- Ioneer Ltd IONR has received a loan of up to $700 million from the U.S. Department of Energy (DOE) Loan Programs Office.
- The loan is for financing the construction of the Rhyolite Ridge Lithium-Boron Project in Nevada, U.S.
- Under the term sheet, the proposed loan has a term of approximately 10 years. The loan will be at an interest rate fixed from the date of each advance for the term of the loan at applicable U.S. Treasury rates.
- The loan will be disbursed under the DOE's Advanced Technology Vehicles Manufacturing (ATVM) loan program in support of the Biden Administration's critical minerals strategy.
- The ATVM program supports the manufacture of eligible advanced technology vehicles, including electric vehicles (EVs), and qualifying components and materials, in the U.S.
- The Rhyolite Ridge project is on track to provide an environmentally sustainable, long-life source of both lithium and boron for delivery into the U.S. domestic EV supply chain.
- "The Conditional Commitment highlights Rhyolite Ridge's strategic role in strengthening America's critical mineral supply chain in providing a secure, sustainable, and reliable domestic source of lithium for the growing electric vehicle ecosystem," said executive chairman James Calaway.
- Price Action: IONR shares are trading higher by 25.34% at $16.80 on the last check Friday.
- Photo Via Company
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.