(Bloomberg) -- The Biden administration has issued its first approval for a lithium mine, ramping up efforts to shift the US critical minerals supply chain away from China.
Ioneer Ltd.’s Rhyolite Ridge Lithium-Boron Project in Nevada has received its federal permit from the Bureau of Land Management, according to a company statement Thursday. Ioneer is planning to start construction in 2025 and is targeting first production in 2028.
The approval comes as the US races to build domestic supplies of critical minerals that are key to the energy transition. China has long dominated global output of commodities crucial to electric vehicles, and lithium is a key ingredient in rechargeable batteries. Another lithium mining project in Nevada, Lithium America Corp.’s Thacker Pass, won approval from the Trump administration in 2021.
Much of the support for American production has come from the government. Ioneer, a prospective supplier to Ford Motor Co. and Toyota Motor Corp., last year received a conditional commitment from the Department of Energy for up to $700 million. In March, the DOE also offered a conditional loan of $2.26 billion to Lithium Americas.
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