Korea's EcoPro Innovation Co Ltd will develop a process to produce refined lithium materials from lithium clay found at Ioneer Ltd’s Rhyolite Ridge Lithium-Boron Project in Esmeralda County, Nevada for the US electric vehicle (EV) battery supply market.
Rhyolite Ridge has two distinct styles of lithium mineralisation, with lithium clay being one of them.
Looking for growth
“We are delighted to build upon our partnership with EcoPro," Ioneer executive chairman James Calaway said.
"We look forward to accelerating development of another layer of Rhyolite Ridge mineralisation.
"This partnership provides Ioneer additional financial flexibility to focus on delivering its core investment at Rhyolite Ridge as well as develop growth opportunities.
"The ultimate goal of EcoPro and Ioneer is to increase the supply of refined lithium materials for the US EV supply chain and create hundreds of good-paying jobs in Nevada and beyond.”
EcoPro funds refining plant
The Rhyolite Ridge project is currently in stage one, with a focus on searlesite mineralisation, a resource high in lithium and boron.
Ioneer plans to produce an annual average of about 20,600 tonnes of lithium carbonate and about 174,400 tonnes of boric acid a year over the mine's projected 26-year lifespan.
Under the MoU signed between the two parties, EcoPro will fund and construct a commercial-scale refining plant for processing lithium clay sourced from Rhyolite Ridge.
Ioneer will supply the raw lithium clay material at no cost and profits from the commercial refining operation will be shared equally between EcoPro and Rhyolite Ridge.
The successful completion of stage one at Rhyolite Ridge is anticipated to quadruple the current US lithium supply, significantly contributing to the EV battery industry's needs.
With construction expected to commence in 2024, primarily funded through a combination of US$490 million in equity commitments from Ioneer's joint venture partner Sibanye-Stillwater Ltd and a US$700 million conditional loan from the US Department of Energy’s Loan Programs Office, lithium production is projected to commence in 2026.
Getting ahead of the competition
“Lithium extraction technology is not just a process of selectively extracting lithium but a complex and difficult technology that requires removing uncertain impurities," EcoPro Innovation president Anthony Kim said.
"EcoPro Innovation has an original patent for lithium extraction from waste batteries and launched its business in EcoPro Group.
EcoPro Innovation is a technology-competitive company with a number of source patents in hydromet processes.
"We will perform well as soon as possible to gain the upper hand from other competitors.”