Biden Administration Approves First Lithium Project

The Biden Administration on Thursday issued final approval for Ioneer’s lithium mine, a big step toward bringing battery material sourcing to the U.S.

What To Know: Ioneer announced it received its federal permit for the Rhyolite Ridge Lithium-Boron Project in Nevada from the Bureau of Land Management.

Rhyolite Ridge is now the first U.S. lithium project to be approved by the Biden Administration as the government ramps up efforts to source battery metals domestically and offset China’s dominance.

Construction of the mine is expected to start in 2025 with first production targeted for 2028. Ioneer said Rhyolite Ridge will supply batteries for more than 370,000 American-made electric vehicles. Ioneer could ultimately be a supplier for Ford Motor Co (NYSE:F) and Toyota Motor Co (NYSE:TM). The company signed separate off-take agreements with Ford and a joint venture involving Toyota in 2022.

"I can say with absolute confidence there are few deposits in the world as impactful as Rhyolite Ridge. 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," said James Calaway, executive chairman of Ioneer.

"We are pleased by what we have achieved working with the Biden Administration, and by the bi-partisan support we have received at the federal, state and local levels."

The lithium mine approval is the latest move from the Biden Administration to reduce reliance on China for critical minerals production.

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This illustration was generated using artificial intelligence via Midjourney.