On Thursday, the US Interior Department granted final approval for Ioneer’s Rhyolite Ridge lithium mine in Nevada. This marks the first domestic source of the battery metal to be approved by President Joe Biden’s administration and is set to become a crucial supplier for Ford and other electric vehicle manufacturers.
In response to this, shares of the Australia-based critical minerals company surged over 20% in New York trading on Thursday afternoon.
The approval concludes a review process that lasted more than six years, during which regulators, ioneer, and conservationists debated the impact on a rare flower found at the mine site. This conflict highlighted the competing priorities of climate change mitigation and biodiversity protection.
The permit, anticipated by the end of the year, is part of a series of recent actions by Biden officials to bolster critical minerals production and reduce China’s market dominance.
“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.
