Biden Administration approves $700 million loan for Nevada lithium mine

  • The Biden Administration has approved a loan of up to $700 million to Ioneer for the development of the Rhyolite Ridge Lithium-Boron Project in Nevada’s Esmeralda County.
  • This loan could make the project the second lithium mine in the US.
  • Once operational, the mine is expected to produce enough lithium for 370,000 electric vehicles annually.
  • Ioneer already has supply agreements with automakers such as Ford and Toyota.
  • The project is expected to start producing lithium by 2026.
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