Developers of a federally backed lithium project in Nevada known as Rhyolite Ridge insist they’re moving forward after losing a key investor this week amid an ongoing cratering of lithium prices.
Sibanye-Stillwater is abandoning plans to invest in Ioneer’s plan to build an open-pit lithium and boron mine and processing plant in Esmeralda County, Nevada. The project, which has closed on a $996 million federal loan, is expected to pump out enough lithium for nearly 370,000 electric vehicles each year.
Sibanye, a South African precious metals miner, had originally agreed in 2021 to form a joint venture with Ioneer to build the Rhyolite Ridge project and invest $490 million for a 50 percent stake in the project.
But Sibanye said in a release that after reviewing updated studies of the project, the company opted not to make additional investments, as the project “did not meet the Sibanye Stillwater investment hurdle rates at prudent pricing assumptions.”
