Ioneer Limited, one of the Best Lithium Stocks, further moved closer towards construction at its Rhyolite Ridge Lithium-Boron Project after Bureau of Land Management (BLM) announced the publication of the project’s Final Environmental Impact Statement (EIS).
With this, Rhyolite Ridge, becomes the first lithium project to reach this advanced stage of the environmental permitting review process as it strives to accelerate U.S. lithium production
Ioneer Limited (ASX: INR)
Ioneer Limited is among Top Lithium Companies with its Rhyolite Ridge project aimed to quadruple the nation’s lithium supply. It will not only help in removing US reliance on foreign suppliers and processors, but alo develop a domestic source of urgently needed materials in the U.S. electric vehicle battery production supply chain.
The southeast section of the South Basin deposit at Rhyolite Ridge recently presented the drilling results. The lithium grades in all 12 holes were above average>2000ppm, well above the average of previous estimates. The lithium grades were more than 20% higher than the comparable Mineral Resource average.
INR’s Rhyolite project is fully funded through a debt placement of US$25.1 million. As of 30 June 2024, INR maintained cash and cash equivalents of US$35.7 million.
The updated mineral resource estimates show a total of 351 million tonnes (Mt), with a contained lithium carbonate equivalent (LCE) of 3.25 million tonnes and a contained boric acid equivalent (BAE) of 12.82 million tonnes. The Measured and Indicated Resource for Streams 1 and 2 is 214 million tonnes. The cut-off grades remain unchanged at 5,000 ppm B for Stream 1 and 1,090 ppm Li for Streams 2 and 3.
INR’s Rhyolite Ridge project with its unique lithium-boron mineralogy is in the process of securing federal permission. The company anticipates to commence construction in 2025 on the first new lithium mine in the United States in nearly fifty years. This will start with the southeast section of the South Basin, enabling us to supply critical materials for the energy transition.
As the demand for lithium in rechargeable batteries continues to rise, driven by the automotive and energy storage sectors, China remains the dominant supplier, accounting for 76% of global lithium chemicals in 2024. Lithium prices are expected to stabilize, with forecasts of US$14,046 per tonne for battery-grade carbonate and US$13,400 per tonne for hydroxide in Q3 2024. In parallel, China’s boric acid market maintains stable demand despite production shifts to Vietnam, supporting various applications from ceramic frits to neodymium magnets and semiconductor materials. The consumer electronics market’s gradual recovery, with a projected CAGR of 2.9% from 2024 to 2029, is anticipated to boost boric acid demand further. Positioned to capitalize on these trends, INR is advancing its Rhyolite Ridge project and expects to receive the Record of Decision (ROD) in October 2024, ahead of the Final Investment Decision (FID) in December 2024, paving the way for construction. This project is poised to help secure a domestic supply of critical minerals, crucial for the U.S. clean energy transition
Source: Company’s Report
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