Ioneer Up 14% as Nevada Lithium-Boron Project Advances

By Josh Beckerman

Ioneer's American depositary receipts rose as the Bureau of Land Management advanced the company's Rhyolite Ridge Lithium-Boron project in Nevada by releasing a final environmental impact statement.

ADRs recently traded at $4.98, up 14%, and are up about 24% this year.

In January 2023, Australia-based Ioneer received a conditional commitment for up to $700 million from the U.S. Energy Department to develop the project. At the time, the department said the loan, if finalized, would finance the on-site processing of lithium carbonate that could potentially support lithium production for about 370,000 electric vehicles each year.

The BLM said a 30-day public review period will end Oct. 21, and it expects to issue a record of decision no earlier than 30 days after publication of the final environmental impact analysis.

Ioneer said that upon issuance of a positive ROD, construction can begin following a final investment decision. Based on that timeline, it expects production to start in 2028.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

September 19, 2024 13:54 ET (17:54 GMT)

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