U.S. Department of Energy Grants $700m Loan For Nevada Lithium Mining

The U.S. Department of Energy announced a conditional loan of $700 million to an Australian mining company to pursue a lithium project still facing environmental hurdles in Nevada as the U.S. seeks domestic supplies for a key component in electric vehicle batteries.

The move ups the ante in what’s already a high-stakes battle over President Joe Biden’s energy agenda and conservationists fighting to protect an endangered wildflower found only at the proposed mine site on a high desert ridge halfway between Reno and Las Vegas.

Ioneer Ltd. has hoped to begin mining at Rhyolite Ridge by 2026 in Esmerelda County.

The Energy department said the site could produce enough lithium to support production of about 370,000 electric vehicles annually for decades.