Green Light for Rhyolite Ridge: U.S. Approves First Domestic Lithium Mine under Biden

The U.S. Interior Department approved the Rhyolite Ridge lithium mine in Nevada, marking the first domestic battery metal source permitted by Biden's administration. This approval caps off a lengthy review and unlocks significant funding, amidst debates over biodiversity and climate change mitigation.

The U.S. Interior Department has granted final approval to ioneer's Rhyolite Ridge lithium mine in Nevada, positioning it as the first domestic source of this crucial battery metal under President Joe Biden's administration. This decision comes after more than six years of evaluations between regulators, the mining company, and conservation groups.

This green light ends a prolonged debate, primarily centered on the preservation of the rare Tiehm's buckwheat flower found on the site. The mine promises to be a key supplier for electric vehicle manufacturers like Ford, thanks to a $700 million loan from the U.S. Department of Energy and an additional $490 million equity investment from Sibanye Stillwater.

The project, located 225 miles north of Las Vegas, is set to boost the local economy by creating jobs and protecting the ecosystem. Lithium from this site could power 370,000 electric vehicles annually by 2028. Despite concerns about local biodiversity, the Interior Department assures the mine's design incorporates significant safeguards for the environment.

(With inputs from agencies.)