The U.S. Energy Department said on Friday it will lend ioneer Ltd , up to $700 million to build its Rhyolite Ridge lithium mining project in Nevada, a major step forward in President Joe Biden's plan to develop a domestic electric vehicle supply chain.
Ford Motor Co. shows the all-new electric Mustang Mach-E vehicle for a photo shoot at a studio in Warren, Michigan, U.S. October 29, 2019. Picture taken October 29, 2019. REUTERS/Rebecca Cook, up to $700 million to build its Rhyolite Ridge lithium mining project in Nevada, a major step forward in President Joe Biden's plan to develop a domestic electric vehicle supply chain.The loan, which was approved by Energy Secretary Jennifer Granholm, would be the first by Washington to a U.S.
"The government is sending a strong signal that it's time to let us go build this mine," James Calaway, ioneer's executive chairman, told Reuters. "We now have the capital to build a very important facility to supply lithium for the United States." The loan was in review for more than two years by the department's Advanced Technology Vehicles Manufacturing program office and is conditional on permitting and other factors. The funds would be used to build a lithium carbonate processing facility at the Rhyolite Ridge site near an existing lithium operation run by Albemarle CorpIn an interview, Jigar Shah, head of the Energy Department's Loan Programs Office, called the Rhyolite Ridge project a step forward on U.S.
A 2020 study had estimated the mine's cost at about $785 million. Calaway said Australia-based ioneer would need to update that amount in light of recent inflation. The mine would produce enough lithium to build 370,000 EVs each year and reduce annual gasoline consumption by nearly 145 million gallons, the Energy Department said.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Biden backs Nevada lithium mine with $700 million loan offerA Nevada lithium mine that would be only the second in the US is getting backing from the Biden administration as it seeks to boost the domestic supply of the critical mineral needed to make electric vehicle batteries. Biden
Read more »
Burning Man latest foe of 'green energy' project in NevadaOrganizers of the Burning Man counterculture celebration have become the latest plaintiffs challenging one of the growing number of “green energy” projects in the works in Nevada
Read more »
Burning Man Latest Foe of ‘Green Energy' Project in NevadaAdd Burning Man to the list of plaintiffs challenging one of the growing number of “green energy” projects in the works in Nevada.
Read more »
Burning Man latest foe of 'green energy' project in NevadaRENO, Nev. (AP) — Add Burning Man to the list of plaintiffs challenging one of the growing number of “green energy” projects in the works in Nevada. Lithium mines aimed at boosting production of electric vehicle batteries and geothermal power plants that tap underground water to produce renewable energy are at various stages of planning and development in the nation’s top gold mining state.
Read more »
Burning Man latest foe of ‘green energy’ project in NevadaAdd Burning Man to the list of plaintiffs challenging one of the growing number of “green energy” projects in the works in Nevada.
Read more »
Landlord must pay $140K for discriminating against Black woman: JudgeWhen a potential tenant was denied the chance to view a $700-a-month rental and was told she wouldn’t be allowed to live in the unit because she was Black,...
Read more »