The U.S. Department of Energy on Friday announced a conditional loan of $700 million to an Australian mining company to pursue a proposed lithium project in Nevada, as the U.S. seeks domestic supplies for a key component in electric vehicle batteries.
Ioneer Ltd. has hoped to begin mining by 2026 in Esmerelda County. The company projects the site could produce enough lithium to support production of about 400,000 electric vehicles annually for decades; the government's announcement Friday pegged that figure at 370,000 vehicles annually.
