U.s. department of energy offers conditional commitment for a loan of up to us$700 million for the rhyolite ridge project
Highlights: the conditional commitment1 from the u.s. department of energy follows finalisation of a term sheet with the doe for a proposed loan of up to us$700 million to develop the rhyolite ridge lithium-boron project the proposed loan is to be made under the doe loan programs office's advanced technology vehicles manufacturing program for a term of approximately 10 years with an interest rate fixed from the date of each advance for the term of the loan at applicable u.s. treasury rates the conditional commitment follows nearly two years of extensive and detailed technical, legal, and market due diligence by the doe the proposed doe loan coupled with sibanye-stillwater's expected equity contribution to secure a 50% interest in the project, is anticipated to fund a substantial part of the preliminary capital expenditure estimate, representing a significant step towards a complete funding package for rhyolite ridge the doe's conditional commitment reflects continued strong and dedicated support under the biden administration to develop a u.s. domestic ev supply chain financial close of the loan is conditional on several achievements including a positive record of decision and final investment decision rhyolite ridge is the most advanced undeveloped u.s. lithium project, and it is on track to provide an environmentally sustainable, long-life source of both lithium and boron for delivery into the u.s. domestic ev supply chain reno, nev. , jan. 13, 2023 /prnewswire/ -- ioneer ltd ("ioneer" or the "company") (asx: inr, nasdaq: ionr) is pleased to announce finalisation of a term sheet and offer of a conditional commitment1 for a proposed loan of up to us$700 million 2 from the u.s. department of energy (doe) loan programs office for financing the construction of the rhyolite ridge lithium-boron project in nevada, usa.
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