Biden backs Nevada lithium mine with $700M loan

Nevada’s lithium mine, only the second largest in the United States, receives support from the United States. Biden Government seeking to boost domestic supply of critical minerals needed for production Electric car battery.

The Department of Energy has issued a contingent commitment of up to $700 million for Ioneer’s Ryolite Ridge Lithium-Boron Project. ford motor company. When Toyota Motor CorporationWe can produce enough lithium for 370,000 EVs per year. Project partners include his Sibanye Stillwater Ltd., a mining and metalworking group.

The funding will come through the Department’s Advanced Technology Vehicle Manufacturing Loan Program to help the Biden administration build a domestic battery supply chain, amid a broader goal of making half the cars sold in the U.S. emissions-free by the end of 2010. It is done when you are trying to .

Demand for lithium, which is also used in grid storage and weapons, is projected to exceed current production by 2030. The U.S. relies on international markets to process most of its raw materials, according to the ministry.

“Developing the U.S. supply chain for these materials is a national priority as the country works toward energy self-sufficiency,” the department said in a statement. “At the heart of our strategy is increasing the availability of critical materials that are essential components of the clean energy technologies needed to meet the country’s climate and economic goals.”

Asia currently dominates the lithium carbonate refining process, but the Rhyolite Ridge deposit is one of the world’s two largest known lithium boron deposits, the Department of Energy said.

According to the company, Ioneer plans to obtain US approval that will allow the company to start building the project next year, with the goal of starting lithium production in 2026. Public lands near the site are home to the endangered wildflower Tiem Soba and are subject to final approval from the U.S. Department of the Interior.

The Department of Energy said the company has invested $1.2 million in research to preserve the plants and modified mining plans to avoid direct impacts on the plants.

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