Energy department offers lithium mine $700M loan

Citing a need to secure a domestic supply of lithium for electric car batteries, the Biden Administration has pledged $700 million for a planned lithium mine on the habitat of an endangered Nevada wildflower.

On Friday, the U.S. Department of Energy announced it agreed to provide the attractive financing to Australian developer Ioneer Inc. under a “conditional commitment” to develop a lithium mine at Rhyolite Ridge.

The proposed loan would fund up to $700 million with a term of approximately 10 years at interest rates fixed from the date of each advance for the term of the loan and tied to applicable U.S. Treasury rates – that is, interest rates far more favorable than those likely to be obtained in private financial markets.

https://ictnews.org/news/energy-department-offers-lithium-mine-700m-loan