(Bloomberg) -- Ioneer Ltd. shares jumped after the US published a favorable environmental impact statement on the company’s lithium project in Nevada.
The Bureau of Land Management’s final analysis brings Ioneer closer to building the Rhyolite Ridge lithium-boron mine project near Tonopah, Nevada, the Australian company said in a Thursday statement. If approved, the mine could produce enough lithium to supply nearly 370,000 electric vehicles a year, the US bureau said in a separate statement.
The firm’s American depositary receipts jumped nearly 15% to $5 Thursday in New York, its highest intraday price since June.
The release of the final environmental impact statement sets the stage for a potential approval of the project later this year. The mine could bring in domestic production of the key battery material as the US and allies seek to build their own EV battery supply chain and reduce dependence on China in global supplies of commodities crucial to the industry.
--With assistance from Yvonne Yue Li and Jennifer A. Dlouhy.
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