Ioneer Provides Update on Status of Rhyolite Ridge Lithium-Boron Project Joint Venture
Ioneer Ltd today announced that it has received notification from Sibanye-Stillwater Ltd that its Board of Directors has made a decision not to proceed with the Project joint venture.
Ioneer is pleased to have this pending matter resolved, enabling us to progress the fully permitted Project to a Final Investment Decision.
Ioneer owns 100% of the Project, which is set to quadruple U.S. lithium production. Ioneer secured its crucial federal permit and closed a $996 million loan from the U.S. Department of Energy Loan Programs Office via the Advanced Technology Vehicles Manufacturing program. Sibanye-Stillwater Ltd was not a signatory to the loan and today’s decision will have no impact on Ioneer’s ability to draw on the loan once conditions precedent have been met.
Ioneer’s focus remains on bringing this world-class project online and will look to move forward with a strong equity partner who can help see the Project into production. The Unit Purchase and Subscription Agreement (the relevant joint venture agreement) between Ioneer and Sibanye-Stillwater Ltd has been terminated
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