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Released October 28, 2024 | SUGAR LAND
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Written by Daniel Graeber for Industrial Info Resources (Sugar Land, Texas)--Construction begins next year on what will be the first-ever operational lithium mine approved by the U.S. government as part of an effort to build a new industry catering to the energy transition, Ioneer Limited (Sydney, Australia) said.
The Bureau of Land Management (BLM) gave a permit for the company's Rhyolite Ridge lithium and boron project in Esmeralda County, Nevada.
"This permit gives us a license to commence construction in 2025 and begin our work in creating hundreds of good-paying rural jobs, generating millions in tax revenue for Esmeralda County, and bolstering the domestic production of critical minerals," Ioneer Managing Director Bernard Rowe said in a statement.
The BLM completed its review of the project last month, spelling out the specifics for a facility that would include everything from the mine itself to water-storage facilities, disturbing about 2,200 acres of federally-administrated land.
Ioneer had to adjust its plans to accommodate for Tiehm's buckwheat, an endangered plant species in Nevada.
The company is proposing a $640 million facility in Nevada that would boast net production of 20 million tons of material per day. An on-site production plant would yield more than 20,600 tons per year of lithium carbonate, which could yield enough lithium for 370,000 electric vehicle (EV) batteries. Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Project and Plant databases can learn more from a detailed project report and plant profile.
Ioneer believes Rhyolite Ridge holds about 360 million tons of deposits, including 3.4 million tons of lithium carbon equivalent and 14.1 million tons of boric acid equivalent. Collectively, that is some 145% greater than the previous estimate from 2020.
This era's energy transition is seeing a move away from fossil fuels as part of a global, coordinated effort to slow the warming of temperatures that have led to extreme weather events. But the lithium sector is bloated as the adoption of EVs has been slower than expected.
Globally, EVs account for only about 1% of all the vehicles on the road and automakers are taking note. Toyota Motor Corporation (NYSE:TM) (Toyota City, Japan) this year opted to cut its EV production by about 30% from current levels by 2026, favoring hybrid models instead.
Ford Motor Company (NYSE:F) (Dearborn, Michigan), for its part, said it plans to delay production at an EV assembly plant already under construction, halt production of a new electric SUV and cut its annual mix of capital expenditures devoted to EVs by 10% to 30%.
But in an effort to counter what it considers unfair trade practices from China, the U.S. government is working to build up a domestic sector for lithium and lithium-ion batteries with incentives. Steep tariffs, meanwhile, are in place for everything from vehicles to battery components, leaving Ioneer upbeat about its prospects in Nevada.
"I can say with absolute confidence there are few deposits in the world as impactful as Rhyolite Ridge," said Ioneer Executive Chairman James Calaway.
Ahead of a final investment decision, Ioneer said it would provide an update on the reserve estimate and the costs associated with Rhyolite Ridge in December.
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, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
The Bureau of Land Management (BLM) gave a permit for the company's Rhyolite Ridge lithium and boron project in Esmeralda County, Nevada.
"This permit gives us a license to commence construction in 2025 and begin our work in creating hundreds of good-paying rural jobs, generating millions in tax revenue for Esmeralda County, and bolstering the domestic production of critical minerals," Ioneer Managing Director Bernard Rowe said in a statement.
The BLM completed its review of the project last month, spelling out the specifics for a facility that would include everything from the mine itself to water-storage facilities, disturbing about 2,200 acres of federally-administrated land.
Ioneer had to adjust its plans to accommodate for Tiehm's buckwheat, an endangered plant species in Nevada.
The company is proposing a $640 million facility in Nevada that would boast net production of 20 million tons of material per day. An on-site production plant would yield more than 20,600 tons per year of lithium carbonate, which could yield enough lithium for 370,000 electric vehicle (EV) batteries. Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Project and Plant databases can learn more from a detailed project report and plant profile.
Ioneer believes Rhyolite Ridge holds about 360 million tons of deposits, including 3.4 million tons of lithium carbon equivalent and 14.1 million tons of boric acid equivalent. Collectively, that is some 145% greater than the previous estimate from 2020.
This era's energy transition is seeing a move away from fossil fuels as part of a global, coordinated effort to slow the warming of temperatures that have led to extreme weather events. But the lithium sector is bloated as the adoption of EVs has been slower than expected.
Globally, EVs account for only about 1% of all the vehicles on the road and automakers are taking note. Toyota Motor Corporation (NYSE:TM) (Toyota City, Japan) this year opted to cut its EV production by about 30% from current levels by 2026, favoring hybrid models instead.
Ford Motor Company (NYSE:F) (Dearborn, Michigan), for its part, said it plans to delay production at an EV assembly plant already under construction, halt production of a new electric SUV and cut its annual mix of capital expenditures devoted to EVs by 10% to 30%.
But in an effort to counter what it considers unfair trade practices from China, the U.S. government is working to build up a domestic sector for lithium and lithium-ion batteries with incentives. Steep tariffs, meanwhile, are in place for everything from vehicles to battery components, leaving Ioneer upbeat about its prospects in Nevada.
"I can say with absolute confidence there are few deposits in the world as impactful as Rhyolite Ridge," said Ioneer Executive Chairman James Calaway.
Ahead of a final investment decision, Ioneer said it would provide an update on the reserve estimate and the costs associated with Rhyolite Ridge in December.
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, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
