Ioneer managing director Bernard Rowe said: “Rhyolite Ridge is fully permitted and construction ready. This loan demonstrates the United States’ confidence in and importance of our lithium-boron mine project. Rhyolite Ridge will not only create new jobs in Nevada but foster innovation across the country.

The U.S. Department of Energy has finalized a $996 million loan for ioneer's Rhyolite Ridge lithium project, according to documents reviewed by Reuters, an increase of $296 million from a preliminary funding offer and a move aimed at boosting President Joe Biden's green energy legacy.

A lithium-boron project on Friday closed on an almost $1 billion loan from the Department of Energy. Ioneer Limited is receiving a $996 million loan from the DOE through its Loan Programs Office under the Advanced Technology Vehicles Manufacturing program to support on-site processing of lithium-boron at its Rhyolite Ridge Lithium-Boron Project in Esmeralda County,