Ioneer has signed strategic non-binding letters of intent (LOI) with the Korea Overseas Infrastructure & Urban Development Corporation (KIND), a specialized public investment institution of the Korean government, and Hyundai Engineering to advance the development of the Rhyolite Ridge lithium-boron project in Esmeralda County, Nevada.
Rhyolite Ridge holds significant strategic value for both South Korea and the United States. The project hosts the only known lithium-boron reserve in North America, one of two globally, and the only project of its kind in active development.
“Rhyolite Ridge has been a decade in the making – through ongoing partnerships, permitting and financing. Working with trusted Korean partners with a track record of on-time and on-budget delivery brings us closer to breaking ground and delivering urgently needed lithium and boron,” said Bernard Rowe, managing director, Ioneer. “We’re delighted to work with KIND and Hyundai Engineering and look forward to what we’ll accomplish together.”
Since 2016, Ioneer has invested more than $220 million in Rhyolite Ridge and has completed more than 70% of its advanced engineering work. The company is targeting a Final Investment Decision for the second half of 2026, with first commercial production expected in 2029.
“Across the metrics that matter most – permitting, construction readiness, and long-term supply certainty – Rhyolite Ridge stands apart from other critical mineral projects,” said Seung Dong Lee, head of process plant business execution office, Hyundai Engineering.
“This letter of intention to participate in the engineering, procurement and design reflects our commitment to pursuing shared interests, securing a reliable critical minerals supply chain for the industries we serve and our confidence in Ioneer’s leadership.”
Once operational, Rhyolite Ridge will process ore into final products entirely on-site – producing 27,800 tonnes per annum (tpa) of lithium hydroxide and 135,500 tpa of boric acid, respectively – and create and support 275 to 300 permanent on-site positions.
Source: Ioneer