Since 2016, Ioneer has invested more than US$220 million in Rhyolite Ridge and completed more than 70% of its advanced engineering work. It hosts the only known lithium-boron reserve in North America, one of two globally, and is the only project of its kind in active development.
Once operational, Rhyolite Ridge will process ore into final products entirely on-site and create and support 275 to 300 permanent positions in rural Nevada. Under the MOUs, KIND is considering making an equity investment in the project, and Hyundai Engineering is considering the provision of certain procurement-related activities in connection with the Project.
The MOUs reflect Rhyolite Ridge's strategic value for both the US and the Republic of Korea, and its role as a cornerstone of America's efforts to secure a domestic supply of urgently needed critical minerals.
"KIND and Hyundai Engineering bring proven expertise and a shared commitment to delivering critical minerals projects. Together, we are closer than ever to breaking ground at Rhyolite Ridge and bringing urgently needed lithium and boron to the market," said Bernard Rowe, Managing Director, Ioneer.
"We look forward to what we will accomplish together." "KIND is pleased to deepen the strategic and economic partnership between the Republic of Korea and the United States through this MOU," said Chris Soeung Kim, Director of plant business division, KIND.
"We have been actively advancing investments in US energy, infrastructure, and critical minerals, and Rhyolite Ridge is exactly the kind of investment that serves our mandate."
"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 MOU to participate in the engineering, procurement and design reflects our intent to pursue shared interests, securing a reliable critical minerals supply chain for the industries we serve and our confidence in Ioneer’s leadership."
"These MOUs reflect the strength and maturity of Rhyolite Ridge. With the entry into MOUs with KIND and Hyundai Engineering, we are one step closer to a Final Investment Decision and to delivering this once-in-a-generation asset for US critical minerals production," said James Calaway, Executive Chairman, Ioneer.
The MOUs are non-binding and do not create legally enforceable obligations on the part of KIND and Hyundai Engineering to invest in or otherwise support the development of Rhyolite Ridge. There can be no certainty that legally binding arrangements will be entered into.