Ioneer Looks to Korea for Help with Ryholite Ridge Mine

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Written by Daniel Graeber for IIR News Intelligence (Sugar Land, Texas)

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Summary

South Korean firms could offer support for the Ryholite Ridge mine in Nevada. It's one of two globally that contains lithium-boron reserves.

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Preliminary Support for Ioneer

Investment considerations and procurement support from Korean firms could help advance the only known lithium-boron reserve in North America, developers said.

Australia-based Ioneer is working to develop the lithium-boron prospects at the Rhyolite Ridge site in Nevada, the only one of its kind in North America and one of two globally. Industrial Info finds the facility could produce as much as 18,000 tons of lithium-carbonate equivalent and 60,400 tons of boric acid over its 95-year lifespan.

Ioneer believes Rhyolite Ridge holds about 360 million tons of net deposits, including 3.4 million tons of lithium-carbon equivalent and 14.1 million tons of boric-acid equivalent. Collectively, that estimate is some 145% greater than the previous estimate from 2020.

On Wednesday, the company announced that the state-controlled Korea Overseas Infrastructure & Urban Development Corporation (KIND) and Hyundai Engineering Company signed a non-binding memorandum of understanding (MoU) for Rhyolite Ridge.

Under the considerations, KIND would mull equity investments, while Hyundai would consider "the provision of certain procurement-related activities in connection with the project," Ioneer said.

Bernard Rowe, the company's managing director, said both Korean firms would bring expertise on critical minerals to the table that would support the project's development.

"Together, we are closer than ever to breaking ground at Rhyolite Ridge and bringing urgently needed lithium and boron to the market," he said.

Boron is critical for the manufacturing of everything from fiberglass to semiconductors. Lithium, often derived from a mineral called spodumene, is near-ubiquitous in the modern digital age of artificial intelligence and smart phones.

The U.S. government, as part of a broad-based effort to reshore parts of the economy, is working to build up a domestic sector for lithium and lithium-ion batteries with incentives. Steep tariffs, meanwhile, are in place for some critical materials, leaving Ioneer upbeat about its prospects in Nevada.

Uncertain Future Nonetheless

Progress could be stalled by the volatility in the price of lithium, which could leave some investors on standby. Ioneer, however, said Rhyolite Ridge enjoys backing from Goldman Sachs, which is supporting efforts to find strategic partnerships.

The Center for Biological Diversity, Western Shoshone Defense Project and Green Basin Resource Watch all challenged the Rhyolite Ridge project in court. They argued that federal regulators failed to ensure the protected status of Tiehm's buckwheat, an endangered wildflower, and the Fish Lake Valley tui chub, a fish.

But in April, the U.S. District Court for the District of Nevada ruled the federal U.S. Department of the Interior took an adequate look at the impacts on the ecosystem and found there would be little degradation.

Key Takeaways

• MoUs give Ioneer confidence
• Hurdles remain for what could be the only project of its kind in North America

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About Industrial Info Resources
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, Industrial Info Resources is tracking over 250,000 current and future projects worth $30.2 trillion (USD).