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New US lithium mine approved, setting country on course to become world powerhouse in 'white gold' US lithium mine aims to displace Chinese production.
A new US lithium mine has been approved in the state of Nevada and extended tax breaks to some miners as part of its strategy to break China's stranglehold on supply chains of so-called critical minerals, such as 'white gold'.
Lithium mine in the US will have the capacity to supply 370 electric vehicles per annum
Australian producer Ioneer said Thursday it had received a federal license for its mine. Rhyolite Ridge, a project that could generate enough lithium to supply around 370 thousand electric vehicles per year. The metal, called white gold, is a key component in the production of rechargeable batteries and for the future of the electric vehicle industry.
The new U.S. lithium mine is the first approval of a lithium mine by the Biden administration, which has offered Ioneer a $700 million loan to help build a project that could quadruple U.S. white gold production when completed in 2028. Since 2002, only three U.S. mines have come online for critical minerals, none of which are on public lands.
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Shares of Ioneer, following approval for a U.S. lithium mine, rose 15% in New York trading after the approval was reported.
According to Financial Times, Western producers have struggled to compete with Chinese rivals in the production and refining of critical minerals due to higher costs and stricter regulatory standards.
New US 'white gold' mine faces opposition from environmental groups
Mining and processing the famous white gold has a significant environmental impact, using large amounts of water and energy, as well as toxic chemicals such as sulphuric acid. The lithium mine in the US has faced opposition from conservation groups, who have warned it could drive an endangered species of flower to extinction.
U.S. regulators said they worked with the company to modify the design and develop a protection plan for the species in question, allowing approval for the new U.S. lithium mine to proceed after a six-year review.
Also on Thursday, the US published new guidance allowing producers to claim tax credits on the costs of mining and extracting critical minerals, as long as they process some of the material.
It is worth mentioning that, this week, researchers from the United States Geological Survey and the Arkansas government announced that they had found a veritable treasure trove of white gold, an essential raw material for electric vehicle batteries, in an underground reservoir in the southern state of the country.
Understand the importance of lithium for the energy transition
With electrification of means of transport, whether in private cars or public vehicles, the growing global demand for batteries should trigger a race for minerals that serve as raw materials for this equipment, such as lithium.
According to the Brazilian Geological Service, Chile, Australia, Argentina and China hold around 95% of the lithium reserves currently known on the planet, however, the large amount of water used in extraction methods makes the process more expensive.
On the global stage, Brazil is moving to position itself in the international market while simultaneously seeing domestic demand for batteries grow. Domestically, more than 79 hybrid and electric cars were sold in the first half of this year alone, brought to the country mainly by Chinese automakers, which have made a major contribution to the automotive industry in recent years.
