broader goal of having half of the vehicles sold in the US by the end of the decade to be zero-emissions.
According to the ministry, demand for lithium, which is also used to store electricity grids and weapons, is projected to exceed current production by 2030. The United States depends on international markets to process most of it. raw materials.
“Evolving the U.S. supply chain for these materials is a national priority as the country works toward energy independence,” the department said in a statement. “The core focus of the strategy is to increase the availability of critical materials that are essential components of clean energy technologies needed to achieve national economic and climate goals.”
While Asia currently dominates the lithium carbonate refining process, the Rhyolite Ridge field is one of only two known sizable lithium-boron deposits in the world, the Department of Energy said.
Ioneer hopes to receive US approval allowing it to begin construction on the project next year with the aim of starting lithium production in 2026, according to the company. It still needs final approval from the US Department of the Interior as public lands near the site are home to the endangered Tiehm buckwheat flower.
The Department of Energy said the company has invested $1.2 million in research to conserve the plant and has revised its mining plan to avoid a direct impact on the plant.
