Australia's Ioneer ties up with two South Korean firms for Nevada lithium project
Australian lithium miner Ioneer said on Tuesday it has tied up with Korea Overseas Infrastructure & Urban Development and Hyundai Engineering to support the development of its Rhyolite Ridge project in Nevada.
Shares of Ioneer rose 12.5% to A$0.158, their highest since May 15, while the broader benchmark index was up 0.3%, as of 00:04 GMT.
Rhyolite Ridge hosts the only known lithium-boron reserve in North America and is one of two globally, according to Ioneer. It is also the only project of its kind currently in development, the lithium-boron producer said in a statement.
Ioneer, Korea Overseas Infrastructure & Urban Development and Hyundai Engineering plan to formalise their cooperation through memorandums of understanding in July 2026, the Australian company said.
Ioneer said the agreements would strengthen its relationship with South Korea, following its 2021 supply agreement with EcoPro Innovation.
The letters of intent are non-binding and do not create legally enforceable obligations, and there is no certainty that definitive agreements will be reached, Ioneer said on Tuesday.
Ioneer has invested more than $220-million in the project since 2016 and has completed over 70% of its advanced engineering work.
The company is targeting a final investment decision in the second half of 2026, with first commercial production expected in 2029.
Once operational, the project is expected to produce 27 800 tons a year of lithium hydroxide and 135 500 tons a year of boric acid, with all processing conducted on site.
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