Biden administration issues conditional $700 Million loan for Nevada lithium mine

The Biden administration supported this week what could be the US’s second lithium mine. An It was discovered by , the Department of Energy said it would provide mining company Ioneer with a conditional loan valued at up to $700 million to develop the Rhyolite Ridge Lithium-Boron Project in Nevada’s Esmeralda County. The mine will produce enough lithium to power approximately 370,000 electric cars annually once it is operational. Ioneer already has supply agreements with automakers like Ford and Toyota, though the project likely won’t start producing lithium until 2026.

The Biden administration made the funding available through the Energy Department’s . Ioneer must get all permits required by the relevant federal and state agencies to secure the money. The has come out against the project due to the risks it poses to a species of endangered wildflower in the area known as Tiehm’s buckwheat. The US Interior Department is yet to give its blessing for the same reason. According to the Department of Energy, Ioneer has revised its plans for the site in order to minimize any direct impact on the plant. However, it’s worth noting lithium mining requires To carry out.

The mineral is still essential for many technologies that will allow the world to move to zero-emissions. What’s more, lithium supply is expected to fall short of global demand by 2030. It will be difficult for the Biden Administration to reach its goal of having half of all US cars sold by 2030 being electric.

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