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>The company has applied for U.S. Department of Energy loans via a program through which rivals ioneer Ltd

WASHINGTON, Jan 13, 2023 (Reuters) - The U.S. Energy Department said on Friday it will lend ioneer Ltd (INR.AX), opens new tab, up to $700 million to build its Rhyolite Ridge lithium mining project in Nevada, a major step forward in President Joe Biden's plan to develop a domestic electric vehicle supply chain.
Ioneer shares were up 16.3% at $16.30 on Friday afternoon in New York.
The loan, which was approved by Energy Secretary Jennifer Granholm, would be the first by Washington to a U.S. mining project for lithium, a key ingredient used to make electric vehicle batteries. It reflects rising government concern that demand for the white metal could outstrip supply without more investment, delaying efforts to combat climate change.
https://www.reuters.com/business/autos-transportation/us-offers-700-million-loan-ev-battery-material-project-2023-01-13/