Rhyolite Ridge Lithium-Boron Project Secures Nearly $1 Billion Federal Loan

The Rhyolite Ridge Lithium-Boron Project Esmeralda County, Nevada has secured a $996 million loan from the U.S. Department of Energy (DOE) to accelerate domestic production of critical minerals essential for electric vehicle batteries and other modern technologies. The loan, finalized through the DOE’s Advanced Technology Vehicles Manufacturing (ATVM) program, marks a significant increase from the project's initial $728 million conditional commitment in 2023.

With lithium production dominated by China and boron largely sourced from Turkey, Rhyolite Ridge is expected to quadruple the nation's lithium supply once operational—helping the U.S. reduce its reliance on foreign sources and strengthen domestic supply chains.

Situated in Esmeralda County, the project is expected to create approximately 500 jobs during construction and 350 permanent high-paying positions once operational. The site will be the first new lithium mine in the U.S. in nearly 60 years and the first boron mine in nearly a century.

“The need for domestically sourced and processed lithium and boron has never been greater," said James Calaway, Executive Chairman of Ioneer, the company developing the site. "The United States requires Rhyolite Ridge and more projects like it if we want secure domestic critical mineral production. It’s as simple as that."

Beyond mining, the project is positioned to power an estimated 370,000 electric vehicles per year, contributing to Nevada’s growing role in clean energy innovation.

After receiving its federal permit in October 2024, Ioneer now considers Rhyolite Ridge fully permitted and ready for construction. The site’s design avoids the use of evaporation ponds and cuts water consumption in half compared to similar-sized brine operations, a key factor in a state where water conservation is crucial.

Additionally, the mine’s steam-powered processing facility will operate independently, reducing its overall carbon footprint.

“Today’s announcement is the culmination of a rigorous, yearslong process with our federal, state, local and Tribal partners,” said Bernard Rowe, Managing Director of Ioneer. “Rhyolite Ridge will not only create new jobs in Nevada but foster innovation across the country.”

With lithium demand surging amid the push for electric vehicles and renewable energy storage, the project is expected to play a pivotal role in reshaping the U.S. mineral supply chain while creating long-term economic benefits for rural Nevada.

Image below: Early project plans before permitting was approved. Courtesy of Ioneer.