The U.S. Department of Energy has approved a nearly one billion dollar loan to mining company Ioneer for its Rhyolite Ridge lithium boron processing plant in Esmeralda County.
The $996 million loan will help build a lithium processing facility roughly 45 miles southwest of Tonopah.
The Austrailia-based mining company projects it could produce 22,000 metric tons of lithium annually at the site, enough to build about 370,000 electric vehicle batteries.
The deal specifics are not yet known, but the funding is nearly 50% greater than a conditional commitment made two years ago. It also cannot be revoked by incoming President Donald Trump.
Critics of the loan say they are disappointed by the Biden Administration. They argue the facility will destroy sites sacred to local native communities and threaten the endangered Tiehm's buckwheat wildflower.
They plan to challenge the mine in court.
