U.S. Department of Energy Offers Conditional Commitment for a Loan of Up to US$700 Million for the Rhyolite Ridge Project
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Friday, January 13, 2023
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RENO, Nev., Jan. 13, 2023 /PRNewswire/ -- ioneer Ltd ("Ioneer" or the "Company") (ASX: INR, Nasdaq: IONR) is pleased to announce finalisation of a term sheet and offer of a Conditional Commitment1 for a proposed loan of up to US$700 million2 from the U.S. Department of Energy (DOE) Loan Programs Office for financing the construction of the Rhyolite Ridge Lithium-Boron Project in Nevada, USA.
Key Points:
- Domestic processing of critical minerals, such as lithium, for use in EV batteries qualifies for the ATVM loan program3.
- After commencing pre-application discussions in February 2021 regarding the DOE's ATVM loan program, Ioneer submitted an application in October 2021.
- The Loan Programs Office has undertaken extensive and detailed market, technical and legal due diligence on both Ioneer and the Rhyolite Ridge Project.
- Finalising the term sheet and receiving the Conditional Commitment from the DOE represent a significant step towards completing the funding for the Rhyolite Ridge Project.