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Biden administration nears approval for ioneer's Nevada lithium mine

The Biden administration on Thursday released a crucial environmental report for ioneer's. Rhyolite Ridge lithium mine in Nevada, the last action needed. before authorizing what would turn into one of the biggest U.S. sources of the electric vehicle battery metal.

The relocation follows a review process of more than six years. and as part of Washington's ongoing efforts to boost domestic. crucial minerals production and offset China's market. supremacy. If approved, the mine would be the very first lithium. task permitted by Biden officials.

The U.S. Bureau of Land Management (BLM) released a last. ecological effect declaration that sets in motion an evaluation. period of a minimum of one month before a record of decision -. basically a mine's license - can be provided. The BLM likewise. released an opinion on how a rare flower at the mine website can. best be safeguarded.

Shares of ioneer trading in New york city jumped 11% on Thursday. morning.

The proposed mine, roughly 225 miles (362 km) north of Las. Vegas, consists of among North America's biggest sources of. lithium and might produce adequate of the metal to power roughly. 370,000 EVs each year. Ford Motor signed a binding supply. agreement in 2022 with ioneer.

CRITICAL MINERAL

The U.S. Geological Study has labeled lithium a crucial. mineral crucial for the U.S. economy and nationwide security. As. part of a push to enhance domestic production, the U.S. Department. of Energy in 2015 stated it would provide ioneer approximately $700 million. to develop the mine.

The website is also home to the Tiehm's buckwheat flower, which. is found no place else in the world and was declared an. threatened species in 2021. Some conservation groups hence oppose. ioneer's project, making it a lightning rod in the debate over. whether biodiversity matters more than the battle versus climate. change.

The BLM said on Thursday that it worked with the U.S. Fish. and Wildlife Service and the business to craft significant. protections for the plant, including altering mine style plans. and an official protection strategy.

We're steadfast in our commitment to be accountable. stewards of our public lands as we deliver the pledge of a. tidy energy economy, stated BLM director Tracy Stone-Manning.

The 30-day review process for the environmental report is a. routine part of the federal allowing process.

Bernard Rowe, ioneer's CEO, said the report shows the. company's desire to deal with the government to secure the. flower and develop a domestic source of lithium.

It's a testimony to the technique that we took, and that was. among engagement, dealing with the delicate issues, seeing if we. can create options. And we have actually done that, Rowe informed. Reuters.

The strange death of more than 17,000 flowers near the. mine site in 2020 stimulated claims from conservationists of a. premeditated attack. Australia-based ioneer rejected damaging the. flowers. The U.S. federal government later on blamed thirsty squirrels.

South Africa's Sibanye Stillwater agreed in 2021 to. buy half of the task for $490 million, however only as soon as ioneer. obtains final authorizations.

(source: Reuters)