(Kitco News) – ioneer Ltd (ASX: INR), an emerging lithium–boron supplier, announced today that EcoPro Innovation has exercised an additional 5,000 tpa of lithium carbonate offtake, increasing the initial 2,000 tpa annual volume in the binding offtake agreement to 7,000 tpa.
ioneer will supply EcoPro Innovation with lithium carbonate from its Rhyolite Ridge lithium-boron project in Nevada. The total contracted volume represents 34% of ioneer’s annual lithium carbonate output for the first three years of production.
The company said that EcoPro Group is a major cathode supplier for global battery manufacturers and that this lithium offtake increase is in response to EcoPro Group’s plans to significantly grow its cathode material production.
EcoPro Innovation expects to convert ioneer’s lithium carbonate into high purity lithium hydroxide at its recently complete integrated cathode plant in Korea.
The agreement remains conditional on ioneer taking a final investment decision on the Rhyolite Ridge project.
Managing Director Bernard Rowe stated, “We are delighted that EcoPro Innovation has increased their lithium carbonate offtake commitment from Rhyolite Ridge. As a major cathode supplier for global battery manufacturers EcoPro Group is an ideal partner for ioneer. We are encouraged to support the US car manufacturing industry and look forward to continuing to work with EcoPro Group in these endeavours.”
ioneer Ltd is the 100% owner of the Rhyolite Ridge lithium-boron project located in Nevada, USA, the only known lithium-boron deposit in North America and one of only two known such deposits in the world.
In September 2021, ioneer entered a 50/50 joint venture agreement with Sibanye Stillwater Ltd to advance the Rhyolite Ridge project. ioneer will be the operator of the project, which is expected to come onstream in 2024.