Ioneer Secures $996 Million DOE Loan for Rhyolite Ridge Lithium-Boron Project
Ioneer Ltd. has finalized a 20-year, $996 million loan from the U.S. Department of Energy’s Loan Programs Office to finance the development of a processing facility at the Rhyolite Ridge lithium-boron project in Nevada. Announced on January 17, the funding is a key step in advancing the project, which is expected to significantly boost U.S. domestic lithium production.
The Rhyolite Ridge project is projected to quadruple U.S. lithium output, enabling the production of batteries for 370,000 electric vehicles annually. In addition to creating approximately 500 jobs, the project will generate revenue streams from both lithium and boron. “The need for domestically sourced and processed lithium and boron has never been greater,” James Calaway, executive chairman of Ioneer, stated. “The United States requires Rhyolite Ridge and more projects like it to secure critical mineral production domestically.”
The project achieved a significant milestone in October 2024 when it received a federal permit from the Bureau of Land Management. Construction is set to begin later in 2025, with initial production expected by 2028. According to S&P Global Market Intelligence data, the Rhyolite Ridge site contains 1.3 million metric tons of lithium and 7.2 million metric tons of borates in reserves and resources as of 2024.
The development of Rhyolite Ridge aligns with national efforts to strengthen domestic supply chains for critical minerals essential to the energy transition. By leveraging dual revenue streams and focusing on sustainable resource extraction, the project aims to reduce reliance on foreign imports while contributing to the growing demand for electric vehicle batteries and industrial materials.
