Project will quadruple U.S. lithium output,
create hundreds of high paying jobs in rural Nevada
Ioneer Ltd (“Ioneer”) (ASX: INR, NASDAQ: IONR) received
its federal permit for the Rhyolite Ridge Lithium-Boron Project
from the Bureau of Land Management. With the positive decision,
Rhyolite Ridge becomes the first U.S. lithium project approved by
the Biden Administration as part of its efforts to accelerate
domestic critical mineral production and advances the Esmeralda
County, Nevada investment toward construction in 2025 and first
production in 2028.
Rhyolite Ridge will supply the batteries for more than 370,000
American-made electric vehicles annually and process crucial
battery materials on-site in the United States. The project will
create an estimated 500 jobs during construction and 350 high
paying jobs during its decades in operation.
“For more than six years, we have worked closely with state,
federal and tribal governments, as well as the Fish Lake Valley
community, to ensure the sound and sustainable development of our
Rhyolite Ridge Lithium-Boron Project. We value our relationships
with these stakeholders and appreciate their openness to engage,
discuss concerns and develop solutions. Without that open and
honest dialogue, such an outcome could never have been possible,”
said Ioneer Managing Director Bernard Rowe. “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.”
“I can say with absolute confidence there are few deposits in
the world as impactful as Rhyolite Ridge. Today’s approval of
Ioneer’s federal permit is the culmination of countless hours of
work and a testament to our remarkable team’s dedication to
developing and building one of the most sustainable mining projects
in the country,” said Ioneer Executive Chairman James
Calaway. “We are pleased by what we have achieved working with
the Biden Administration, and by the bi-partisan support we have
received at the federal, state and local levels.”
The formal Record of Decision (ROD) follows the issuance last
month of the final Environmental Impact Statement (EIS)1 by the
BLM, which incorporated public feedback received during the
April-June open comment period, and concludes the rigorous and
comprehensive formal federal permitting process, which began in
early 2020. Ioneer’s pre-permitting work began in early 2019 and,
in December 2022, the company formally entered the final stages of
the National Environmental Policy Act (NEPA) review, as required by
all projects on federal lands.
Ioneer enacted major changes to the project throughout the
permitting process resulting in a stronger, more sustainable
project that incorporates the needs and concerns of all
stakeholders. They include:
- Major modification to the location of the western wall of the
quarry to avoid Tiehm’s buckwheat, an endangered species adjacent
to the project designated in December 2022,
- Relocation of all possible infrastructure and related
disturbance to areas outside of critical habitat identified because
of its potential to support pollinators for Tiehm’s buckwheat,
- Relocation of overburden storage facilities to avoid culturally
sensitive sites and other important mitigation measures based on
input from tribal site visits and consultation,
- Commitments to water conservation,2 and
- Commitments to dust, noise and light monitoring as well as
mitigation and minimization of impact for the community and
nature.
As part of the final EIS, the U.S. Fish and Wildlife Service,
which oversees the administration of the Endangered Species Act
(ESA), also formally released the ESA Section 7 Biological Opinion
concluding Rhyolite Ridge will not jeopardize Tiehm’s buckwheat or
adversely modify its critical habitat.
Rhyolite Ridge’s commitment to sustainability extends to its
processing facility, for which 70% of engineering is complete, to
recycle half of all the water used. As Ioneer’s facility comes
online, the company will evaluate and continue to deploy new
technologies to further reduce water consumption.
Due to the deposit’s unique minerology, Ioneer will limit its
operational footprint by avoiding the use of evaporation ponds and
curtail its carbon footprint as its steam-powered facility will
operate independently from the Nevada energy grid.
With the project formally approved by the federal government,
Ioneer expects to issue updated reserve figures and estimated
project costs by December 2024 and advance toward a Final
Investment Decision with its financing partners.
Estimated Project Timeline
Ioneer’s estimated timing* for the Rhyolite Ridge Lithium-Boron
Project is as follows:
Milestone
Targeted timing
Note
Anticipated Final Investment Decision
1Q 2025
Based on current management estimates and
accounting for the Sibanye-Stillwater agreement, U.S. Department of
Energy Loan Programs Office conditional loan and any other required
funding close.
Construction
36 months
Includes supply of long-lead items and
construction. Subject to lead times and when orders are placed.
Anticipated Commercial Production and
Delivery to Partners
2028
Produce and process high-grade lithium and
boron on-site at Rhyolite Ridge.
*As of October 2024, and subject to change.
This ASX release has been authorised by Ioneer Managing
Director, Bernard Rowe.
About Ioneer
Ioneer Ltd is an emerging lithium–boron producer and the 100%
owner of the Rhyolite Ridge Lithium-Boron Project located in
Nevada, USA. Rhyolite Ridge is the only known lithium-boron deposit
in North America and one of only two known such deposits in the
world. Once operational, the low-cost, world-class project is
expected to power upward of 50 million electric vehicles and will
instantly become a globally significant source of critical
materials vital to the clean energy transition.
In September 2021, Ioneer entered into an agreement with
Sibanye-Stillwater where, following the satisfaction of conditions
precedent, Sibanye-Stillwater will acquire a 50% interest in the
Project, with Ioneer maintaining a 50% interest and retaining the
operational management responsibility for the joint venture. In
January 2023, Ioneer received a conditional commitment from the
U.S. Department of Energy Loan Programs Office for up to $700
million of debt financing.
Ioneer signed separate offtake agreements with Ford Motor
Company and PPES (joint venture between Toyota and Panasonic) in
2022 and Korea’s EcoPro Innovation in 2021.
To learn more about Ioneer, visit www.Ioneer.com/investors.
Important notice and disclaimer
Forward-looking statements
This announcement contains certain forward-looking statements
and comments about future events, including Ioneer’s expectations
about the Project and the performance of its businesses. Forward
looking statements can generally be identified by the use of
forward-looking words such as ‘expect’, ‘anticipate’, ‘likely’,
‘intend’, ‘should’, ‘could’, ‘may’, ‘predict’, ‘plan’, ‘propose’,
‘will’, ‘believe’, ‘forecast’, ‘estimate’, ‘target’ and other
similar expressions within the meaning of securities laws of
applicable jurisdictions. Indications of, and guidance on, the
Conditional Commitment, financing plans, future earnings or
financial position or performance are also forward-looking
statements.
Forward-looking statements involve inherent risks and
uncertainties, both general and specific, and there is a risk that
such predictions, forecasts, projections and other forward-looking
statements will not be achieved. Forward-looking statements are
provided as a general guide only and should not be relied on as an
indication or guarantee of future performance. Forward looking
statements involve known and unknown risks, uncertainty and other
factors which can cause Ioneer’s actual results to differ
materially from the plans, objectives, expectations, estimates, and
intentions expressed in such forward-looking statements and many of
these factors are outside the control of Ioneer. Such risks
include, among others, uncertainties related to the finalisation,
execution, and funding of the DOE financing, including our ability
to successfully negotiate definitive agreements and to satisfy any
funding conditions, as well as other uncertainties and risk factors
set out in filings made from time to time with the U.S. Securities
and Exchange Commission and the Australian Securities Exchange. As
such, undue reliance should not be placed on any forward-looking
statement. Past performance is not necessarily a guide to future
performance and no representation or warranty is made by any person
as to the likelihood of achievement or reasonableness of any
forward-looking statements, forecast financial information or other
forecast. Nothing contained in this announcement, nor any
information made available to you is, or shall be relied upon as, a
promise, representation, warranty or guarantee as to the past,
present or the future performance of Ioneer.
Except as required by law or the ASX Listing Rules, Ioneer
assumes no obligation to provide any additional or updated
information or to update any forward-looking statements, whether as
a result of new information, future events or results, or
otherwise.
________________________
1 “Ioneer’s Rhyolite Ridge Project Clears
Major U.S. Federal Permitting Step, Advances Toward Construction”
https://www.businesswire.com/news/home/20240919943952/en/Ioneer%25E2%2580%2599s-Rhyolite-Ridge-Project-Clears-Major-U.S.-Federal-Permitting-Step-Advances-Toward-Construction
2 “Water Use at Rhyolite Ridge”
https://www.ioneer.com/wp-content/uploads/2024/07/Ioneer-Water-Fact-Sheet_Final-1-1.pdf
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241023742388/en/
United States Investor Relations Chad Yeftich E:
ir@ioneer.com
Media Relations (USA) Daniel Francis, FGS Global E:
daniel.francis@fgsglobal.com
Australia Investor Relations Ian Bucknell E: ir@ioneer.com
Media Relations (Australia) Peter Taylor, NWR Communications
peter@nwrcommunications.com.au
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