Australia's Ioneer signs MOUs with S Korea's KIND, Hyundai Engineering for lithium-boron project

Australian lithium miner Ioneer announced Wednesday it has signed non-binding memorandums of understanding (MOUs) with South Korea's Korea Overseas Infrastructure & Urban Development Corporation (KIND) and Hyundai Engineering. These agreements are intended to help advance Ioneer's Rhyolite Ridge lithium-boron project located in Nevada.

Under the terms of the MOUs, KIND is exploring the possibility of an equity investment in the project. Concurrently, Hyundai Engineering is evaluating its potential role in providing specific procurement-related activities for the Rhyolite Ridge development. The signing ceremonies for these MOUs took place at the U.S. Department of Energy offices in Washington.

Ioneer Executive Chairman James Calaway expressed optimism about the development, stating, "With the entry into MOUs with KIND and Hyundai Engineering, we are one step closer to a Final Investment Decision." The Rhyolite Ridge project, once operational, is designed to process ore into final products entirely on-site. Ioneer projects that the operation will create and support between 275 and 300 permanent jobs in rural Nevada.

However, Ioneer cautioned that there is no certainty that these MOUs will translate into legally binding agreements. The company is seeking to move forward with its project, which aims to produce lithium and boron, critical components for various industries, including electric vehicles and renewable energy.

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With the entry into MOUs with KIND and Hyundai Engineering, we are one step closer to a Final Investment Decision